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After approving Emergency Ordinance no. 153/2020 (the “EO”) “establishing incentives for companies to increase their equity” on August 14, 2020, the Romanian Government published it on 4 September 2020.

Due to the current unfavourable economic situation, many businesses are in arrears of their financial obligations. If a company is at risk of becoming bankrupt, it is obliged to take immediate steps to avert it (see the article “A Company in Crisis”). However, where a company is unsuccessful in staving off the crisis, bankruptcy proceedings are imminent. 

The Hungarian Government adopted the Government Decree 408/2020 (VIII.30.) ("Government Decree") on 30 August 2020. In the Government Decree it was announced that Hungary will close its borders to foreign citizens as of 1 September. 

As of 13 April 2020, deadlines to file for insolvency ceased to run. This “insolvency moratorium” is to last until the state of epidemic is lifted. Obviously, the purpose of the moratorium is by no means to force entrepreneurs to wait passively for the end of the epidemic. The key focus here is on restructuring.

From 30 July 2020, all Member States are required to apply stricter rules on posting of workers to other Member States. In order to transpose the Directive 2018/957 into domestic legislation, the Slovak Republic has adopted an amendment to its Labour Code introducing new tighter requirements for posting of workers. These changes will affect employers from other Member States (non-domestic employers) who send their own workers temporarily to Slovakia. Employers in Slovakia (domestic employers) who intend to post their workers abroad should, however, also pay attention to the new rules, as similar changes will be adopted across the EU.

The amendments to the state aid schemes governed by G.D. 807/2014 on investment in assets and by G.D. 332/2014 on creation of workplaces that were proposed on 17 July 2020 by the Romanian Ministry of Public Finances (MoF) have just become enforceable.

Even though data localisation requirements were already introduced in Russia back in 2015, their effects on cross-border reporting channels in the whistleblowing systems of multinational companies have so far received relatively little attention. Due to the recent increase in the fines for violations, we have compiled the most important questions and answers below:

Following the formal adoption by the European Council of the directive to postpone the initial reporting deadlines for “DAC6” by six months, on 1 July 2020 the Romanian Government adopted Emergency Ordinance no. 107/2020 by which it extends the deadline for submission of reports regarding cross-border transactions under DAC6 rules.

After all initiatives for drastic countermeasures to respond to the US/EU sanctions (criminal liability for sanctions compliance, comprehensive import restrictions, liability for cross-border transfer of information relevant for sanctions) ground to a halt for one year, the legislator has now resumed the proposal to establish the jurisdiction of Russian courts over disputes with listed persons.

Prior to the pandemic caused by the spread of SARS-CoV-2, the Polish Commercial Companies Code permitted limited liability companies and joint-stock companies to hold shareholders’ meetings by means of electronic communication. However, virtual (remote) shareholders’ meetings were to be an exception to the general rule of physical meetings, and were required to have been explicitly permitted in the company’s articles of association. Preventive measures introduced into Polish law in response to COVID-19 by the “Act of 31 March 2020 amending the Act on special arrangements for preventing and combatting COVID-19, other infectious diseases and the crisis situations caused by them and certain other acts”, changed this principle. Below we present the current rules and requirements related to virtual shareholders’ meetings.

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