terça, 17 março 2020

COVID-19: extraordinary measures in a business context

VolverThe Commercial and Corporate Law Department of Belzuz Abogados S.L.P. – Portuguese branch has been closely monitoring the measures implemented by the Portuguese Government with the aim of reducing and mitigating the economic impacts resulting from the health crisis caused by COVID-19

Since last Friday,13 March 2020, when the Portuguese Government issued the Statement of Alert Status until 9 April 2020, many provisions regarding exceptional and temporary measures to respond to the epidemic SARS -CoV -2 have been published in legal documents, aiming to prevent, contain, mitigate and treat the epidemiological infection by COVID -19, as well as seeking to restore normality following the same.

Reference is made, among others, to the following legal documents, in respect of which we summarise some of the measures directed to the business context below (*) :

(i) Resolution of the Council of Ministers number 10-A/2020, of 13 March (hereinafter the “RCM 10-A/2020”)

(ii) Decree-Law number 10-A/2020, of 13 March (hereinafter the “DL 10-A/2020”)

(iii) Order number 71/2020, of 15 March, rectified by the Statement of Rectification number 11-A/2020, of 15 March (hereinafter the “Order 71/2020”)

1. The general assemblies of shareholders of companies, of associations or of cooperatives which should occur by imposition of the law or the by-laws (in the general the annual shareholders meeting shall take place on or before 31 March), may take place on or before 30 June 2020, pursuant to article 18 of DL 10-A/2020.

2. Any documents subject to renewal which validity term expires between 28 February and 29 March de 2020 remain valid, with some identification and similar documents being accepted as valid until 30 June 2020, as set out by article 16 of DL 10-A/2020.

3. Authorisations and licensing are to be without tacit approval by lapse of time, with the relevant deadlines suspended pursuant to article 17 of DL 10-A/2020.

4. As of 12 March, public access to clubs and similar dance venues is suspended, pursuant to article 12 of DL 10-A/2020.

5. Restrictions in the access to and use of spaces in commercial establishments and in restaurants or drinking venues, set out in article 12 of DL 10-A/2020 and regulated by Order 71/2020, effective as of 15 March 2020:

5.1. Commercial establishments with maximal indicative occupation of 0.04 persons per square meter of area;

5.2. Restaurants and drinking venues with capacity limited to 2/3 (two thirds) of the current capacity;

5.3. Duties to manage and monitor said restrictions for the managers, directors or owners of the mentioned venues and establishments.

6. General incentive measures for companies, set out in RCM 10-A/2020 and effective as of 12 March 2020:

6.1. 200 million credit line, to support companies' treasury.

6.2. Liquidation of incentives to companies as soon as possible after payment requests, which can be made as an advance.

6.3. Recommendation to public entities to make payments to third parties in exchange for the supply of goods and services, or equivalent, in the shortest possible time.

6.4. Regarding export credit insurance with State guarantees, in support of customer diversification, in particular for markets outside the European Union, increases:

a) From 100 million euros to 200 million euros: for the credit insurance line ceilings with State guarantees for the metallurgical, metalworking and mold sectors;

b) From 100 million euros to 200 million euros: for the surety bond line for works abroad, other supplies, with State guarantees;

c) From 250 million euros to 300 million euros: for the short-term export credit insurance line ceiling.

6.5. Postponement for a period of 12 months of instalments falling due until 30 September 2020 relating to reimbursable subsidies granted under the incentive systems of the National Strategic Reference Framework or Portugal 2020, without interest charges or other penalty for the beneficiary companies, for companies with decreases in turnover or reserves or orders greater than 20%, in the two months prior to the submission of the request to change the reimbursement plan compared to the same period of the previous year.

6.6. Within the scope of projects approved under Portugal 2020 or other support programs for the promotion of wines in other countries, expenses proven to be borne by beneficiaries in initiatives or actions cancelled or postponed for reasons related to COVID-19 are eligible for reimbursement.

6.7. The negative impacts resulting from COVID-19 that give rise to the insufficient implementation of actions or goals can be deemed as force majeure causes not attributable to the beneficiaries in the assessment of the objectives contracted under the incentive systems of Portugal 2020.

Belzuz Abogados, S.L.P. will continue to monitor and promptly inform its clients of all measures approved by the Portuguese Government related to the COVID-19 crisis.


(*)  For the purposes of this newsletter we have not made reference to employment and tax matters, in respect of which Belzuz Abogados has further publish information, which may be consulted at http://www.belzuz.com/en/publications/in-english.html.

Departamento Direito Comercial e Societário | (Portugal)

 

Belzuz Advogados SLP

A presente Nota Informativa destina-se a ser distribuída entre Clientes e Colegas e a informaçăo nela contida é prestada de forma geral e abstracta, năo devendo servir de base para qualquer tomada de decisăo sem assistęncia profissional qualificada e dirigida ao caso concreto. O conteúdo desta Nota Informativa năo pode ser utilizada, ainda que parcialmente, para outros fins, nem difundida a terceiros sem a autorizaçăo prévia desta Sociedade. O objectivo desta advertęncia é evitar a incorrecta ou desleal utilizaçăo deste documento e da informaçăo, questőes e conclusőes nele contidas.

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