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Following the decisions of Debenhams and Instant Cash in 2019, 2020 looked to be an uncertain year for the landlord CVA. Six months on and a global pandemic later, CVA activity is rising again to cope with a seismic shift in the retail and casual dining sector.
A decision is expected to be made this month on whether to extend the Brexit transition period. Not extending risks a disorderly end to the transition, adding a further economic shock to the damage done by COVID-19 – but extending exposes the UK Government to accusations of failing to deliver on its core promise to "get Brexit done".
This briefing was updated on 8 June 2020.
HMRC announced on 29 May 2020 that it will be consulting on draft legislation to tax certain of the Covid-19 support measures provided to businesses.
The UK has now published the tariffs it expects to apply after the Brexit transition period expires on 31 December 2020 (unless it is extended). What do these mean for business and why is the government planning to impose tariffs on more goods than it proposed last year in the event of a no deal Brexit?
The UK Competition and Markets Authority has made it clear that it will not relax key UK merger control rules in response to COVID-19, although it recognises that some adjustments may be required.
On 28 May, the Secretary of State for Business, Energy and Industrial Strategy granted a Development Consent Order for Cleve Hill Solar Park in Kent.
Chancellor Rishi Sunak has today announced further details of how the Coronavirus Job Retention Scheme will change in the coming months. From 1 July 2020, employers will be able to bring furloughed workers back part-time and, from 1 August 2020, employers will be required to contribute to the wage subsidy on a phased basis (albeit at a lower contribution that previously anticipated).
In response to the unique disruption the COVID-19 emergency presents to the economy, the Cabinet Office has issued non-statutory guidance on responsible contractual behaviour in the context of the emergency. Released on 7 May 2020 and titled "Guidance on responsible contractual behaviour in the performance and enforcement of contracts impacted by the Covid-19 emergency", this guidance calls for parties to contracts, including parties from both the private and public sectors, to act responsibly and fairly.
The "S" of ESG has historically been neglected in favour of a focus on climate change and corporate governance. When people hear the word "Sustainability" their first thought is usually the environment.
AG Kokott has delivered her opinion in Sonaecom C-42/19, the latest of a long line of CJEU cases on VAT recovery by holding companies. This opinion, if followed, will limit VAT recovery on costs incurred in connection with abortive transactions.
The transition towards a digitalised legal system has long been on HMCTS' cards, however it is only now that real strides have been taken to achieve this. In light of the Covid-19 outbreak, all hearings (insofar as possible) are taking place remotely, i.e. via a video calling platform.
The case of ACL Netherlands B.V. (as successor to Autonomy Corporation Limited) and others v Dr Michael Lynch and Sushovan Hussain, in which this firm acted for the Claimants (referred to here as "HPE" for ease), has attracted much media attention. The trial took place over 10 months before Mr Justice Hildyard in the period March 2019 to January 2020.
In his International Mother Earth Day message, UN Secretary General, António Guterres, urged governments to turn the worldwide recovery from the Covid-19 pandemic into "a real opportunity to do things right for the future"[1].
Welcome to the latest edition of our Anti-Bribery Newsletter, our regular review of developments in the fight against bribery and corruption in the UK and other jurisdictions.
In this In Practice article Finance partner Donald Lowe and Knowledge Counsel James Bell examine the impact of COVID 19 on financial covenants. A borrower may seek to argue that financial ratios should be calculated on the basis of "EBITDAC", so that the effect of the Coronavirus is ignored.
Two former Supreme Court judges have recently suggested that, given the exceptional nature of the current crisis, a "more creative" approach may be needed in assessing contractual disputes. With that in mind, we've put together a checklist of potential issues to consider if you are looking to dig yourself out of a contractual hole created by COVID-19.
Following the announcement made by the Prime Minister on 10 May 2020, the UK Government published on 11 May 2020 its COVID-19 Recovery Strategy ("Recovery Strategy") and ‘COVID-19 Secure’ Guidelines ("Secure Guidelines"). These official guidance documents seek to aid the general public and businesses on navigating their way out of the current lockdown over the coming weeks and months. These are conditional steps and remain subject to meeting the UK Government's five key tests.
Force majeure clauses are coming under increasing scrutiny in the light of the global COVID-19 crisis, as many businesses are left unable to perform their contractual obligations. The High Court's recent decision in the case of 2 Entertain Video Ltd & Ors v Sony DADC Europe Ltd [2020] EWHC 972 (TCC) provides an important reminder of the limits of force majeure clauses.
Contact tracing apps have been making headlines around the world and are now set to form part of the UK Government's strategy for exiting from lockdown and unlocking the economy until a vaccine or effective treatment for those infected with COVID-19 is found.