The Small Business Administration recently issued a procedural notice to Paycheck Protection Program lenders addressing the treatment of PPP loans in the context of a “change of ownership” of the borrower and whether prior SBA approval must be obtained in such transactions. This LawFlash provides key takeaways relevant to M&A transactions involving PPP borrowers.
Contacts:
Andrew P. Rocks,
Andrew T. Budreika,
Matthew Edward Schernecke,
Benjamin W. Stango
The eagerly anticipated judgment of Lord Justice Flaux and Mr. Justice Butcher in the Financial Conduct Authority’s (FCA’s) test case in relation to cover afforded under various business interruption wordings has now been handed down and the ramifications of the judgment will begin.
Contacts:
Peter Sharp,
Paul Mesquitta
The Financial Conduct Authority (FCA) has challenged eight insurers in a business interruption insurance test case in order to seek coverage for insureds. The UK’s financial services industry regulator is taking an adversarial stance in order to determine whether 17 different policy wordings can provide cover for businesses across the country, in the hope this will provide a level of certainty at this difficult time for businesses.
Contacts:
Peter Sharp,
Paul Mesquitta
Companies marketing products or services for coronavirus (COVID-19) should be aware of key areas of healthcare law and regulation, including Food and Drug Administration regulation, clinical laboratory testing oversight, product liability, and digital health/telehealth regulation.
Contacts:
Michele L. Buenafe,
Dennis C. Gucciardo,
Kathleen M. Sanzo,
Jacqueline R. Berman,
John P. Lavelle, Jr.,
Wendy West Feinstein,
Brian W. Shaffer,
Howard J. Young,
Susan Feigin Harris,
Gregory N. Etzel,
Jacob J. Harper
On a webinar panel presented by Rossdale CLE, Jay Konkel will share the latest legal developments, strategies, and requirements for government, in-house, & private practitioners alike as attorneys challenge force majeure & insurance defenses for successful recovery, business disruption advice, & bankruptcy considerations due to the coronavirus pandemic.
Contacts:
Gerald P. Konkel
Please join us for part four of our webinar series on labor management relations in the time of a pandemic. This 60-minute presentation will cover returning to the workplace and what labor management challenges employers can expect when implementing changes to their workforce and managing business risks outside of the United States.
Contacts:
Lee Harding,
Matthew Howse,
Sabine Smith-Vidal
While the full extent of COVID-19’s impact on the economy remains to be seen, it will likely create significant restructuring activity for companies already experiencing financial distress and otherwise healthy companies distressed by the pandemic. We have already seen an increase in chapter 11 filings, and more will follow.
Contacts:
Kurt A. Mayr,
David L. Lawton
As the economic effects of the coronavirus (COVID-19) pandemic continue to be felt, Germany’s protective shield proceeding under Section 270b of the Insolvency Code is a way for companies to restructure under the direction of management.
Contacts:
Torsten Schwarze,
Ulrich Korth
Companies with coronavirus (COVID-19)-related losses and legacy liabilities may appreciate significant additional tax benefits from funding those legacy liabilities through a captive insurer before the end of this year. Companies looking to procure insurance to cover losses from the next infectious disease outbreak should explore the many benefits of insuring such risk with a captive.
Contacts:
Daniel E. Chefitz,
David L. Harbaugh,
Barton W.S. Bassett
The economic outcome from the coronavirus (COVID-19) pandemic is still uncertain but is likely to remain catastrophic in many respects. Of late popular name brands and companies have filed for bankruptcy as stay-at-home orders and social distancing requirements remain largely in effect. Morgan Lewis tax lawyers alert those considering bankruptcy or restructuring to various tax traps that may arise during these processes.
Contacts:
Sarah-Jane Morin,
Colleen M. Redden ,
Kenneth S. Kail,
Casey S. August,
Paul A. Gordon,
Anthony D. Cipriano
In recognition of growing concerns regarding the impact of the coronavirus (COVID-19) on the UK economy and the profound social impact of lockdown measures, the government has this week unveiled its strategy for exiting the lockdown alongside detailed sector-specific guidance on how to work safely during the pandemic.
Contacts:
Matthew Howse,
Lee Harding,
Louise Skinner,
Pulina Whitaker
In response to the coronavirus (COVID-19) pandemic, Russia has changed its bankruptcy laws to provide for a moratorium on bankruptcies and a freeze on certain transactions. While the situation is dynamic, these amendments are relevant for ongoing or potential transactions in Russia, as well as a party’s ability to enforce pledges and other types of security interests or to seek other remedies against Russian companies.
Contacts:
Vasilisa Strizh,
Grigory Marinichev,
Alexandra Rotar,
Alexey Chertov
Prepackaged bankruptcies, prearranged bankruptcies, and expedited sales are available options for businesses in need of accelerated restructurings during the coronavirus (COVID-19) pandemic.
Contacts:
Kurt A. Mayr,
David L. Lawton
A number of UK insolvency trade association bodies and professionals are advocating for the use of what is known as a light-touch administration for companies in financial distress as a result of the coronavirus (COVID-19) pandemic.
Contacts:
Victoria Thompson,
Georgia M. Quenby,
James Mead
In response to the coronavirus (COVID-19) pandemic, US bankruptcy courts have granted extraordinary equitable relief in some cases. As government orders enforcing stay-at-home measures have forced many businesses to shutter indefinitely, bankruptcy courts have implemented procedures to allow the ongoing—albeit virtual—administration of bankruptcy cases.
Contacts:
David L. Lawton,
Kurt A. Mayr,
Andrew J. Gallo
