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2nd Circuit defers to executive will on application of sovereign immunity
The Second Circuit recently held that federal common law protections of sovereign immunity did not preclude prosecution of a state-owned foreign corporation.
As companies worldwide continue to assess and react to the outbreak of COVID-19, the consequences of the virus are increasingly having an impact on businesses on a global scale.
Beyond the obvious health concerns, the spread of coronavirus presents major challenges for many businesses, including the disruption to international supply chains and the effect on workforces, which will lead to challenges for some businesses in meeting contractual obligations and accessing sources of funding.
Whilst central banks across the world have promised to assist the stabilisation of the financial markets in order to ease the economic impact of coronavirus and the UK Government on March 3, 2020, announced measures to help businesses with short-term cash flow problems, including time to pay arrangements, it is apparent that businesses can expect disruption for some months to come. Certain sectors are likely to be more immediately impacted, such as the airline, hotel and tourism industries.
As a result of COVID-19, directors should consider the following risks:
The impacts on businesses can very quickly create issues for a company’s lenders. Banking documents may be breached in the short term where the business outlook and general disruption will trigger:
More worryingly, the disruption to businesses could cause a very sudden liquidity crisis and a borrower may well be looking to its lenders to provide liquidity in the short term.
We are able to assist businesses navigate the risks and advise as the legal obligations in the context of COVID-19 on a cross-border basis including:
Publication
The Second Circuit recently held that federal common law protections of sovereign immunity did not preclude prosecution of a state-owned foreign corporation.
Publication
Facing the fast-growing development of AI across the globe, particularly Generative AI (GenAI), the G7 competition authorities and policymakers (Canada, France, Germany, Japan, Italy, the UK and the US) and the European Commission met in Italy on 3-4 October 2024 to discuss the main competition challenges raised by these new technologies in digital markets.
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