Pending changes to the existing Executive Order on Licencing Alternative Fund Managers to market Alternative Investment Funds from a Third Country in Denmark
On 27 April the Danish Financial Supervisory Authority initiated a public consultation about a draft to a new executive order on licencing Alternative Fund Managers to market Alternative Investment Funds from a third country in Denmark.
The Danish Parliament has adopted a relief package for the travel industry
The travel industry is under extreme pressure due to the travel restrictions implemented because of COVID-19. Therefore, the Danish Parliament has adopted a relief package to help the travel industry through the crisis.
There have been stories in the Danish news recently about several fines being issued for failure to pay the Eurovignette tariffs. When the Danish police issue fines in cases of failure to pay this road user charge, they apply the tax authorities´ guidelines, which have recently been clarified.
COVID-19 and the holding of the ordinary general meeting
As a result of the extraordinary situation that Denmark and the rest of the world are currently facing because of the coronavirus pandemic (COVID-19), the Danish Parliament (Folketing) is now passing a series of emergency acts in an attempt to minimise the spread of the virus in Denmark.
The rapid spread of the COVID-19 virus, also known as the coronavirus, raises many questions related to day-to-day business operations. One of the many legal issues concerns whether companies may disclose and record data about their employees to limit possible infection and further spread of the virus.
Generally, force majeure is defined as an external and unexpected event which cannot be averted, and which prevent a contracting party from fulfilling its contractual obligations. The question is whether the coronavirus is force majeure – and what it means to the world of transport?
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COVID-19 circumstances and quarantine regime imposed in Lithuania by the government, similarly to many other countries of the world, caused considerable damage in the business sector. Due to declared quarantine, supply of goods has been interrupted, settlements between companies have been delayed, workload has been reduced and profit has decreased, which also led to the dismissal of big numbers of employees. In consideration of these circumstances, the restructuring process regulated by the Law on Insolvency of Legal Entities of the Republic of Lithuania (hereinafter – LILE) may be considered as one of the solutions for the businesses in financial difficulties.
The emergency situation has raised the issue of the effectiveness of processes in a number of areas, including company law. Namely, with the advent of the emergency situation, it became impossible for some companies to hold meetings. In addition, it was difficult to make notarial transactions, and for some companies raising capital, this could be even fatal.
On 27 April the Danish Financial Supervisory Authority (in Danish “Finanstilsynet”) initiated a public consultation about a draft to a new executive order on licencing Alternative Fund Managers (AIFM) to market Alternative Investment Funds (AIF) from a third country in Denmark (the “Executive Order”).