Legal Scene Digest: Release 3
- The Legal Scene
- May 13, 2019
- 1 min read
U.S-China Trade Wars : New Tariffs
The trade war between the United States and China escalated when Trump threatened to increase tariff levels from 10% to 25%.
Tariffs are taxes paid on imports. In effect, the tariff raise imposed by U.S on goods from China, will be borne by American companies.
The IMF has warned that a tariff war could pose a "threat to global economy”.
China stated that it is prepared to retaliate on this issue.
Stagecoach Update
Last month, the Department for Transport (DfT)’s rejected Stagecoach’s bid for three new franchises.
Following that decision, Stagecoach has commenced legal action against the decision.
The claim was issued at High Court.
In addition to the claim, Stagecoach is also preparing to claim for judicial review over the decision.
Find out more about the rejected bid in our previous TLS Digest here.
Debenhams Update
Debenhams’ creditors have voted in favour of a Company Voluntary Agreement (CVA) to rescue its restructure plan.
A CVA is a type of insolvency agreement between the insolvent company and it’s creditors.
The restructure plan will see rent cuts and store closures. It has already named 22 stores which will it will close early next year.
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