Le contenu du règlement La nouveau règlement prévoit dans son intitulé la suspension « des délais juridictionnels » et précise à son article 1er que sont ainsi visés les délais prescrits dans les procédures devant les juridictions judiciaires, administratives, militaires et constitutionnelle. La mesure de suspension s’applique dès le 26 mars 2020 et pour une durée indéterminée. Le gouvernement fait ainsi application de ses pouvoirs exorbitants liés à l’état de crise, lui permettant de passer outre une habilitation législative ou un avis du Conseil d’Etat en cas d’urgence.
Issues arising in contractual matters Due to the health and economic crises caused by the Covid-19 virus, which affect a major part of the world, contractual relations will be put to the test. Indeed, this unprecedented health crisis will have significant consequences on the contractual obligations of many economic players, leading to multiple consequences, namely: delays, interruptions, renegotiations and even contractual cancellations. At the heart of these considerations is the notion of force majeure (or Act of God in the Common Law system), which we will deal with, in this article. The essential question that arises in the present circumstances is whether, as a result of the pandemic caused by Covid-19, the economic actors affected by the consequences of this virus could invoke the force majeure in order to withdraw from their obligations or to suspend its effects, either temporarily or definitively.
The situation created by Covid-19 The health crisis linked to the spread of Covid-19 and the restrictive measures taken by public authorities to stop the spread of this virus are having a violent impact on all sectors of society. Brucher Thieltgen & Partners gives you forthwith some answers to urgent questions that arise in various sectors of the economy. Questions that arise in relation to investment funds The financial markets, which are known both for their volatility and for being conducive to panic movements uncorrelated to the actual financial health of listed assets, have been plummeting in recent weeks. Open-ended investment funds are generally obliged (whether daily, monthly or at more extended intervals) to redeem the units of their investors who so request. To this end, the funds calculate their net asset value and, if necessary, sell assets in order to meet redemption requests. The crisis in the financial markets is jeopardizing the liquidity of these funds at a time when, on the one hand, the assets to be sold have lost value and, on the other hand, redemption requests from anxious investors are increasing. In the long term, the funds run the risk of customer claims against the CSSF and, for the unluckiest of them, of being liquidated by the courts.
The impact of Covid-19 on businesses Initial support measures adopted by the Government (20/03/2020)
The health crisis linked to the spread of Covid 19 and the restrictive measures taken by the public authorities to stop the spread of this virus have had a violent impact on all sectors of companies. Brucher Thieltgen & Partners gives you here some answers to the urgent questions which arise in various sectors of the economy.
WE NOW NEED DIGITAL LIKE NEVER BEFORE! We are taking appropriate actions to protect everyone from Covid-19 (in particular teleworking) but we remain fully operational. Let's keep in touch - Drop us an email, give us a call or meet with us virtually. Stay Safe!
Nicolas Bernardy, Head of our Commercial and Corporate Team and Leader of our Restructuring and Reorganization Task Force, has been appointed as appointed as Chief Editor of the legal journal "Jurisnews – Insolvency proceedings" published by Larcier.
A full team of experts of Brucher Thieltgen & Partners (Me Marie Bena, Me Anne-Marie Ka, Me Catherine Wagener, Me Elodie Rousseau and Me François Carmon) will hold a conference about "Well-being at work: legal aspects" on Friday, the 25th of January, 2019 at the HR LUX Trade Fair at the European Convention Center Luxembourg .