In this article, Litigation Partner Barbara Creed summarises the key legal principles surrounding the Material Adverse Change (MAC) Clause.
COVID-19 Belfast
The Irish Courts Service has responded quickly to the COVID-19 crisis, with accelerated rollout of remote hearings and other arrangements being put in place to ensure the continued administration of justice.
COVID-19
Directors are facing difficult decisions in the current climate but, while the impact of COVID-19 will continue to be felt, it does not follow that companies should be forced out of business. Our publication 'Saving viable businesses – a look at restructuring options in the current environment' serves as reminder of rescue procedures available under Irish law.
COVID-19
The Central Bank of Ireland launched a package of measures showing regulatory flexibility in light of the challenges posed by COVID- 19. The measures are targeted at UCITS, AIFs, Fund Service Providers, Investment Managers and Investment Firms. They include flexibility around late filing of certain annual and semi-annual accounts.
Asset Management & Investment Funds
Brexit seemed the most difficult issue facing the UK and the European Union until both sides encountered the "life or death" COVID-19 crisis.
Brexit
The Courts Service of Ireland has scaled back and refined the activity of the Courts to assist in limiting the spread of COVID-19 by adjourning generally any non-urgent matters listed up to the Easter vacation (See our detailed briefing on the Operation of the Courts here).
COVID-19
On 8 April 2020, the Government published legislation giving legal effect to the restrictions on movements introduced by its guidance of 27 and 28 March 2020. This legislation was necessary in order to give An Garda Síochana (the Gardaí) the power to enforce the restrictions over the course of the easter weekend.
COVID-19
Businesses in all sectors are facing very challenging times arising from the outset of, and reaction to COVID-19. With the challenges in some instances being unprecedented, directors of affected special purpose companies need to be mindful of their duties especially around decisions that they are looking at making to get through current difficulties.
Aviation & Transport Finance
The outbreak of COVID-19 continues to have a deep impact on businesses across all sectors. A growing number of companies are warning that they will fail to meet financial and commercial targets and global supply chains are being disrupted. The legal implications of this are far ranging, complex and evolving.
Corporate & M&A
The second and third week of the shutdown phase in Ireland saw the closure of more businesses, the enactment of more emergency legislation and the introduction of the Temporary Wage Subsidy Scheme, as more and more jobs are impacted by the COVID-19.
COVID-19In our last update, we looked at the Betting Duty and Betting Intermediary (Amendment) Regulations 2020 which offer relief of up to €50,000 across a calendar year to bookmakers from the 2% Irish betting duty.
Betting, Gaming & Licensing
As discussed in our previous COVID-19 immigration update, due to COVID-19 any individual whose current Irish immigration permission is due to expire between 20 March and 20 May 2020 will be deemed to have their existing permission automatically renewed by the Minister for Justice and Equality for a period of two months.
COVID-19
