News 24 Jun. 2021
Curtis successfully defends foreign states' procedural privileges in the UK Supreme Court
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News 23 Jun. 2021
Ibrahim Elsadig joins Curtis as Partner in Dubai
Client Alert 24 Feb. 2022
EU, UK, Japan and Australia Impose Sanctions on Russia
News 09 Aug. 2021
Curtis, Mallet-Prevost, Colt & Mosle enters into association with Chevalier Law in Singapore.
News 06 May. 2022
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Publications 05 May. 2022
Marie-Claire Argac, Simon Batifort, and Cyprien Mathié share highlights from “Affaires d’Etats: Practical Considerations When Defending States in International Arbitration” on Kluwer Arbitration Blog
Event 26 Apr. 2022
Claudia Frutos-Peterson Speaks at CAI Costa Rica’s 13th Congress of International Arbitration
News 21 Apr. 2022
SCOTUS Upholds U.S. Colonialism under the U.S. Constitution
Client Alert 23 Mar. 2022
The Dubai International Arbitration Centre (DIAC) has launched the DIAC Arbitration Rules 2022
Event 22 Nov. 2021
Partner Antonia Birt spoke at ADGMAC and AIAC Webinar Series: Webinar 5 - Disputes in Fintech and Complex Technology in MESEA
News 19 May. 2022
Eliot Lauer’s and Juan Perla’s Tenth Circuit Arguments Featured on Audio Arguendo Podcast
News 16 May. 2022
Curtis Files SCOTUS Amicus Brief for Ohio Justice & Policy Center in Prisoners’ Rights Case
Client Alert 21 Apr. 2022
New Laws Targeting Assets of Russian Oligarchs: The U.S. Announces Task Force KleptoCapture and the Kleptocracy Asset Recovery Rewards Program
Client Alert 19 Apr. 2022
U.S. President Biden Expands Export Controls Imposed on Russia and Belarus
Client Alert 24 Jun. 2021
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) — U.S. Insight
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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Finance
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Thomas Laurer
Partner
Marjena Elizabeth Anderson
Counsel
Sophia Briffa
Associate
London
+44 20 7710 9800
Muscat
+968 2465 2600
Publications 03 May. 2022
Simon Batifort and Belén Ibañez Publish “Unearthing FET: What Did States Intend, and Does It Matter?” on Kluwer Arbitration Blog
Event 23 Apr. 2022
Recording of Curtis ISDS Webinar on UNCITRAL Working Group III
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