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    European perspective in brief
    2012-10-01

    Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 27 countries that comprise the European Union as well as the collective viability of euro-zone economies. Here we provide a snapshot of some recent developments relating to insolvency and restructuring in the EU.

    Filed under:
    European Union, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Jones Day, The Pensions Regulator (UK), Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)
    Authors:
    Mark G. Douglas
    Location:
    European Union, United Kingdom
    Firm:
    Jones Day
    Commission approves pension relief and restructuring aid in favour of the Royal Mail group
    2012-03-27

    On 21 March 2012, following an in-depth investigation, the European Commission announced that it has approved the UK government’s plans to relieve the Royal Mail of excessive pension costs and to provide restructuring aid consisting of a debt reduction of £1,089 million. Read more.

    Filed under:
    European Union, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Trade & Customs, Mayer Brown, European Commission
    Authors:
    Gillian Sproul
    Location:
    European Union, United Kingdom
    Firm:
    Mayer Brown
    Investigation opened into aid for Royal Mail's pension plans
    2011-08-19

    The European Commission has opened an in-depth investigation into plans to restructure the Royal Mail.

    Filed under:
    European Union, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Nabarro LLP, European Commission
    Location:
    European Union, United Kingdom
    Firm:
    Nabarro LLP
    Introduction of financial measures in support of businesses facing the Covid-19 crisis
    2020-04-07

    Hogan Lovells Publications | 07 April 2020

    Introduction of financial measures in support of businesses facing the Covid-19 crisis

    Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.

    Filed under:
    France, Banking, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Public, Real Estate, Tax, Trade & Customs, Hogan Lovells, Tax credit, Value added tax, Deferred tax, Coronavirus, European Commission
    Location:
    France
    Firm:
    Hogan Lovells
    France: Macron law adopted
    2015-09-28

    Law n°2015 990 for growth, activity and equality of economic opportunities, the Macron Law, was finally adopted on 6 August 2015. This law covers a wide range of matters from Sunday working, reform of regulated legal professions to driving licences.

    Relaxing of the Regime for Free Shares

    Filed under:
    France, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Herbert Smith Freehills LLP
    Authors:
    Sophie Brezin , Emma Rohsler
    Location:
    France
    Firm:
    Herbert Smith Freehills LLP
    Kündigen in der Insolvenz - eine schwere Übung!
    2018-02-23

    Ein Insolvenzverwalter kann sich nach Anzeige der Masseunzulänglichkeit nicht auf die Wirksamkeit einer bereits ausgesprochenen Kündigung verlassen und das Ergebnis des Kündigungsschutzprozesses abwarten, sondern muss erneut kündigen, um die Entstehung von weiteren Ansprüchen des Arbeitnehmers als Neumasseverbindlichkeiten gemäß § 209 Abs. 2 Nr.

    Filed under:
    Germany, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Hogan Lovells
    Authors:
    Reimo Richarz
    Location:
    Germany
    Firm:
    Hogan Lovells
    Can a bankrupt's pension pot be used to pay creditors? The search for clarity in New Zealand and the UK
    2015-07-01

    How does the objective of achieving payment for creditors in insolvency interact with the objectives of pension legislation, which seeks to ensure that individuals are adequately provided for in retirement? The courts in New Zealand and in the UK have each recently grappled with this issue. In both of the recent cases considered in this article the pensions objectives won out and the specific pension funds in question were not made available for the bankrupt individual's creditors.

    Filed under:
    New Zealand, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, DLA Piper
    Location:
    New Zealand, United Kingdom
    Firm:
    DLA Piper
    The Oman Update - Official Gazette 1199
    2017-06-18

    Ministerial Decisions

    Issuing the Executive Regulations of Sultani Decree No. 31/96 on determining the rules for investing the funds of the Public Authority for Social Insurance and pension funds.

    A list of the state pension funds to which these regulations apply is given in Article 2 of this decision.

    Issued on 13 June 2017. Effective from the day after the publication date.

    Issuing the licensing and working system at the site of the customs territory in the Special Economic Zone at Duqm.

    Filed under:
    Oman, Employee Benefits & Pensions, Insolvency & Restructuring, Trade & Customs, Trademarks, Dentons
    Authors:
    Nick Simpson , Umaima Al-Wahaibi
    Location:
    Oman
    Firm:
    Dentons
    Saudi Arabia Update - May 2017
    2017-05-31

    Legal Developments

    Potential hourly wage system

    The Ministry of Labor and Social Development (MOL) is discussing a potential new employment system for Saudi employees named “Flexible Work” (Flexible Work). Flexible Work will be a system whereby an employee may be paid an hourly wage on a weekly basis in arrears, and various entitlements currently required under the Labor Law for conventional employees would not be required, such as:

    Filed under:
    Saudi Arabia, Capital Markets, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Dentons, Bankruptcy, Health insurance, Employment contract
    Authors:
    Amgad T. Husein , Anas A. Akel
    Location:
    Saudi Arabia
    Firm:
    Dentons
    Clawback Provisions in the Job Support Scheme and the Effect of the COVID-19 (Temporary Measures) Bill
    2020-04-08

    Relief Packages

    The key concern for businesses is to minimise operational costs during this period of severe operational and economic disruption. The Singapore Government has responded swiftly and within the course of approximately 2 months, the Government has rolled out three relief packages – the Unity, Resilience, and most recently, the Solidarity budget, in a bid to mitigate the severe economic fallout caused by COVID-19.

    Filed under:
    Singapore, Employee Benefits & Pensions, Healthcare & Life Sciences, Insolvency & Restructuring, Public, Tax, PDLegal LLC, Coronavirus
    Authors:
    Peter Doraisamy , Mato Kotwani
    Location:
    Singapore
    Firm:
    PDLegal LLC

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