Home Blog Page 996

Online Blackjack 2020 Trends

We are in 2020, and online blackjack and the whole gambling industry are already making several leaps into various sectors. First, the online gambling industry is to reach a net worth of more than 60 billion US dollars with a forecast to grow into a $94 billion industry by 2024.

It means various games such as online Blackjack will get a chance to compete for its fair share from this piece of cake. Yet, to do so, online Blackjack must start creating more capturing and innovative online gambling experience.

For casinos, it means to incorporate new ideas such as innovative technology, alternative banking, and virtual currencies into their business model. It will enhance their outreach to a new market of gamblers as well as improve their customer services.

5 Trends for Online Blackjack to Lookout for In 2020

Here are the top five trends that online Blackjack and the rest of the virtual gambling industry must adapt to in 2020.

1.  Cryptocurrency Transactions

You must have heard of the terms ‘blockchain’ and ‘cryptocurrency’ by now. You may be more familiar with the term ‘Bitcoin,’ but do you not understand or feel confused as to what the fuss is all about?

In simpler terms, blockchain is an online technology that incorporates several non-editable blocks that are time-stamped and managed by multiple computers. It means it does not have a specific or central location. Computers around the world use cryptography to secure these virtual data blocks.

Many leading casinos have already incorporated this technology into their operations in recent years after the emergence and popularity of blockchain technology. The most notable application of this technology is in the payment and banking arena.

Blockchain uses payouts using a smart contract, making it easier, faster, and safer for both you and the casinos to process payments than fiat currencies.

As far as security is concerned, online Blackjack players no longer require providing their sensitive personal information and banking information, etc. when making bonusy bez depozytu. Since multiple computers at various locations hold all the information, it is virtually impossible to access or even manipulate data.

This way, you know whether all online Blackjack games meet transparency and fairness standards. Thus, as cryptocurrency continues to become popular amongst the online gambling industry, both online casinos and players must look into it as the new alternative for a safe virtual gambling experience.

2.  Increase in Live Dealer Games

Before the evolution of technology, gamblers used to lock brick-and-mortar casinos. Apart from slots, players were most interested in playing games such as Blackjack. However, rapid technology advancements within such a short duration have moved both casinos and players online.

Table games are featuring human dealers, but, in the virtual world of gambling, a random number generator deals the cards. But it did not go down well amongst the masses.

Once again, technology came to the rescue; online casinos cannot have real human dealers. Live streaming now allows online players to experience a real-time Las Vegas gambling scene without leaving the comfort of their home.

3.  Virtual and Augmented Reality in Casinos

Speaking of real gaming experience for online Blackjack players, virtual and augmented reality is another frontier rushed in by the evolution of technology. It is already a success in other gaming arenas, and now it is more likely to make its way into the online casino world. In fact, several casinos are already incorporating this technology into their online gaming experience.

It is the future of online gambling, as casinos will be able to provide a fully immersive experience to their customers. It is only a matter of time until online Blackjack players will see each other through this piece of tech.

4.  Evolving Gambling Habits

It is noticeable that the gambling habits of the players have evolved over the years and continues to do so. One of the biggest examples is the rise in social media gambling apps. People compete and participate online in social slots, amongst many other forms of gambling, such as Poker and Blackjack.

With the evolution of mobile devices, now millions of people worldwide own smartphones. This has pushed casinos to develop exclusive online games for mobile devices.

As 2020 continues, mobile gaming will continue to shape the online gambling as new titles from the classic genres join online casino games such an online blackjack, roulette, poker, and slots. It will also attract more investment in the virtual casino gaming industry.

5.  Improve Gaming Experience via Artificial Intelligence and Machine Learning

In 2020, more casinos will adopt AI and machine learning tech to make their online gaming more accurate and error-free. It will allow casinos to offer better experience during their games.

The algorithms and statistical models of machine learning will enable casinos’ computers to execute specific tasks with improved efficiency. In short, in 2020, online casino gambling will be another industry that will use ML and AI as tools to enhance their online customers’ satisfaction.

Digital Transformation is the Way Forward

Whether it is online Blackjack, poker, or any other casino game, digital transformation is leading the gambling industry to reach its new potential in 2020. Thus, casino owners and online gamblers must know and learn to adapt to the five trends mentioned above to stay ahead. South Africa Online Casinos is one of the most reliable sites to help you stay updated about the latest development in the online casino industry.

All You Need To Know About Mortgages

We always have an idea in our mind of a dream home. Real estate is a great investment and not just a permanent living solution. It is considered rewarding in the long term because its value tends to increase with time.

