Sø- og transportret
Quarterly Update May 2020
Every week NJORD Law Firm’s Maritime and Transport Law Team publish short relevant news about Danish Maritime and Transport Law. This quarterly update summarises the key legal decisions and trends for the transport industry in the first quarter of 2020.
In this quarterly update, we obviously focus on the crisis created by COVID-19, which significantly has impacted the world in which we live. Furthermore, you can read about the significant fines that are imposed on violators of the Road User Charge Act - here, in particular, we ask the question of whether the penalties are also passed correctly.
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NJORD Lithuania: Is restructuring process a right solution for business in financial difficulties due to COVID-19 circumstances?
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.
NJORD Estonia: e-Estonia revolutionizes corporate management
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.
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 (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”).