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It is with great enthusiasm that we release this second edition of our guide, now with sixteen countries represented, out of Europe, Asia, Africa and the Americas.

As the reader will see, complete regulation and absolute lack of it coexist globally in this matter. If we were only to skim-read this guide, I would suggest we take a few minutes to focus on the question about the definition of cryptocurrency. Probably the core of this publication, it is hard not to ask ourselves if we will reach a general agreement on the nature of cryptoassets in the near future. In any case, it is precisely the changing nature, and constant evolution, of cryptocurrency (and cryptoassets in general), that triggers the need for lawyers to be updated on the latest developments. As Abraham Lincoln once said, if we could first know where we are, and whither we are tending, we could then better judge what to do, and how to do it. We hope you enjoy this updated guide.

We are pleased to welcome you all to the third edition of the Employment Law Guide.

At the time of the last publication in 2019 it was envisaged that this would be an evolving publication and that the Guide would be regularly updated and republished over time in order to allow colleagues the opportunity to keep up-to-date with more recent developments.

The world is a very different place now to the one envisaged in 2019 and we have all had to adapt to new ways of working. Although the Guide itself was not republished in 2020, we were able to circulate information directly to colleagues in 2020 on employment policies and practices related to the coronavirus pandemic and this proved very timely.

There has never been a better time for close co-operation with colleagues across all jurisdictions and we are very pleased that, despite the many demands of the last 12 – 18 months, we have again been able to gather so many high quality submissions from colleagues.

We are delighted to be able to deliver an up-to-date Guide for 2021 to you and extend our sincere thanks to all the contributors who made this possible.

Exactly thirty years ago, two researchers outlined the first idea of a system where document timestamps could not be tampered with. But it was not until a little bit more than ten years ago that the world heard about blockchain technology.

Now in the wake of the 21st century, technology does not seem to be about globalization anymore -now taken for granted-, but about decentralization. If globalization revealed that as a planet we are centripetally connected, decentralization now confirms that we are centrifugally hyper-connected.

As legal practitioners, not only are we challenged by the concept of decentralization, but we also need to reassess the legal nature of time-honored institutions like currency, securities, agreements, property, justice.

Cryptocurrency is probably the most popular utilization of decentralized technology, but it has not been equally regulated in all jurisdictions however popular it might be. And even in those jurisdictions where it has, it has been assimilated -from a regulatory perspective- to securities, currency, or generally as goods.

This guide intends to be a snapshot of the current cryptocurrency regulations in some of the countries that are represented at The Law Firm Network. It does not intend to be legal advice and readers are encouraged to contact the local law firm for further information or guidance.

In today’s cosmopolitan world, borders are becoming more fluid as a growing number of people migrate for work to neighbouring and more distant countries where they encounter very different approaches to employment law. Similarly, investors extend their activities beyond the “safe” territories of their headquarters and established offices, and venture more and more often too far away countries offering new business opportunities. The opportunity to get basic information on employment legislation in individual countries in one publication and to be able to easily and quickly compare different jurisdictions is therefore nowadays very convenient. 

That is the purpose of this unique publication comprising information on employment regulation in 35 countries across the globe, which has been created thanks to the joint efforts and close cooperation of the members of The Law Firm Network and their partner law firms. The systematic structuring of texts will give the reader a comprehensive idea of employment regulation, human resource costing and national specifics in different jurisdictions. We strongly believe that this collection will serve its purpose well and will become a useful tool in the hands of employment lawyers.

This country-by-country guide aims at providing a practical introduction for all those re-sponsible persons dealing with cross-border contracts by giving a general description of the legal system at the beginning of each country chapter and dealing with certain issues often faced in (cross-border) contracts. While the emphasis is on the setting of a sales contract, the main issues covered may also become relevant in other settings. This guide may give an indication if and in which manner an issue is usually dealt with under local law in each of the jurisdictions. This may help the reader to achieve an appropriate out-come in its business negotiations.

It is important to note that the challenges faced by the parties of a cross-border contract may vary significantly. Therefore, the persons responsible are well advised to seek inde-pendent professional advice to identify potential pitfalls at an early stage.

In the today’s globalised economy, companies engage in business around the world, contracts are entered into with business partners across jurisdictions and the companies’ creditors and debtors are spread across the world and assets are located in more than one jurisdiction. The globalization of these business activities creates additional challenges for companies facing financial difficulties. On the other hand, insolvency and restructuring laws are mostly territorial which makes managing cross border insolvencies a challenging task.

This Directors Liability Guide focuses on the duties of the directors of distressed companies and is aimed at providing the members of the board of directors with guidance on how to best weather the storm. It is important to note that the challenges faced by companies in financial distress vary from company to company and from jurisdiction to jurisdiction. Therefore, the members of the board of directors are well advised to seek independent professional advice, to identify potential pit falls and director liability issues at an early stage.

Together we have provided a practical introduction to the real issues for distressed companies and their creditors, addressing commercial realities.

In the guide we have focussed on the following:
1. The issues arising for a company when it is in financial difficulty.
2. The available processes and necessary considerations for companies thinking of taking action to restructure or seek insolvency protection.
3. The issues for secured and unsecured creditors of companies in financial difficulty.
4. Financing options available and the necessary considerations for companies that wish to continue trading during a restructuring or insolvency process.
5. Alternative restructuring processes that can be undertaken without the need for court procedures.
6. The need for international interaction and the cross border issues affecting distressed companies and their creditors.

We hope it becomes your first point of reference. Should you need further advice or expertise then you should contact the relevant individual contributors.