Articles

The New Job Support Scheme - What You Need to Know

UK - the Chancellor of the Exchequer introduced the new Job Support Scheme (JSS) to help businesses and employees try to survive through the current pandemic to 30th April 2021.

Although further details on the scheme are still expected, Charles Avens from Druces' Employment team has set out a summary of the JSS released so far.

 

Cayman Islands Virtual Asset Service Providers Law Takes Effect

A range of legislation implementing the Cayman Islands Virtual Asset (Service Providers) Law, 2020 (as amended) (VASP Law) came into effect on 31 October 2020.

This now means that virtual asset service providers (VASPs) and existing businesses qualifying as VASPs must make an application to be assessed for registration with the Cayman Islands Monetary Authority (CIMA) before 1 February 2021 and if approved complete a registration application.

VASPs providing custody services or operating virtual asset exchanges must register with CIMA, but the licensing regime is not yet in force.
This is stage one of a two stage implementation of the VASP Law, with stage two beginning in June 2021.

How Insolvency and Bankruptcy Code can provide exit mechanism in economy

INDIA - In the earlier laws, there was no mechanism that the company could survive and continue while at the same time the interest of all types of creditors was also safeguarded. Daizy Chawla, Managing Partner of Singh & Associates,  shares her expert opinion with Financial Express Online on 'How Insolvency and Bankruptcy Code can provide exit mechanism in economy?'. 

Investing in Brazil in Times of Covid

Post-Covid investments, legal advice and steps to protect such investments - Alba Imóveis Incorporações Ltda. had an interview with Ilo Igo Marques, Partner of the ABL member firm R. Amaral Advogados, one of the best legal firms in North East Brazil. In the interview Ilo explains what you should know in broad lines about the peculiarities and even common issues of investing in Brazil in such challenging times.

CAROTAR Rules 2020: Will it cost importers more than gains?

INDIA - Despite the onerous requirements and compliances under the CAROTAR, the overriding effect to Rules of Origin of the respective agreement shall always give an edge to and protect the rights of the importer.

Preferential Trade Agreements are a widely practiced norm in international trade policy in recent times; India too, has its share of PTAs. For example, in 2009, India signed the ASEAN FTA with 10 nations including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam which entitled exports from such countries to India at a preferential rate of duty. But there are increasing trade irregularities and undue claims of Preferential Tariff Treatment by fraud and manipulation of country of origin (CoO) criteria. In order to check the undue claims under PTT and to bring in the requirement for stringent checks on imports of goods especially focusing on the CoO, the Government of India notified the CAROTAR Rules 2020 which came into effect on September 21, 2020.

 

UK - Remote Witnessing of Wills

UK - This month, the Government announced plans to legalise the remote witnessing of wills due to the effects of the coronavirus pandemic. Alice Johnson of Druces LLP - London, looks at what these changes mean and how the Druces team can help.

U.S. - Considering Bankruptcy? Here's What You Need to Know First

Does COVID-19 have you in a financial bind and right now you’re wondering how to pay your debts? Are you considering filing a bankruptcy but don’t know if it’s the right solution for you or if you qualify? If you answered yes to any of these questions, then you’ve come to the right place for answers. Bankruptcy is a great tool to aid individuals/businesses in getting a better handle of their debt and a great starting point on the path of financial freedom.

French Tax: Extension of the Trust Reporting Obligations

French trust reporting obligations are now more complex and penalties for non-compliance are severe. François Mounielou and Nicole Gallop Mildon of the ABL London office Druces LLP detail the extended scope of obligations and how Druces LLP can help.

The Directive (EU) 2019/1937 on the Protection of "WHISTLEBLOWERS"

On April 16th 2019 the European Parliament adopted, at the first reading, the Proposal for a Directive of the Parliament and of the Council on the protection of "Whistleblowers". During the last quarter of last year (23rd October 2019) this proposal was finally approved, with slight changes, through the DIRECTIVE (EU) 2019/1937 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL on the protection of persons who report breaches of Union law (hereinafter: the Directive).

This Directive becomes an excellent model for all specialists who work within companies or governments located in the European Union (EU), or who are specialized in compliance issues.

In this article the ABL Compliance Unit carries out a succint nalysis of the most important points of this Directive; as well as on the confidentiality protection measures; non retaliation of the informant; the use of internal, external and public disclosure channels among other topics that we consider of great interest to any employee, entity or person interested in delving deeper into the topic.

CHICAGO TENANTS: KNOW YOUR RIGHTS DURING COVID

These are truly unprecedented times and tenants in Chicago need to know their rights under law as well as how their rights are affected by the resulting executive orders and disaster proclamations issued by Governor J.B. Pritzker. In this article we list five crucial things that Chicago tenants should know during the COVID-19 pandemic.