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Following mixed results for policyholders and insurers as a result of the High Court's judgment in the FCA's Business Interruption Insurance Test Case (FCA v Arch Insurance & Ors [2020] EWHC 2448 (Comm)), the FCA has announced that the Supreme Court will hear the appeals of the FCA and 6 of the 8 Defendant Insurers against the High Court's judgment over a 4 day hearing, starting on 16 November 2020.
This briefing was updated on 20 November 2020.
PIPE transactions in the UK
Key employment and business immigration developments for employers.
The Chancellor has today announced that the Coronavirus Job Retention Scheme (CJRS) is being further extended until the end of March 2021.
The Chancellor has today announced increased support for employers under the new Job Support Scheme (JSS). The Government subsidy available under the JSS has been more than doubled while the contribution required from employers has been significantly reduced.
In this article Natalie Scoones, George Weavil and Jessica Kemp discuss why a debt for equity swap is likely to play a role in many restructurings that result from the downturn triggered by the COVID-19 pandemic. They explain how such transactions are structured, the likely motivations of key stakeholders and the tax and regulatory implications of such transactions.
On 22 September 2020, the Prime Minister announced a change in the Government's approach to working from home, in light of the recent spike in cases recorded across the UK. In this note, we consider what effects the most recent announcement has on employers with employees who normally work in offices.
Key employment and business immigration developments for employers.
The COVID-19 pandemic has caused unparalleled disruption to the judiciary, which has been presented with logistical hurdles as well as acute legal issues to tackle.
The Chancellor recently announced a new Job Retention Bonus for employers as the Coronavirus Job Retention Scheme (CJRS) winds down. The bonus aims to incentivise employers to retain furloughed staff when the CJRS closes on 31 October 2020.
On 20 July 2020, the first trial under the Financial Markets Test Case Scheme (Scheme) began in the English Commercial Court before Lord Justice Flaux and Mr. Justice Butcher.
The European Commission has adopted a number of limited measures designed to reduce some of the burdens which firms face under MiFID II and in relation to securitisations.
The European Commission proposes radical new simplified disclosure regime in response to the Covid-19 crisis, the 'EU Recovery Prospectus', and changes to sponsor's obligations relating to supplementary prospectuses.
This briefing was updated on 5 August 2020.
This briefing was updated on 1 October 2020.
Much has been made in the press recently of the additional burdens which Government guidance has placed on businesses, particularly in the leisure and hospitality sectors, in terms of the personal data which they will have to collect about their customers and guests as they ease out of lockdown.
On 11 May 2020 the Government published practical guidance1 for employers on how to keep their workforce safe by implementing safety measures differentiated according to the activities undertaken, the physical spaces occupied by, and the demographic risk profiles associated with, relevant employees. Furthermore, in June 2020 the Government set out a timeline for retail stores to reopen2 which as of 4 July 2020 has been extended to include a set of further easements to other businesses and venues in the hospitality, personal care, accommodation and leisure space.
As a result of the COVID-19 pandemic the supply of goods or services to public bodies under existing contracts has in certain cases needed to be reduced, interrupted or adjusted due to, for example, supply chain issues, a drop in demand or incapacity to fulfil the contract due to UK government restrictions in place. As the UK government turns towards its recovery strategy, we look at: how public bodies might deal with risks to continuity of supply of critical services, and begin the transition towards new, sustainable, operating models; and how this might impact suppliers.