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Bridging the COVID-19 Liquidity Gap: Danish State Guarantee Schemes for Loans and Credit Facilities to Large Companies and SMEs
The outbreak of COVID-19 has had a dramatic impact on the operations of many Danish businesses across several industries. For businesses facing low or even no activity at all, the COVID-19 outbreak will naturally lead to a liquidity shortage and new debt financing may be required to bridge this COVID-19 liquidity gap.
Article - 20.07.2020
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Coronavirus - midlertidig udvidelse af sygedagpengereglerne for den særlige risikogruppe og deres pårørende
Folketinget har den 20. maj 2020 som følge af COVID-19 og genåbningen af Danmark vedtaget et lovforslag om midlertidig udvidelse af sygedagpengereglerne for den særlige risikogruppe og deres pårørende.
Article - 20.05.2020
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Listed companies and investors - possibilities and trends
COVID-19 - capital resources, stakeholder management and capital markets transactions
Article - 12.05.2020
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"Lessons Learned" in the light of the coronavirus crisis - should your standard contracts undergo inspection?
Many companies have encountered numerous legal challenges since the beginning of the coronavirus crisis and have therefore been seeking answers to several unpleasant questions in their contracts. Plesner's Commercial Contracts team looks at how to optimise contracts in the aftermath of the coronavirus outbreak.
Article - 12.05.2020
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State-guaranteed EUR 400m coronavirus financing
One of Denmark's largest state-guaranteed coronavirus financings so far has fallen into place. Plesner advised an international syndicate of banks represented by Nordea in connection with the establishment of a new EUR 400m credit facility for Pandora A/S.
Highlight - 05.05.2020
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Webinar - Workforce challenges in the Nordics during the corona crisis
WEBINAR - Thursday 30 April
News - 21.04.2020
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Coronavirus - temporary salary compensation scheme for private companies is extended and adjusted
The Danish government and the two sides of industry have agreed to extend the three-partite agreement on temporary salary compensation until 8 July 2020. Moreover, the government and the parliamentary parties have agreed to adjust the other stimulus packages and add new initiatives.
Article - 20.04.2020
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Coronavirus - new rules on deferral of holidays
On April 2, 2020, the Danish Parliament adopted new rules on deferral of holiday that cannot be held due to the corona crisis. The temporary rules allow employers to defer employees' holidays from the 2019/2020 holiday year (May 1, 2019 to April 30, 2020), as well as vacation from the abbreviated holiday year (May 1, 2020 to August 31, 2020) to be held in the subsequent holiday period. The measure is intended to ensure flexibility and the necessary working capacity during the coronavirus crisis.
Article - 02.04.2020
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The Danish Business Authority opens up for applications for salary and wage compensations
To ease the financial consequences of the Corona virus crisis, the Danish Parliament has on 24 March 2020 adopted the bill on temporary salary and wage compensation in respect of employees in the private labour market. The Danish Business Authority has now opened up for applications for salary and wage compensations.
Article - 27.03.2020
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Corona Virus - New export control regulation for the sale of protective equipment against Corona Virus (COVID-19)
In order to ensure that EU member states have sufficient personal protective equipment as well as medi-cal equipment, the European Commission has implemented provisional measures governing authorisation for the export of specific types of personal protective equipment to countries outside the EU. Export com-panies should note that the new measures also include custom codes for other items than medical equipment.
Article - 23.03.2020
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Coronavirus – not force majeure in public contracts
The Danish Agency for Governmental Management has issued a news release announcing that coronavirus (COVID-19) generally does not create a situation entitling the State to claim force majeure against its private-sector suppliers.
Article - 20.03.2020
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Coronavirus – Challenges related to data protection law
Many businesses are currently taking a wide range of initiatives which involve – quite naturally – the processing of personal data about their employees.
Article - 19.03.2020
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COVID-19 - Further bailout packages on their way to Danish enterprises
Tuesday evening, in the struggle against COVID-19, the Danish Prime Minister presented new drastic measures with temporary effect as from Wednesday 18 March 2020 at 10.00 a.m. until 30 March 2020.
