Client updates /  Coronavirus

How Israeli companies operating in the U.S. can use COVID-19 as a force majeure and the restructuring of debt in chapter 11 bankruptcy ?

As part of its effort to deal with the coronavirus crisis, the Social Services Division of the Accountant General’s Department at the Israeli Ministry of Finance recently released an aid package for the benefit of third-sector organizations.

Following a previous Israel Innovation Authority call for bids for companies developing technologies to help deal with the coronavirus crisis, the IIA has opened a channel to support companies facing financial hardships due to the virus.

On April 19, new guidelines were introduced allowing a gradual return to the workplace. Here are the key guidelines. According to the guidelines, it is permitted to employ in a workplace whose opening has not been banned 10 employees or up to 30% of employees, whichever is higher. However, it is possible to increase the number of employees in the workplace in the industries and services fields beyond the 30% cap, subject to each workplace complying with the “purple tag” rules.

New regulations were signed on April 6, 2020 that allow pregnant women, women and men undergoing infertility treatment, and women returning to work after maternity leave to be put on unpaid leave, under certain conditions, without the need for a permit from the Ministry of Labor.

In light of the global coronavirus crisis, the Israel Securities Authority (ISA) has published several steps toward easing the burden on public companies and reporting corporations whose securities are traded on the Tel Aviv Stock Exchange.

In light of the coronavirus pandemic, the Israel Securities Authority (ISA) recently released a number of updates and reliefs on the obligations that apply to portfolio managers and investment advisors and marketers.

In response to the Corona pandemic, the ISA published on March 30, 2020, a temporary order for license holders in connection with the clarification of clients’ needs. 

Due to the coronavirus pandemic, the Israel Innovation Authority (IIA) has issued a major easement for the companies it supports, in the manner in which payroll expenses for companies in the midst of carrying out approved plans will be recognized.

On March 25, 2020, emergency regulations were adopted in Israel that include, among other things, an extension of the validity of regulatory approvals that expire in the near future.