As governments continue to introduce new measures to respond to the economic consequences
of
COVID-19, businesses are having to digest a swathe of new legislation (most of which has
been
introduced on an emergency timetable and with little or no consultation) to assess
whether
they
can access reliefs.
The response across Europe has been fragmented: while the Commission has
issued guidance, and certain other institutions in Brussels have co-ordinated their
response,
the vast majority of new legislation has been introduced at a national level, without an
overarching framework (other than pre-existing regulations).
To help clients navigate this unprecedented challenge and ascertain whether their
businesses
may be able to benefit from reliefs, Paul Hastings’ European practice, working alongside
select local counsel, has compiled the attached report on the key measures which have
been
introduced across Western Europe from the perspective of corporates and portfolio assets
of
financial institutions.
The report focuses on measures which:
- Extend liquidity by way of debt financing, and the conditions attaching to such
financing;
- Implement tax reliefs and extensions of tax payments;
- Introduce moratoria with respect to existing insolvency regimes;
- Defer rent payments.
Legislation covering reduction of payroll cost and arrangements for employees is covered
in a
separate report compiled by Paul Hastings and available
here.
For further information,
please contact your regular Paul Hastings contact or, alternatively one of the lawyers
available here
+ Note On Preparation
The following constitutes a general summary collated by Paul Hastings and relevant local counsel in
relation to the specific matters set out herein. The summary is not exhaustive and does not take
account
of all measures introduced by national governments which may be relevant to you, nor has it been
drafted
with a particular recipient in mind. In light of the speed of developments and the high-level nature
of
this summary, we recommend you take specific advice in any relevant jurisdiction before taking any
action.’