The Recovery Decree allows Italian companies with equity listed on regulated markets to issue multiple voting shares to enhance competition with foreign countries and protect the Italian markets. By Antonio Coletti, Isabella Porchia, and Guido Bartolomei The Recovery Decree dated May 13, 2020, introduced the ability for Italian listed companies to issue multiple voting shares to enhance competition with foreign jurisdictions, discourage the transfer of the corporate seat to and listing in countries…

The Recovery Decree aims to rapidly raise equity financing and counter liquidity shortage. By Antonio Coletti, Isabella Porchia, and Guido Bartolomei Law Decree, approved on 13 May 2020 (Recovery Decree) introduces provisions facilitating capital increases by Italian private and listed companies to rapidly raise equity financing and to counter liquidity shortage. In particular, article 45-bis of the Recovery Decree (in the draft available pending publication in the Official Gazette) provides:…

Boards of struggling companies (and their auditors) must navigate choppy waters in terms of finalising their audited accounts in the midst of a global downturn. By James Chesterman, Dominic Newcomb, Helena Potts, and David Cooper-Parry The global downturn triggered by the COVID-19 pandemic continues to pose challenges to significant swathes of the worldwide economy. Companies across many industries and geographies have seen a precipitous decline in their operations and turnover. Irrespective of…

The UK has taken steps to accede to the Lugano Convention 2007, as maintaining the status quo under the Brussels Recast Regulation 1215/2012 will no longer be an option once the transition period expires. By Oliver Browne, Sebastian Seelmann-Eggebert, and Tom Watret The UK has recently requested to join the Lugano Convention 2007, which is the UK’s preferred regime for governing questions of jurisdiction and the enforcement of judgments with EU countries post-Brexit.…

The Court ruled on the “dominant purpose” test and offered guidance on the status of multiparty emails, and attachments. By Oliver Browne and Clare Nida Two recent Court of Appeal judgments have sought to clarify, and offer practical guidance relating to, legal professional privilege. In Civil Aviation Authority v. R (on behalf of the application of Jet2.com Ltd) [2020] EWCA Civ 35, the Court considered first whether the “dominant purpose” test still applies in order…

The CMA has launched a programme of work to investigate reports of businesses failing to respect cancellation rights during the COVID-19 pandemic. By John D. Colahan and Anuj Ghai The CMA’s COVID-19 Taskforce Update on 24 April 2020 noted that its COVID-19 Taskforce had received a significant volume of complaints about unfair practices in relation to cancellations and refunds. On 30 April, the CMA released a further update setting out the programme of work it…

The CMA is concerned that businesses may be engaging in unfair practices in relation to cancellations and refunds, and unjustifiable price increases.  By John D. Colahan and Anuj Ghai Background On 24 April 2020, the Competition and Markets Authority (CMA) published an update on the work of its COVID-19 Taskforce (the Taskforce) (the Update Report). Shortly after establishing the Taskforce, the CMA launched an online service to allow businesses and consumers to report “unfair practices”…