Year in Review - Australia Law in 2016
Merger control rules are still fully applicable in times of crisis. Any transactions that (i) lead to a change of control over a business or a part of a business on a lasting basis; and (ii) trigger the jurisdictional thresholds in the EU or a Member State’s merger control regulations, are still considered “reportable transactions” that require prior clearance.
The basics
Merger control rules are still fully applicable in times of crisis. Any transactions that (i) lead to a change of control over a business or a part of a business on a lasting basis; and (ii) trigger the jurisdictional thresholds in the EU or a Member State’s merger control regulations, are still considered “reportable transactions” that require prior clearance.
The European Court of Justice has handed down its decision in Pensions-Sicherungs-Verein VVaG v Günther Bauer. The case relates to Article 8 of Directive 2008/94/EC, which requires Member States to take measures to protect employees’ rights to old age benefits in the event of the employer's insolvency.
There are 3 developments on pre-packs to note – 2 domestic and 1 further afield:
The Directive on Preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU is now in force, having been published in the Official Journal in July.
Year in Review - Italian Law in 2016
As Covid-19 continues to spread across the world, the likelihood of your organisation being directly impacted by the outbreak (e. g an infected customer, employee etc.) also increases. Each organisation should insure that it has in place a robust organisational resilience plan which addresses all relevant issues.
What is new?
Despite the substantial scope of the first package of measures from the German government, the establishment of a "protective shield for employees and companies", it had already become clear that further measures would be necessary to mitigate the effects of the Covid 19 pandemic on the German economy (for the first package, see our newsletter of 18 March 2020).
Decree-Law no. 10-J/2020, dated 26 March, affords a moratorium on existing financings and other banking-related measures for the protection of the liquidity of Portuguese companies and families affected by COVID-19 outbreak, to ensure the continuity of financings and preventing defaults derived from the downturn of the economy.