However, real estate is an expensive investment. Paying that kind of money upfront is impossible for most people. That’s where mortgages come in.

Diving into mortgages without knowing much about it can be hazardous. Before you take on a mortgage, you should be certain you can handle it financially. To secure your dream house, you must find the right home loan for you. Most mortgage lenders limit lending at 4.5 times a borrower’s salary, however some lenders on the mortgage market will approve mortgages at higher income multiples, such as 5 times salary mortgage.

Here is everything you need to know about mortgages before applying for a home loan.

What exactly are Mortgages?

Real estate loans are called mortgages. We use mortgages to buy any form of real estate, including houses, investment properties, etc.

Borrowers pay it off in installments over some time. The repayments include both the main amount and interest.

The longer the period, the more interest the borrower has to give. This means if you can pay it off quickly, you have less to pay.

 

Where Can You Get Mortgages?

There are a few different parties that are involved with mortgage loans. Here are a few different financial institutions that provide mortgages.

Commercial Banks

Commercial banks provide various kinds of loans hence it is not surprising that they also provide mortgages.

You can get your mortgage from one that you do banking with. This might make it easier for you to deal with the mortgage, as you are familiar with it and have built a trusting relationship.

Mortgage Companies

Mortgage companies specialize in providing loans for real estate. Commercial banks have many other functions, including providing other kinds of loans like a car or student loans.

A mortgage company functions in a cycle. They lend out money and get repayments. With this repayment they payout loans for a mortgage. Dealing with mortgages is their only function, so you can depend on their specialized service.

Mortgage Brokers

If you don’t know much about mortgages, a broker is just what you need. They often have years of experience and can give you specialized advice on what kind of mortgage loan is right for you.

Mortgage brokers do not lend you money but they work as a connection between lenders and lendees. They ease out the process for you and help you find what works with your financial condition.

Mortgage brokers are connected to many lenders. They can find lower rates for you. You can find mortgage brokers who work on commission, so you wouldn’t have to pay them.

If you are looking for a broker, Blutin Finance can help you find the best mortgage deal with competitive rates.

Thrift Institutions

Thrift institutions specialize in savings accounts for the public. They offer saving services and also provide mortgages for people from those savings. You have a savings account in a thrift institution, you can look into their mortgage offers.

Credit Unions

Credit unions specialize in providing credit to people. They are owned and run by members of that union. Even though it is a financial institution, it is focused on helping people by providing credit for various purposes. Their aim is to help people over making money.

 

Types of Mortgages

The type of mortgages is divided by their interest rates. There are two main types of mortgages. Let’s take a look at what they are and how they affect your loan.

Fixed-Rate Mortgage

For fixed-rate mortgages, the interest rate of your loan remains the same for a certain period. For example, a fixed-rate loan might have the same interest rate for five years. During that time you pay the same amount of installment every month.

This is great for people with fixed monthly budgets. People with more financial responsibilities would choose this, as they wouldn’t want their funds to be affected when the lender interest rate goes up.

One massive drawback is when the interest rates go down, you won’t be able to save money. Your interest rates will remain the same. Also, because you would have a fixed installment every month, you won’t get to pay off more at once.

Variable Rate Mortgage

For a variable rate mortgage, your interest rate will change depending on the market. If the interest is low, you will pay lower interest. However, if the interest rises, you will lose more money.

This risk of high-interest rates makes this undesirable for people living on a fixed budget. However, if you take the risk, you can enjoy more savings when the rates are low.

One beneficial aspect of variable rate mortgage is that it provides a redraw facility. Suppose you receive some money and want to pay back more of your loan. This type of mortgage allows you to do that. Also, if you choose to do that when the interest rates are low, your repayment is less.

 

Mortgage Down payment

Mortgage downpayment is the amount you have to pay the institution to receive the loan. It is usually 20% of the main amount of loans.

The amount of down payment you pay depends on factors like credit score, eligibility, etc. A risky lender who is considered risky by the institution might have to pay more.

Even without paying the 20%, you can still get your loan by paying anything between 5% to 20% of the principal amount, only if you pay LMI.

Lender Mortgage Insurance

Lender mortgage insurance is something you have to pay if you pay a downpayment of less than 20%. This is the financial institution’s insurance for your loan.

Everyone hates LMI as it is like paying a smaller loan with your mortgage. If possible, try to avoid the LMI by paying the 20 percent down payment.

