On the 2nd April, the Financial Conduct Authority (“FCA”) issued a brief consultation. This proposed a range of targeted measures designed as a stop-gap to quickly support borrowers of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from coronavirus.
DWF, the global legal business, has appointed Ted Harrison as a Partner in the Financial Services sector
The Government has launched the Small Business Grant Fund ("SBGF") and the Retail, Hospitality and Leisure Grant Fund ("RHLGF") which shall make grant awards to eligible businesses affected by the COVID-19 pandemic. These FAQs have been designed to assist Local Authorities administering the SBGF and RHLGF programmes as well as eligible businesses receiving such funds.
The UK Government on 28 March 2020 announced plans to bring forward legislation to amend the UK's insolvency laws “at the earliest opportunity” in response to the COVID-19 pandemic. Whilst the timing of the proposed changes remains uncertain (given that parliament is currently in recess until 21 April 2020) the Government hopes that the amendments will give companies a degree of extra time and space to weather the current storm.
The CMA published a guidance outlining its approach to businesses cooperating during the COVID-19 crisis and explaining what arrangements could be legal under competition law during the crisis.
Spanish legal remedies in case of force majeure or similar in Spain.
A brief look as to how we can continue to execute deals whilst working remotely.
Two newly approved UK State aid schemes comprising the Coronavirus Business Interruption Loan Scheme will allow the UK Government to provide loan guarantees for and direct grants to support SMEs during the COVID-19 pandemic. This has been approved by the European Commission following its newly adopted Temporary Framework for emergency State aid to business affected by the pandemic.
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