Article - 18.03.2020
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Coronavirus - extended deadline for annual general meetings and annual reports
Due to the current coronavirus situation, Danish companies may be granted an extension of the deadline for holding annual general meetings and filing annual reports. This follows from a new executive order dated 17 March 2020. Subject to certain requirements, the company will have filed its annual report in a timely manner if it files within eight weeks after the ban on mass gatherings etc. is lifted. The same deadline applies to its annual general meeting.
Article - 18.03.2020
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Coronavirus – Management’s duties and liability
The global coronavirus pandemic presents a large variety of challenges to business management, one of the immediate effects being liquidity constraints as a result of lost revenue. This difficult and grave situation urges management to exercise vigilance and take timely action on a more extensive scale than usual. Plesner’s Coronavirus Task Force outlines below a number of issues management should take into account in its crisis management strategy.
Article - 17.03.2020
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Coronavirus – ESMA lowers reporting threshold for short selling
ESMA temporarily lowers the reporting threshold of net short positions (short selling) from 0.2% to 0.1% of the issued share capital of companies as a result of the coronavirus (COVID-19) outbreak.
Article - 16.03.2020
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Coronavirus – when postponement of payments is required
Unfortunately, the coronavirus outbreak in Denmark may lead to situations in which businesses will not be able to meet their payment obligations on time. Consequently, they will need extension of payments in some form. Plesner’s Coronavirus Task Force outlines the considerations to be made in this connection.
Article - 16.03.2020
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COVID-19 – new rules on reimbursement of sickness benefits in Denmark
On Friday 13 March 2020, the Minister of Employment made a proposal to amend the Sickness Benefits Act. The amendment extends access to sickness benefit reimbursement for employers and access to sickness benefit for self-employed persons if the absence is due to COVID-19.
Article - 16.03.2020
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Coronavirus - Temporary scheme on salary compensation for private companies
On Saturday, March 14, 2020, the government and the labour market parties entered into a new tripartite scheme on temporary salary compensation for employees in the private labour market who are under threat of dismissal. The scheme aims to protect Danish workplaces and to secure employees' livelihoods by providing normal salaries and retaining the relevant employees in the labour market.
Article - 16.03.2020
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Coronavirus – delay in construction projects
According to the Danish general conditions for building and construction works and supplies (AB rules), all parties to construction contracts are required to loyally promote the time-critical activities of building and construction projects, if possible. However, delays may occur in various ways as a direct or indirect consequence of the coronavirus pandemic. Such delays must be properly dealt with from the outset in accordance with the provisions of the contract for the purpose of determining the financial liability.
Article - 15.03.2020
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Coronavirus - IT & outsourcing
Many clients are either planning or already in the process of implementing IT projects and outsourcing arrangements. Arrangements might relate to, for instance, outsourcing of a business activity, facility management services or IT operations or the conclusion of agreements on the implementation of new systems. Such projects and arrangements are often of major importance to the businesses involved.
Article - 15.03.2020
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The European Commission approves Danish COVID-19 compensation scheme
On 12 March 2020, the Danish Parliament Finance Committee passed, as part of the Danish government's COVID-19 economic stimulus programme, a scheme aimed at granting compensation for cancellation or postponement of large events. On the same day, the European Commission approved the scheme as legal state aid.
Article - 13.03.2020
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Coronavirus - Employment Law
Denmark has imposed an extensive lockdown due to coronavirus (COVID-19) (coronavirus) - for the time being until the end of March. It will of course have major implications for Danish employers.
Article - 13.03.2020
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Coronavirus - Economic stimulus programme
On 17 March 2020, the Danish Parliament passed an economic stimulus programme to ward off the negative financial implications of coronavirus.
Article - 13.03.2020
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The effect of COVID-19 (Corona virus) on commercial contracts
Due to the sudden outbreak of COVID-19, it will not be possible to implement a large number of commercial contracts as planned, and one recurring question will undoubtedly be who should bear the financial losses resulting from the non-fulfilment of the contracts?
Article - 12.03.2020
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COVID-19 (Corona virus) - consequences for M&A
At the present time it is not known whether COVID-19 will affect the global economy and the global market negatively in the long term. If so, it might entail a general global recession, also in terms of M&A. However, there is no doubt that COVID-19 is already leaving traces locally and regionally and affects all businesses across the board due to the guidelines issued by the authorities and changed behavioural patterns.
Article - 12.03.2020