Even if you have it takes some time to save the amount, it is the better option. LMI adds up to your monthly installments and reduces your savings further.

 

Mortgage eligibility

Home/property loans involve a lot of money. This is why not everyone can get mortgages. You have to be eligible for mortgages. People eligible for mortgages are over the age of 18. Any over the age of 55 is less eligible for it.

A good credit score is required for any loan. Your credit score reflects whether you will get your mortgage.

The kind of profession you are in and your monthly salary are crucial factors for eligibility. Your financial situation, assets, liabilities, etc, will be checked before you are considered eligible. Learn more about mortgage eligibility conditions here.

 

Conclusion

Be well informed before considering a mortgage loan. You have to figure out whether you are eligible first. It is important to weigh your income and expenses first. Lastly, if you take a mortgage loan and are capable of paying it off, your dream home can become a reality.

Cash Vs. Card – Why Cash-Only Businesses are Falling Behind

If you looked back ten years ago, you’d find that a lot of businesses would only take cash. Card payments used to be incredibly rare, whereas now almost everyone seems to be paying with a credit or debit card. This means many cash-only businesses are losing out on a lot of profit – read on to find out why, and what you can do to change it.

 

Card Payments Reach a Wider Audience

Debit and credit card payments are used by most people nowadays – whereas before, usually card was only used for larger purchases, they are more used now than cash, and can account for nearly 80% of total retail sales. Considering such a wide use of cards, this means those who don’t take card payments are missing out on a huge number of target customers, and thus losing a huge amount of profit. This is even more clear considering that since payment via card is now the most popular way to pay, many people just don’t carry cash on them anymore. This means that once you’ve done the hard work of drawing a customer in and persuading them to purchase a product, they may not go through with it purely because they don’t have the means to purchase, and thus leaving you without a sale.

This is even more important if your business is targeted towards younger people. With the rise of services such as Apple Pay and Google Wallet, the reliance on card payments is even stronger for those who are younger, meaning opting for a cash-only service is bound to push a lot of your target audience away. Introducing card payments allows you to appeal to a much wider variety of people, including both the growing population who may still want to pay with cash, but also the younger generation who are more likely to want to carry out a card transaction.

 

Card Payments are More Secure

Although cash on the surface may seem like a simpler option, as the profit you’re handling is right in front of you, it can also create a lot of problems. Cash comes with many more concerns that you’re unlikely to find with card – there are much greater opportunities for theft, miscounting, and misconduct, as cash is much easier to lose track of (think Uncle Billy in It’s a Wonderful Life).

Card payments are all made over a secure network, utilising databases that are at low risk of security breaches so you can be sure your money is safe. This also means using computers and other technology to work out important data such as your total income and profits. This is useful not only because you avoid the risk of miscounting your money, but it’s not necessary to do this yourself, meaning you can save a lot of time and resources and put these into other areas, improving the efficiency and running of your business. It also means you can gather a lot of data easily and be more prepared in planning the future of your business, which products are selling more, and how you can develop further to make the most money.

 

Expansion is Much Easier

Including card transactions as a method of payment for your business opens up countless doors of opportunity. If your business is the kind to get involved in markets, festivals, or fairs, you can make it much easier for potential customers to buy your product, or even make larger purchases than if they were just carrying a small amount of cash. Taking a card reader with you means you can open up your opportunities, and also give customers a positive feeling towards your company and its effort to make things simpler for them.

If you’re interested in expansion on a larger scale and are considering setting up shop in other countries, then introducing card transactions is almost a necessity. Taking in cash in other countries means you’ll potentially be taking in different currencies, meaning not only is there a wait and potential loss of money converting these currencies to your own, but it also means your data and figures are always outdated. Using card payments means you can get a speedy conversion between their currency and your currency, and thus get data much quicker. This not only allows you to avoid the complications of converting currency, but also allows you to keep up to date with how businesses, shops, and products are doing, allowing you to plan ahead and make the best moves for your business.

 

Card Payments Allow You to Introduce Schemes

There may be an option within your business to include a membership or subscription to a particular service. A famous example of this is Graze, who offer healthy snacks delivered to your door for a monthly fee. This is much easier to carry out via card, but impossible to maintain by cash – no customer is going to want to go in-store every month to pay for a membership, and the high price of annual memberships can often put potential customers off. Not only does it allow the introduction of schemes, but these schemes can act as an appealing part of your business in terms of attracting new customers. Advertising a monthly service for a good-value price will bring in new customers and grow interest in your company, allowing your business to widen its audience and develop further. This would be impossible with purely cash payments!

