COVID-19: Implications for Business
Rightfully labelled as a human tragedy, the spread of Coronavirus (COVID-19) has forced us to think and act differently. Beyond the human response, now is the time to think about what the consequences may be for your business, and how best you can prepare for those.
United Kingdom - View Our Insights
In an effort to alleviate the impact of COVID-19 on UK businesses and encourage the supply of essential goods and services during the pandemic, the UK Government announced plans earlier this year to temporarily suspend wrongful trading laws and to fast track proposed permanent reforms to the existing insolvency regime (these reforms were developed in 2016 and consulted on in 2018).
As one element of a package of measures intended to assist UK businesses with coping with economic difficulties brought about by the coronavirus pandemic, the UK government will temporarily suspend wrongful trading laws.
COVID-19 has rendered businesses around the globe grappling with an endless array of simultaneous commercial contracting issues. Whilst not a new challenge, now more than ever, it is vital that organisations understand what contracting threats, agreed in simpler times, lurk within.
Several weeks into the COVID-19 lockdown, as organisations continue to adjust their practices to cope with the new measures, it is an opportune time to remind organisations to be mindful of their data protection compliance.
We have picked out some key points we think you should be aware of during these extraordinary times
The CCFF will offer temporary financing to investment grade companies in the UK to assist with their cashflow and working capital funding requirements whilst such companies are adversely affected by COVID-19 disruption, so that they can continue trading and maintain their operations during this period.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) builds upon the UK government’s financial support being extended to UK businesses during the current period of COVID-19 disruption and uncertainty, and is being offered alongside the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS) and Covid Corporate Financing Facility (CCFF).
As the pandemic accelerates, European regulators continue to shore up what they can of the financial system by relaxing, clarifying and delaying new rules and requirements. Below we set out a brief survey of those regulatory actions from 31st March 2020.
The UK Chancellor, as part of the government’s package of financial support in response to the coronavirus COVID-19 virus disruption to the UK economy, has announced financial support for self-employed individuals and members of partnerships.
As a result of the coronavirus, a number of companies are facing a mixture of cashflow issues, reduction in revenue or even worse, an enforced cessation of their businesses. As a result, companies may need to take quite drastic action in relation their employees, quite quickly.
As the economic shock caused by COVID-19 begins to take its full effect on UK businesses, many of whom were already stressed and highly leveraged, it is inevitable that there will be an increase in restructurings and distressed M&A opportunities.
Like many businesses, in light of COVID-19, many individuals who are self-employed are facing the significant challenges of business continuity and cash flow. We set out a brief description of the measures to be put in place to help self-employed individuals in these unprecedented times.
The UK Government have announced a number of measures which they have or intend to put in place in order to help struggling businesses protect their workforce and this bulletin summarises those key measures.
As the pandemic accelerates, European regulators have moved fast to shore up what they can of the financial system by relaxing, clarifying and delaying new rules and requirements. Below we set out a brief survey of those regulatory actions through 25th March.
The Coronavirus Business Interruption Loan Scheme (CBILS) forms one part of the UK government’s financial support being extended to UK businesses.
The UK government has responded to the economic uncertainty caused by COVID-19 by introducing various temporary measures to provide financial assistance to businesses in the UK. The Chancellor’s financial assistance measures are summarised in this article.
As the situation continues to evolve rapidly, the coronavirus outbreak presents not only a public health crisis but also disruptions to businesses and their supply chains. This article provides practical insights on the scope and operation of force majeure and frustration.
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Spain - View Our Insights
There is no doubt that it is, by any means, too soon to determine the socio-economic impact that the Covid-19 pandemic will have in Spain. Nevertheless, these last months of confinement and its de-escalation process have allowed us to begin to identify certain key issues.
Breve comentario sobre la reciente y relevante sentencia del Juzgado de lo Social nº3 de Sabadell en materia de despidos relacionados con el COVID-19 que trae consigo una indudable polémica.
With the Covid-19 crisis, the governments worldwide implemented extraordinary legislative measures, with very different effects on foreign investments
After a month and a half of confinement, today, Wednesday 22 April 2020, the new Royal Decree Law 15/2020 of 21 April on urgent complementary measures to support the economy and employment (the "RDL 15/2020") has been published.
Analysis of Royal Decree-Law 11/2020: further urgent complementary measures in the employment, social and economic field
On 18 March 2020, Royal Decree-Law 8/2020, 17 March 2020, regulating urgent extraordinary measures to deal with the economic and social impact of the COVID-19 (“RDL 8/2020”) entered into force.
On 18 March has been published at the Official State Gazette the Royal Decree-law 8/2020, of 17 March, of urgent and extraordinary measures to deal with the economic and social impact of COVID-19 (RDL 8/2020).
Measures concerning judicial and administrative proceedings resulting from COVID-19 health crisis
Urgent fiscal and procedural measures to respond to the economic impact of COVID-19 immediately.
Analysis of the employment implications of Royal Decree-Law 9/2020 and Royal Decree-Law 10/2020 approved in Spain in connection with the COVID-19 crisis
Germany - View Our Insights
Within the European Union, foreign investment control regimes have been continuously tightened in recent years. The German government has just proposed new legislation for its national control regime, likely to come into force in Q4/2020.
With impressive speed, federal ministries, the German Parliament (Bundestag) and the Federal Council of Germany (Bundesrat) have drafted and on March 27, 2020 passed two laws that are intended to remove some of the uncertainties caused by the global COVID-19/corona pandemic.
The global Corona virus disease (COVID-19) Pandemic has increasingly serious implications for the economic situation of employees and corporations in Germany, Europe and the World. Following the overview, we make some initial recommendations to managers to help companies navigate through this extraordinary situation as successfully as possible.
The COVID-19 outbreak is likely to hit the automotive sector which was already struggling. Wuhan is a major hub for China’s automotive industry. The situation may become more critical depending on how long factories continue to be shut down and the effect upon shipping.
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United Arab Emirates - View Our Insights
Tim Taylor, QC, discusses the impact of Covid-19 on the UAE's legal landscape and disputes market with MEED.
As the number of confirmed Covid-19 cases continues to rise globally, the UAE government has taken several precautionary steps and preventative measures to ensure public health and safety, including implementing restrictions on travel and social gatherings.
Construction Week’s Ranju Warrier speaks to Joanne Strain, partner at King & Wood Mallesons (KWM), on legal implications of the novel coronavirus (COVID-19) on construction contracts and some of the most relevant provisions in an event of Force Majeure
In light of recent uncertainties and daily COVID-19 developments, the pandemic is affecting stakeholders across all sectors. The initial lockdown in Asia and subsequent lockdowns in Europe are disrupting all areas of commerce and industry.
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To speak with our expert in EUME, contact Wang Rongkang