Beyond COVID-19: Financial arrangements

UK: Operational resilience, banks and financial institutions: What does this mean for service contracts?

This briefing considers how the UK’s proposed operational resilience regulatory framework will impact contractual relationships between regulated firms operating in the financial services sector and their service providers.

United Kingdom | Publication | May 26, 2020

Canada: Liquidity programs for Canadian businesses – Large Employer Emergency Financing Facility

In addition to the Business Credit Availability Program, which provides financing support for small- and medium-sized Canadian businesses, the government of Canada has opened the application portal to the Large Employer Emergency Financing Facility.

Canada | Publication | May 22, 2020

UK: Government introduces series of loan schemes: Key features for borrowers

UK: Bounce Back Loan Scheme (BBLS)/Coronavirus Business Interruption Loan Scheme (CBILS)/ Coronavirus Large Business Interruption Loan Scheme (CLBILS) – A Comparative Table of Key Features for Borrowers

United Kingdom | Publication | May 22, 2020

UK: Future Fund: A (liquidity) problem solved?

The launch of the Future Fund marks the UK Government’s response to ongoing concerns that high growth businesses within certain sectors (for example, technology and life sciences) affected by COVID-19 may be unable to access other UK Government business support programmes because they are at pre-revenue or pre-profit stage in their development.

United Kingdom | Publication | May 20, 2020

Australia: Will the real zombie please stand up? The opportunity for directors to take control

In our post last week, we flagged the risk of a ‘zombie company’ pandemic, with the potential for entities that faced endemic operational and liquidity issues pre-COVID-19 to use government subsidies to continue to operate despite having no genuine prospect of successful, independent and sustainable trade post-crisis.

Australia | Publication | May 20, 2020

US: So you decided to keep the PPP loan: Now what?

Updated June 3, 2020. To address the economic impact of the COVID-19 pandemic the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) made funding available to small busine...

United States | Publication | May 18, 2020

UK: EMIR Refit reporting: New documentation requirements, COVID-19 and implementation challenges

The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties.”

United Kingdom | Publication | May 14, 2020

DAC 6 reporting for finance parties: a Q&A

DAC 6 is a new EU reporting regime targeted at tax-motivated arrangements but framed much more widely

United Kingdom | Publication | May 13, 2020

Middle East: Distressed debt: Antecedent transactions in the UAE

The standstill caused as a consequence of the COVID-19 pandemic has dramatically reduced or in some cases even completely suspended the operations of many UAE companies and, as a result, many of these companies are struggling with cash flow.

Middle East | Publication | May 12, 2020