 

So, How Do I Move on from Cash-Only?

If your business is cash-only, moving to accepting card payments is a vital step in keeping your business alive, and can only bring positive changes to your business. The best part is that it’s incredibly simple to do!

The first thing you need to do is find card readers that will make this process easy and smooth to include in your business. It’s important to look for a reputable company like UTP that offers quick conversion and transaction times but is easy to use, and simple to connect to your systems. It’s also important for the card company you opt for to have a good technical support team on hand (preferably in-country rather than sourced overseas). This is especially so if it’s your first time working with card machines, as it’s likely problems will occur. If they are not solved quickly, these problems could cause your business to halt altogether, losing you valuable time and money. UTP has all of this, and also works alongside one of the biggest financial companies, Barclaycard, meaning you can have trust in the process and know that your money is safe and secure.

Once you have everything set up, make sure you advertise that card payments are now available with your business! This will delight old customers and intrigue new customers, and possibly even attract those who had been dismayed before by lack of payment options. Utilising card transactions in your marketing is another great way to reach potential customers and allow you to develop even further.

Cash-only businesses will soon become a thing of the past – and we’ve listed the main reasons why! Don’t let your business become history – make sure your business is utilising card payments, and allow them to pave the way to your future success.

Onde launches Virtual Ride.Right.Now conference for ride-hailing business

Onde, a tech company powering over 200 ride-hailing companies in 70 countries, announces an online edition of Ride.Right.Now – a conference for ride-hailing entrepreneurs. This year’s topic is Hack the Crisis: Business Tips for Post-covid Era. The online event is to happen on July 23, 2020. The event will gather ride-hailing entrepreneurs, stakeholders, and experts from around the globe. Speakers will share insights and best cases on how to survive the crisis that has hit the mobility industry. Registration is free of charge.

Ride.Right.Now will feature talks with mobility and innovation trend-watchers, discussions of the opportunities emerging as the world is slowly awakening from the pandemic, and personalized advice from experts on how to restart a ride-hailing business after the crisis, or to launch a new company. The event features panels on business diversification opportunities, social responsibility, dealing with local health authorities regulations, and much more.

Right.Right.Now online is a part of Onde’s mission to change the way the world moves and to contribute to ride-hailing entrepreneurial community development. Being one-of-a-kind, RRN online edition is an opportunity for transportation business owners to network, get insights and inspiration, and stay updated on what’s happening in the world of innovative mobility.

Onde powers more than 200 ride-hailing businesses in 70+ countries to change the way transportation works. With its full-stack white-label software for booking taxis, delivery, and any other on-demand services, Onde is the center of attraction for daring entrepreneurs who want to improve local mobility. The online conference Ride.Right.Now is a perfect opportunity for those who want to launch a business, need growth-hacking insights, or are willing to streamline operations in a traditional taxi company. Apply to attend today!

Suing For Personal Injury Damages-? How To Maximize Your Claim Value

If you are filing a personal injury case, you will probably have compensation on top of your mind. Obviously, you would want to secure an amount that adequately covers your medical bills and puts your life financially back on track. This is something important if the injury is major and has far-reaching impacts like heavy treatment expenses and job loss. Maximizing compensation, therefore, should be your top priority. Undoubtedly, having a good lawyer representing you can make all the difference. At the same time, there are some aspects that you can control to get a claim value you rightfully deserve. Let us explain how you can go the extra mile to maximize your claim value while suing for personal injury damages.

 

Preserve evidence

First things first, you need to have enough presence of mind to gather and preserve all the helpful evidence at the time and spot of the accident itself. Taking photos of the accident spot is a good idea while you must absolutely get your injuries clicked to show in the court. Copies of the police report and medical documents are also needed. Don’t forget to get the contact details of eyewitnesses in case you need to connect with them later for court testimonies.

 

Get immediate medical treatment

Getting medical aid after the accident is not only important for your wellbeing; it can make all the difference to your claim value as one of the key actions for recovering damages for the accident. Only a doctor can assess the extent of your injuries and provide evidence needed to validate them. Further, your medical team will provide a follow-up treatment plan that gives a fair idea about the impending expenses. Certainly, this is what helps you decide the value of settlement you should claim.

 

Hire a seasoned lawyer

When it comes to getting the best claim value for your personal injury, nothing is more important than having the right legal professional on board. It is best to study the practice areas for lawyers before you consider hiring them for representing your case. Personal injury cases range from auto accidents to medical negligence, workplace accidents, product liability and more. It is best to collaborate with someone who has expertise in the type of claim you are filing as they will know how to get you the best compensation value possible.

