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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

Lack of scheme for mid-tier businesses: should the UK Government re-think it’s Covid-19 financial support package?

As you may have noted from our blog yesterday, one of the main concerns with the UK Government’s current package of support to business is that the eligibility criteria for the Covid Corporate Financing Facility (CCFF) scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) respectively leave a large number of mid-cap businesses unable to … Continue Reading

UK Quick Guide: Managing Business Risk During Covid-19

Our quick guide will help you consider the financial health of your business.  The purpose of this guide it to help a business assess and identify the key risks and understand what help is available to determine whether the business can or should continue trading and what form trading should take – see here.… 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

Directors’ Duties and Covid-19 – a view from the UK

Given the current pressure all businesses face dealing with the effect of Covid-19, it is important that directors understand what their duties are in respect of insolvent companies or companies that are at risk of heading towards insolvency. In this blog we briefly remind directors what their duties are, the potential claims that could be … Continue Reading