On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent and it now forms part of UK law. Among other provisions, the Act addresses the difficulties faced by UK companies as a result of the COVID-19 pandemic when it comes to holding meetings of shareholders and filing documents with the UK Registrar of Companies (Companies House).
The Act includes the following in relation to company meetings and filings:
Meetings
What is an SPC?
Treatment in insolvency situations
ABC Company (SPC) v J & Co Ltd
Axiom
Additional case law
SPCs and litigation funding
Test for insolvency
Until the Cayman Islands introduces any changes to its corporate insolvency regime, with the COVID pandemic pushing many groups into the zone of insolvency, the following considerations remain relevant to structures involving a Cayman Islands entity:
Die Geltung von Tarifverträgen kann nicht davon abhängig gemacht werden, dass die Arbeitsvertragsparteien mit einer Bezugnahmeklausel auf die Tarifverträge verweisen.
Das BAG hat entschieden, dass die Tarifvertragsparteien in Tarifverträgen nicht vereinbaren können, dass trotz beiderseitiger Tarifgebundenheit von Arbeitnehmer und Arbeitgeber die Ansprüche aus einem Tarifvertrag nur dann bestehen sollen, wenn die Arbeitsvertragsparteien den Tarifvertrag durch eine Bezugnahmeklausel individualvertraglich nachvollziehen.
This briefing first appeared in the June 2020 edition of South Square Digest.
Executive Summary
In February 2020 the British Virgin Islands Commercial Court (the "BVI Court") sanctioned a creditor scheme of arrangement, which was part of a much larger cross boarder restructuring. This scheme of arrangement, which as a creditor scheme was itself rare for the BVI, was preceded by the BVI's first ever "soft touch" provisional liquidation (in linked proceedings), which commenced in December 2018.
El RDL 16/2020 de 28 de abril y el Texto Refundido de la Ley Concursal, que entrará en vigor el 1 de septiembre de 2020, han suscitado numerosas cuestiones, a la vista de la situación compleja que previsiblemente se avecina. Para abordar, desde un punto de vista práctico y ágil, las principales novedades que plantean, Bird & Bird celebró el pasado 30 de junio un webinar, bajo el título Principales novedades en materia preconcursal y concursal a raíz del RDL 16/2020 y el nuevo Texto Refundido de la Ley Concursal.
The Corporate Insolvency and Governance Act 2020 (the "Act") represents big changes to the current insolvency legislative framework and potentially to companies who may be affected by an insolvency within their supply chain. It will introduce new protections for insolvent companies against creditors wishing to exercise termination rights within supply contracts and against more aggressive creditor action.
