Colombian State of Emergency
The president of Colombia decreed a State of Emergency on the national territory due to the recent COVID-19 outbreak. He has issued a series of measures to contain its effects on public health and the economy. This chapter will be updated on a daily basis, including the principal measures issued by the national government.
Las empresas deben estar atentas esta semana a la fase 1 de la ‘desescalada’, el tercer tramo de avales, la prórroga de los ERTE, el posible retraso en la aplicación de directivas de IVA y de la DAC6 y las medidas de apoyo al sector cultural.
Businesses large and small have been affected by the coronavirus crisis. It seems that no industry has been spared economic hardship. As many states prepare to reopen their economies, there are some businesses that will not be able to resume operations—it is too little, too late. Even with massive spending by the federal government to counteract the economic downturn, it appears that a large number of business bankruptcies may be on the horizon.
02 Employment and Pensions
2.1 Whilst some COVID-19 measures relating to employment are adopted globally (e.g., self-isolation and working from home), the implementation of such measures and employment protections vary per jurisdiction. For the latest employment law guidance, we recommend that you read our latest Global Employment Guide, which covers 11 key questions across 41 jurisdictions.
2.2 Now
Phase 1 of the ‘scaling-down’ process, third tranche of guarantees, extension of ERTE temporary layoffs, potential delay in the application of VAT directives and of DAC6, and measures to support the cultural sector
We have reported that the law for the Mitigation of the consequences of the COVID-19 pandemic in Civil, Insolvency and Criminal Proceedings Law of 27 March 2020 ("COVID-19 Law") extended the commercial law retroactive effect of restructuring (Link).
In collaboration with our foreign law firm partners, we continue to update our chart of COVID-19 measures taken by governments around the world. Today’s update includes new information for many countries as indicated in the chart: Global Government Measures Taken in Response to COVID-19.
From 6 April 2020, all non-UK resident corporate landlords (NRLs) are within the charge to UK corporation tax on the income from their UK property rental business (PRB) and on capital gains from direct or indirect disposals of UK real estate. This marks a significant change for NRLs, which were previously subject to UK income tax on their PRB income and (until 6 April 2019) exempt from UK tax on their capital gains.
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (Act) came into operation on 18 February 2020, and is intended to assist ASIC and liquidators to ‘detect and disrupt phoenix activity, and to prosecute directors and other professional advisors who engage in or facilitate the activity’.
The emergence of COVID-19 (the Coronavirus) at the end of 2019 has had an unprecedented impact on the global economic system. This alert focuses on the effect the Coronavirus pandemic is likely to have on small and medium sized businesses (SMEs), their lenders in the UK and the options available to continue trading and avoid insolvency.