The race to vaccinate Americans is likely to bring an end to the pandemic in the months ahead, but the outlook for the U.S. economy is far less certain. On Friday, the Federal Reserve Board delivered its Monetary Policy Report to Congress. While providing statistics suggesting that U.S. businesses could rebound when the pandemic ends, the report noted significant risks of business bankruptcies as well as a steep drop in commercial real estate prices.

Credit bidding is the process whereby a lender, with a secured charge over a borrower’s asset, bids on that asset using the very debt that is owed by the borrower to the lender. The circumstances are usually foreclosure of a lending position against a borrower.

In the maritime sector, this process often takes place in the context of forced judicial sales of vessels pendente lite (i.e., during the course of litigation) and frequently before judgment is obtained against the borrower shipowner.

Rettung durch Restrukturierung im Planverfahren (Restrukturierungsplan & Insolvenzplan)

Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft in vielen Bereichen massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert. Geschäfte bleiben geschlossen, Lieferketten brechen ab, Reisen sind nur sehr eingeschränkt möglich, Umsätze sind deutlich zurückgegangen und Unternehmen müssen Kurzarbeit oder Zwangsurlaubeinführen, um laufende Kosten zu senken.

In a pair of significant judgments issued on the same day, Re China Huiyuan Juice Group Ltd. [2020] HKCFI 2940 and FDG Electric Vehicles Ltd. [2020] HKCFI 2931, the Honorable Mr. Justice Harris has once again issued highly relevant and timely guidance on key cross-border insolvency issues.

The government has finally come up with proposals to reform pre-pack administrations, requiring independent scrutiny of sales to connected parties, as Mathew Ditchburn explains.

Doing business in the United States

2021

2

Hogan Lovells

Doing business in the United States 2021

3

Contents

Introduction1

I.Openness of U.S. markets to foreign investment

2

II.Direct or indirect market entry and choice of entity

8

III. Commercial contracting

20

IV.Labor and employment law considerations

26

V.Immigration laws

34

VI.Intellectual property laws

40

VII. Export control and economic sanction laws

46

VIII. U.S. antitrust laws

56

As reported earlier, a new corporate restructuring law will be enacted in Germany. The new law's centerpiece will be the so-called stabilization and restructuring framework ("SRF"). The German Parliament (the Bundestag) passed the law on 17 December 2020. On 18 December 2020 the law was also accepted by the Federal Council (the Bundesrat). It will come into force on 1 January 2021, already.

Wie bereits berichtet erhält Deutschland ein neues Restrukturierungsrecht für Unternehmen, dessen Herzstück der sogenannte Stabilisierungs- und Restrukturierungsrahmen („SRR“) ist. Der Bundestag hat das entsprechende Gesetz am 17. Dezember 2020 verabschiedet. Am 18. Dezember 2020 wurde das Gesetz auch durch den Bundesrat gebilligt. Es wird bereits am 1. Januar 2021 in Kraft treten.

We are delighted to share with you our Financial Institutions Horizons 2021, which provides a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.