Introduction
With global economies facing uncertain times as a result of the COVID-19 pandemic, and many businesses facing significant challenges to cash flow, revenue and bad debts, the possibility of insolvency will be very real for some companies in the UAE. In such circumstances it is important that directors fully appreciate how their duties and liabilities will be impacted and ensure decisions made in a financial distress situation are made in full consideration of these.
In accordance with the resolution adopted by the seven-judge panel of the Supreme Court dated 20 November 2019, case file no. III CZP 3/19, it is not admissible to stipulate liquidated damages in the case of rescinding an agreement due to the failure to perform an obligation of a pecuniary nature.
The new measures seek to overcome the expected high rate of insolvency, refinancing, and corporate disputes arising from the COVID-19 crisis
1.Why use an electronic signature?
2.What is e-signing?
3.Is e-signing valid?
4.What types of document can be signed electronically?
5. Are there any restrictions/protocols relating to electronic signatures?
6. What is the position with overseas entities?
7. E-signing with a secure platform
8. E-signing without a secure platform
Why use an electronic signature?
New legislation suspends contractual obligations for the next six months with related disputes subject to a separate dispute resolution system.
On 7 April 2020, the Singapore Parliament passed the COVID-19 (Temporary Measures) Act (the Act) offering temporary relief to businesses and individuals who are unable to fulfil their contractual obligations because of COVID-19 and providing temporary amendments to bankruptcy and insolvency laws. The Act went into effect immediately.
�عمل مكتب سلمان بن متعب السديري للمحاماة"مؤسسة فردية" بالتعاون مع ليثم أند واتكن� �� المملكة العر�ية السعودية. و�عمل ليثم أند واتكن� �� جميع أنحاء العالم كشراكة ذات مسؤولية محدودةمنظمة بموجب قوان�ن ولاية ديلاو�ر (بالولايات المتحدة الأمر�كية) بالتعاون مع شر�ات تضامن تا�عة ذات مسؤولية محدودة تقدم خدما��ا �� فر�سا وهونج �ونج وإيطاليا وسنغافورة والمملكة المتحدة، وتقدم الشركة خدما��ا كشركة تضامن تا�عة �� اليابان. كما �عمل الشركة �� �ور�ا ا�جنو�ية كشركة أجنبية للاستشارات النظامية. حقوق النشر لعام ٢٠٢٠ محفوظة لصا�ح ليثم أند واتكن�. جميع ا�حقوق محفوظة.
Debtors and creditors can use several options under the Insolvency Law in Saudi Arabia to address COVID-19-related difficultie
In response to the anticipated economic impact of the Covid-19 pandemic, on 31 March 2020 the Czech Government approved the so-called ‘Lex COVID-19’ and sent the draft law to the Parliament for expedited legislative processing. This article focuses on the implications of the Lex COVID-19 on the insolvency proceedings in the Czech Republic. For wider implications of the Lex COVID-19, please see this article.
On 31 March 2020, the Czech government approved ‘Lex COVID-19’, a new act (and an amendment of the Insolvency Act and Enforcement Code) that should help mitigate certain effects caused by the COVID-19 epidemic, especially in relation to different proceedings (e.g. civil, administrative, criminal, insolvency and enforcement) and the corporate lives of legal entities.
Lex COVID-19 will now be debated in the Chamber of Deputies ahead of final approval.
On Saturday (28 March 2020) the UK Government announced certain changes to insolvency laws in response to COVID-19, intended to help companies and directors.
There are two aspects to the changes:
Retrospective suspension or relaxation of wrongful trading
New restructuring procedure and new temporary moratorium