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The world-wide reach of the US Chapter 11 ‘Automatic Stay’ In our global economy, it is common for companies to be doing business and have assets located in multiple countries. When such companies become insolvent, protecting assets globally can be complicated. From the debtor company’s perspective, it seeks to prevent creditors from seizing assets or pursuing collection actions against the debtor, wherever the assets or creditor may be located. Naturally, the creditor’s perspective is the opposite: creditors seek to recover payment for goods or services that were provided to the debtor. When the debtors, creditors, and assets are located in multiple [...]

Covid doesn’t seem to affect the number of start-ups in The Netherlands. Currently, there are 2,2 million companies in Holland. The pandemic doesn’t seem to have any influence on the number of start-ups in The Netherlands. Over 250.000 new companies have started in 2021. This is very high in comparison to the number of start-ups in The Netherlands before anyone had ever heard of Covid-19. Conclusion: there are still many people who have faith in the economy. Popular sectors Especially in the healthcare sector you can find many new companies. For instance, start-ups who focus completely on the support and accompaniment [...]

A new EU crowdfunding regulation (1), which was adopted at the end of 2020, introduced common requirements for crowdfunding service providers in all Member States and will begin to apply as of 10 November this year. In the meantime, Member States were supposed to undertake legislative steps to exclude crowdfunding service providers from the scope of their internal laws transposing the MiFID II requirements and thus avoid a situation where the same activity would be subject to multiple authorizations within the Union (2). What is a crowdfunding service and a crowdfunding service provider as per the new EU regulation and what [...]

The CEE law firm PETERKA & PARTNERS was one of the first in Russia to provide legal support for the purchase and sale of shares, the payment for which was carried out in part through the transfer of funds from a Russian public deposit account of a notary to a bank account abroad of a foreign client. In this short article, we would like to share the practical experience of such payment mechanism and provide our comments, which might be valuable for those parties who are considering the involvement of Russian public notaries in payments. From June 1, 2018, notaries began [...]

The proposed new European Super League has resulted in commentary from football pundits, regulatory bodies, governments and even Prince William, the Duke of Cambridge. However, the question that everyone is really asking is what are the UK employment law implications? Whilst the new Super League faces a number of legal challenges, the potential problems that could arise with both their playing and coaching staff should not be underestimated. The players of any top-level football club form an important part of the club’s assets, not only in terms of on-pitch success, but also in terms of resale value and in links to [...]

Good news for employees receiving minimum wage throughout Europe. The minimum wage will increase. The two largest political groups in Europe, the Christian Democrats and the Social Democrats, have reached an agreement on the matter. Over 24 million employees in 25 of the 27 EU Member States will start earning more within two years (2023). Learn about the details in this blog. How much? The new minimum wage must meet a double threshold. It must be at least 60% of the median salary of a country (which means that half of the salaries will be lower, and half will be higher). [...]

Is it the right time for your company to get rid of your paper Charter and make your life easier? The Order of the Ministry of Economic Development of Russia as of 01.08.2018 N 411 "On the approval of Model Charters, on the basis of which limited liability companies can operate" introduced the concept of Model Charters into Russian corporate law. The Order provides for the opportunity for an LLC to switch to a Model Charter. To start using one, the company needs to pass a corporate decision on having one and submit an application to the tax authority. Model Charters [...]

The Trademark Modernization Act of 2020 (“TMA”), signed into law on December 27, 2020, allows a trademark owner to more easily protect its trademark rights. Here’s what you need to know about the three (3) key provisions of the TMA. Formalizing the procedure for challenging a trademark application prior to publication: First, the TMA formalizes the letter or protest procedure and appears to expand the issues that may be raised. A third party, with no standing requirement, may submit evidence relevant to a ground of refusal of an application, such as likelihood of confusion or descriptiveness, to the Director of the [...]

The controversy surrounding the Government’s publication of the internal market bill on 9 September 2020 brings Brexit back into the spotlight with now less than 4 months to go until the end of the transition period – a timely reminder to businesses of the need to how their contracts may be affected by the United Kingdom’s exit from the European Union. While the outcome of the trade negotiations with the EU are still very uncertain it seems likely that the UK will be leaving the customs union and EU law will no longer have supremacy over domestic legislation. Departure from the [...]

The primary function of cash pooling is the optimization of cash management within a corporate group by balancing the accounts and allowing the use of surplus funds by all companies. Although it is growing in popularity across the globe, until today, in many jurisdictions cash pooling has received very little or no attention from lawmakers and it remains subject to a complex and incoherent regulatory landscape of civil, tax, banking and insolvency law. This is the case of both Poland and the Russian Federation, where a lack of specific regulation has led to legal uncertainties, which, however, have occurred in different [...]