In a recent arbitration, BSA’s team succeeded in defeating the operation of a pay when paid clause, triggered by a MEP subcontractor against BSA’s client, a security package subcontractor, by arguing the MEP subcontractor’s lack of pursuit of the security package subcontractor’s claim and in breach of good faith. The security package subcontractor (“SP-Sub”) was…
The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting angle in respect of coverage issues and general English law [insurance] contract interpretation. The Financial Conduct Authority v Arch and Others[1] essentially addressed the legal…
UAE Cabinet Decision No. 58 / 2020 is to be implemented to regulate the minimum obligations of the corporate entities incorporated in the UAE mainland and in the non-financial free zones (each an “Entity”) by requiring disclosure at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or…
What kind of legal protection against salary cuts and redundancy is afforded to employees in the UAE? The Ministry of Human Resources and Emiratisation (‘MOHRE’) has issued, on 26 March 2020, Ministerial Resolution no. 279 of 2020 (the ‘Resolution’) to help employers cope with the hardships arising from the COVID-19 outbreak. The Resolution enables private…
BSA has recently made a partner-level personnel move for its Muscat office. Arsalan Tariq was hired two years ago by BSA’s, DIFC office and promoted to Partner at BSA’s Muscat office in January 2020. Now, Arsalan physically moves to BSA’s Muscat office as a Partner and Head of the Corporate Department. In his new role, Arsalan…
During these trying times of Covid-19 and its impact on the financial affairs and revenue of numerous companies, an interesting method of recovering a little bit of extra cash is by applying the provisions of Article 64 of the Federal Law No (8) of 2017 on Value Added Tax (the “VAT Law”). Article 64 of…
Two weeks ago, more than 2,000,000 people living in the City of Beirut survived the impact of one of the biggest explosions in the history of mankind. The devastating explosion in the Port of Beirut on August 4, 2020, left the whole world overwhelmed. We were all damaged by this horrible explosion in one way…
The emirate of Ras Al Khaimah (RAK) has now allowed 100% foreign ownership to companies in the mainland in order to attract more foreign direct investment (FDI) into the emirate. The RAK Economic Zone (RAKEZ), the free zone, home to 15,000 companies, announced the new company formation structure under the emirate’s programME to attract more…
Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property damage sustained due to the blast. While all are most appropriately concerned with the loss of life and serious injuries inflicted upon the population, the…
Following a review conducted by the European Union on countries with low or nominal corporate tax, the committee prescribed the ‘Economic Substance Regulations’ and requested that the low tax jurisdictions review their own regulations and make efforts to ensure their compliance with best practices. The purpose of the regulations is to impede potentially harmful tax…
