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.
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?
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
Introduction
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:
Correct as of 16.00 on 24 March 2020. This article is being maintained.
The global COVID-19 outbreak is presenting businesses with unprecedented challenges. In the last two weeks the UK Government has announced a raft of COVID-19 liquidity and tax assistance measures for businesses and individuals.
Last September we reported on the Court’s decision on the landlords’ challenge to the Debenhams CVA on grounds of unfair prejudice and material irregularity, in respect of which the landlords have now successfully obtained permission to appeal on various grounds (see below).
Introduction
The decision of ICC Judge Barber in the case of Stephen Hunt & System Building Services Group Limited -v- Brian Michie & System Building Services Group Limited [2020] EWHC 54 (Ch) was recently handed down and it is an interesting decision about directors’ duties post the appointment of an administrator or liquidator.
Facts
The facts are quite involved and matter specific, and gave rise to a number of issues, but for present purposes the key issues are as follows.