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Which Law Applies When Determining the Validity of an Assignment of Receivables Cross-Border? Update

The validity of an assignment of receivables cross-border depends on the law that applies to the assignment. What might amount to a valid assignment in one jurisdiction does not mean that it is valid in another, and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies – … Continue Reading

COVID-19 Poses Acute Boardroom Dilemmas

COVID-19 poses many acute dilemmas for boardrooms. Directors and executives need to make highly sensitive decisions to navigate through the COVID-19 crisis. Decisions taken now could come under scrutiny and potentially give rise to future litigation and regulatory intervention, so directors should be mindful of their duties and consider how their decisions may look in … Continue Reading

CCFF and CBILS – How are we going in week one?

This week has already seen both the Covid Corporate Financing Facility (CCFF) scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) go live.  Now we are into the first week of implementation of these two flagship schemes from the Bank of England and Government respectively, it’s clear that accredited providers, being those who are now … Continue Reading

Australian Government takes swift legislative action to assist companies facing insolvency risks due to COVID-19

The Australian Government has taken swift action to enact new legislation which significantly changes the insolvency laws relevant to all business as a result of the ongoing COVID-19 related developments. Snapshot Temporary relief from insolvent trading and associated personal liabilities for directors seeking to navigate a path to financial viability and recovery for their companies, … Continue Reading

New insolvency regulation in Germany aimed at supporting businesses in distress

On March 23, 2020, the German Federal Government (Bundesregierung) published a draft bill to mitigate the consequences of the COVID-19 in civil, insolvency and criminal procedural law. From an insolvency perspective, the aim of the proposed amendments is to enable and facilitate the continuation of businesses that have become insolvent or are experiencing economic difficulties … Continue Reading

Germany suspends the obligation for companies to file for insolvency

The German Federal Ministry of Justice and Consumer Protection is preparing new legislation suspending the obligation to file for insolvency in order to protect companies that encounter financial difficulties due to the coronavirus crisis (see here). According to section 15a(1) of the German Insolvency Code (Insolenzordnung), managing directors or management board members of legal entities … Continue Reading

Which steps is Germany taking to respond to COVID-19 and assist potentially stressed/distressed companies?

Due to its constitutional and legal system, Germany is different from a number of other countries around the world. Measures fighting the spread of COVID-19 in Germany cannot be taken at the central government level in Berlin (Bundesregierung) but have to be taken by the governments of the 16 states (Landesregierungen), which constitute the Federal … Continue Reading

How do you know if your business is an essential service?

Globally, most nations affected by Covid-19 have restrictions in place that significantly impact business operations.  In some cases requiring businesses to temporarily shut the doors whilst balancing that against the need to maintain essential services.   But how can a business identify whether it is an essential service?  This note explores that question.… Continue Reading