#2. Labyrinths 2020

Under the current global circumstances, pretty much all business areas face difficulties, including financial institutions and corporate administrators. All current and potential clients are important for any company, but especially in any unstable economic conditions.

Due to the current global situation, it is quite difficult to schedule a meeting at the moment. What actions may be taken to ensure that the working process with new clients is not suspended, while all legal requirements are still met?

Currently, all areas of life and economic activities experience difficulties with operating, including areas of corporate management and corporate reporting.

Due to the introduction of travel restrictions and quarantines it has become virtually impossible to hold face-to-face meetings, as well as to ensure the presence of company shareholders and directors.

In view of the spread of new virus the Government decided to introduce a number of changes into corporate procedures carried out by joint-stock companies and limited liability companies.

In 2020, the phrase “The world will never be the same again” became really popular. And this statement has already become reality for people who keep their savings with Russian banks.

Nowadays we all live in a state of constant uncertainty, which is why it is more important than ever to separate rumors from facts, panic attacks from strategic planning, and treat everything we hear and see with a critical eye.

Under the current conditions, the main restriction faced by all individuals and corporations is travel restrictions for individuals, cancellation of air service, and closure of borders.

The introduction of restrictive measures in a number of regions of the Russian Federation aimed at preventing the spread of the new virus caused numerous difficulties related to the inability of the parties to perform their obligations, disruption of events, etc.

This article provides a consolidated list of the reasons for repudiation of the agreement set by the current law. This list is not exhaustive, and the possibility of applying a particular reason should be further checked in each case.

Under the current circumstances, proper execution of transactions between foreign counterparties has become significantly harder.

Under the current conditions, various lessee organizations face the following problem: they have to pay rent for vacant premises (offices, shops, pavilions).

New virus is a current factor that seriously hinders economic growth and threatens the well-being of both individuals and businesses. Regardless of the measures taken by the government to give assistance to affected businesses, the current situation is fraught with losses that are unavoidable.

This article covers the most significant changes related to those economic areas that are not recognized as particularly affected, as well as some measures to support small and medium-sized businesses operating in the affected economic areas.

In early April 2020, Hong Kong announced adoption of an economic support package of HKD 137.5 billion (USD 17.6 billion) to help individuals and industries affected by the outbreak of new virus.

During the period from March 2020 to the present day, state authorities of Cyprus have taken and continue to take various measures to support the business and economy of the island during the spread of the virus.