News 24 Jun. 2021
Curtis successfully defends foreign states' procedural privileges in the UK Supreme Court
News 23 Jun. 2021
Ibrahim Elsadig joins Curtis as Partner in Dubai
Event 23 Apr. 2021
Partner Borzu Sabahi to speak on Damages, Enforcement and Annulment of Arbitral Awards at Executive Training Program hosted by the Government of India and the Indian Institute of Foreign Trade
Event 31 Mar. 2021
Claudia Frutos-Peterson Speaks at Mumbai Centre for International Arbitration’s India ADR Week
Article 20 Jul. 2021
Partner Emanuella Agostinelli authors article on Italian Insolvency during COVID-19 in International Corporate Rescue.
Client Alert 14 Jul. 2021
International Insight: Disclosure of Beneficial Ownership in 2021 – General EU Perspective – Alert 2 of the Series
Article 19 Jul. 2021
Partner Antonio M. Prida Commemorates Curtis’ 30 Year History in Mexico in Voces Mexico Article Series
Event 07 Jul. 2021
Claudia Frutos-Peterson Speaks to ICC Mexico’s Young Arbitrators Committee on Common and Civil Law Traditions in International Commercial Arbitration
News 22 Jun. 2021
Curtis appointed as legal partner of the Commissioner for Italian participation in Expo Dubai 2021
Client Alert 07 Jul. 2021
International Insight: Disclosure of Beneficial Ownership in 2021 – International and US Perspectives – Alert 1 of the Series
Event 02 Jul. 2021
Simon Batifort and Andrew Larkin Speak at the 7th Global Conference of the Society of International Economic Law
Client Alert 24 Jun. 2021
U.S. Insight: Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
U.S. Insight: Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021)
Client Alert 01 Apr. 2020
The alert is available for download HERE
On March 28, 2020, the Secretary of State for Business, Energy and Industrial Strategy announced a series of measures intended to protect and provide breathing room to distressed UK businesses in the wake of the wide-reaching COVID-19 closures. Implementing legislation is yet to be passed but will include the following:
Suspension of Wrongful Trading
Under current UK insolvency laws, where a director of a company knew (or should reasonably have known) that there was no reasonable prospect of that company avoiding insolvent liquidation, that director can be held personally liable for the company’s debts if they fail to minimise potential loss to the company’s creditors.
The proposed suspension of wrongful trading will take effect retroactively for a period of three (3) months, starting from March 1, 2020 (subject to further extensions), and aims to relieve pressures faced by company directors whose businesses may be distressed as a result of COVID-19 closures. The suspension will enable companies to continue trading during the crisis without the threat of personal liability for directors should the company ultimately end up in insolvent liquidation.Company directors should, however, continue to comply with their duties under the Companies Act 2006 and be mindful of potential liabilities under fraudulent trading laws and the directors disqualification regime, which remain in effect as normal.New Restructuring Moratorium and PlanFurther proposed changes to UK insolvency laws will provide time for UK companies seeking rescue or restructure by providing a moratorium from enforcement of debts by creditors for an as yet undisclosed period of time. Creditors and suppliers will be afforded “key safeguards” that will aim to ensure they continue to receive payment until a solution is ultimately identified. The UK Government will also implement a new restructuring plan that would bind all creditors.
Full details of these measures have yet to be released and in any event the UK Government will need to pass new legislation in order to implement them.
Additional Business Support Measures
Further legislation will be passed to ensure companies that are required to hold Annual General Meetings can do so safely and in accordance with the UK Government’s COVID-19 guidance on social distancing and restrictions on movement (i.e., by holding them online or postponement). This is in addition to the grant of a three (3) month extension for the filing of accounts for companies affected by the COVID-19 crisis; companies that are yet to file their accounts and not late in doing so can apply for the extension HERE.
We will continue to monitor the UK Government’s response to COVID-19, and will be publishing timely updates on significant developments.Attorney advertising. The material contained in this Client Alert is only a general review of the subjects covered and does not constitute legal advice. No legal or business decision should be based on its contents.
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Marjena Elizabeth Anderson
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Publications 20 Jul. 2021
Partner Charles Howland Participates in USEPA Workgroup to Improve Implementation of the Superfund Program in Environmental Justice Impacted Communities