Jurisdiction to hear a case related to a temporary layoff procedure due to force majeure caused by COVID-19 lies with labor courts not the insolvency judge

Decision by León Commercial Court, April 1, 2020

In this study dated on December 3, 2019 the European Commission analyzes the legal frameworks on insolvency and defaults in the various member states; specifically, the various individual and collective loan enforcement systems –and their effectiveness for recovering non-performing loans (NPLs).

The Financial Shield of the Polish Development Fund is a solution aimed at supporting enterprises which have suffered losses as a result of the coronavirus epidemic.

For another week running, Garrigues examines the key legal issues that companies should be aware of to continue forward in the current context.

El nuevo Decreto 560 de 2020 prevé una serie de medidas de flexibilización y celeridad en los procesos de reorganización, con el fin de afrontar el escenario de alto riesgo de insolvencia que se presenta en el país como consecuencia del Estado de Emergencia Económica, Social y Ecológica.

Estas medidas tendrán una duración de hasta 2 años y se resumen en las siguientes:

Creación de procesos extrajudiciales

Trámite de negociación de emergencia

Irish companies are facing challenges with the sudden changes imposed on their businesses as a result of the impact of COVID-19. Some may be experiencing cash flow difficulties; others may have had to temporarily cease trading altogether.

Directors are responsible for managing their company’s affairs. This requires them to identify and navigate risks, and to ensure that appropriate strategies and where necessary contingencies are in place to anticipate and deal with such risks.

Las novedades regulatorias que afectan a las empresas se están aprobando de forma constante y continuada. Semana a semana, Garrigues ofrece un resumen de las principales cuestiones que deben tener en cuenta las empresas a lo largo de los próximos días.

Reopening to the public of establishments, effects of RDL 16/2020 on procedural, insolvency and tax matters, labor measures in preparation for de-escalation and news on administrative procedures

The toughening of lockdown measures in Spain and resulting closure of all business activities not classed as essential makes it absolutely necessary to keep very much in sight this week the measures approved in the labor and employment field. In the domain of corporate law and commercial contracts, the decision governing the first tranche of guarantees to soften the economic effects of the crisis has already been published in the Spanish Official State Gazette (BOE). As for tax matters, the personal income tax and wealth tax season is about to start.

COVID-19 is an unexpected shock for many businesses. Some businesses are being significantly affected, particularly those in the travel and hospitality sectors. We consider some of the options open to otherwise good businesses facing cash-flow and other financial issues as a result of COVID-19.

How are governments dealing with COVID-19