COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
On 14 May 2021, the Government of HKSAR and the Supreme People's Court signed the "Record of Meeting of the Supreme People's Court and the Government of the Hong Kong Special Administrative Region on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region" which effects a cooperation mechanism for Hong Kong liquidators and Mainland administrators to seek mutual recognition and assistance.
The recent decision by the Hong Kong Courts in Re Ando Credit Ltd [2020] HKCFI 2775 represents a step in the right direction in judicial cooperation over cross-border insolvency between Hong Kong and the Mainland.
A crucial aspect in cross-border insolvency proceedings is the mutual recognition of the winding-up order and execution of the same to allow liquidators to reach assets in other jurisdictions in satisfaction of the Company’s debts.
Dear Clients and Friends,
In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy transition in countries around the world.
EXECUTIVE SUMMARY
Duty of care in tort not established in favour of main contractor from third party sub consultant
Last year saw a wave of insolvency-related legislation introduced which was largely in response to the ongoing coronavirus pandemic but which also saw permanent reforms which have, and will continue to have, an impact on the logistics industry as well as supply-chains generally.
The Corporate Insolvency and Governance Bill was published on 20 May 2020 and went through an accelerated parliamentary process, receiving Royal Assent on 25 June 2020 (with the provisions coming into force on 26 June 2020).
The Corporate Insolvency and Governance Act 2020 (“CIGA”) introduces a mixture of permanent and temporary “debtor friendly” measures to restructuring and insolvency law in England and Wales and in Scotland, jurisdictions which have historically been viewed as being “creditor friendly”.
Introduction
Will your business be financially viable at the end of lockdown? What challenges does 2021 pose? What are the next steps