 

Factor the future damages

Something that every victim should be aware of is that personal injuries can lead to losses at present and down the road. While some injuries may be discovered over time, others may need additional treatment before the case goes to trial. You must absolutely consider future recovery while negotiating a fair settlement amount. Fortunately, the law allows you to include such future damages in your claim, so you have good chances of recovering the maximum.

Finally, make sure that you don’t accept the first offer from the insurance company because this is what they would want you to do. They will generally give you a lowball offer initially so that you may accept for the sake of quick money. But that is the last thing you should do- if you want the claim you deserve, be ready to fight till the end.

Your Ultimate Guide To Income Protection Insurance

The economy in recent times has seen more fluctuation over the last several years, but more prominently more over the last few months. With the uncertainty of financial stability from now until the foreseeable future, there are measures that you should take to help keep you and your family secure when it comes to your money. Income protection insurance is one of those options that will help you stay afloat in difficult times.

What Is Income Protection?

Income protection falls under a category of insurance that protects you in the event where you lose your ability to generate your income at no fault of yourself. This is done for a certain amount of time until you can get back to your job. Whether it is from inability to work due to injury, illness, and the job market, income protection is there to help you in difficult times. A good income protection guide will help alleviate any questions, inquiries or uncertainties that you have. The things that you want to look out for are cost, coverage, payout, and duration, just to name a few important factors. There are different policies to consider and you will be evaluated for your qualifications as each case is handled differently and provided different coverages depending on your circumstances.

What About Accidents Suffered Away From the Job?

Accidents can occur anywhere and everywhere. In fact, although many accidents occur on the job, most of the accidents that people suffer are away from work with the leading culprit being incidents happening on the road involving motor vehicles. Because accidents have a significant impact on your life and the consequences you suffer from them spread so widely, many companies offer protection that extends to injuries suffered outside of work. The cost will be more of a premium in most cases, but this ensures that you are protected no matter what occurs.

 

What Variables Need to be Considered?

Because this type of insurance is based on your income, and pays you a percentage of your lost wages, there are many variables that need to be considered when applying for income protection. The variables that you need to look into aredependent on what type of job you hold. If you are self-employed, business owner, work using tips and commissions, in the midst of changing jobs or on planning a leave of absence, you should highlight these concerns and bring them up with an insurance advisor. 

A lot of these scenarios involve fluctuating incomes and are not the same from year to year. Additionally, if you are looking into income protection as of late, you will recognize how the economy has been impacted by the COVID-19 virus. This undoubtedly will play a role as a variable in any policy you inquire about, and if it isn’t, it should be something that you ask your advisors about.

For those that are overcome with uncertainty when it comes to their finances, speaking to an advisor about income protection insurance should be a top priority. Explore your options to try and find a solution that helps give you and your family peace of mind in otherwise trying times.

The Interplay Between Insolvency Proceedings and Parallel International Arbitration Proceedings in the Post-Pandemic World

By Kiran Nasir Gore and Charles H. Camp

As businesses emerge into the post-pandemic world, insolvency proceedings offer practical solutions to businesses aiming to recover from the recent global economic fallout. These businesses hope to repay their debts, restructure and reorganize their assets, and generally manage their operations. While effective, insolvency-based solutions are often designed only to further domestic legal and policy goals and they do not perfectly interact with cross-border business relationships. This article draws upon the authors’ expertise in international dispute resolution to discuss the legal and practical challenges found at the intersection of insolvency proceedings and parallel international arbitration proceedings. These insights provide businesses and their insolvency advisers with a blueprint for managing competing concerns at a sensitive and unpredictable time in a business’s lifecycle.

 

The “New Normal”

COVID-19’s impact on public health and the global economy cannot be minimized. These days, many are returning to life governed by the “new normal,” a changed framework that dictates how each of us lives, learns, and conducts daily business. On the financial and business side, the “new normal” involves reassessing business viability. In steadily increasing numbers businesses are considering insolvency-based solutions. Recognizing this trend, in early May, Forbes released a “Coronavirus Bankruptcy Tracker,” which chronicles precisely such major filings by global corporations with at least 500 employees.[i] As of the date of this writing (on August 16, 2020), more than 125 corporations (many of them household names) appear on this list.

 

Insolvency Proceedings in Today’s Cross-Border World

“Insolvency” is a catch all term for the state of simply being unable to pay money owed on time. This definition is adopted by the Uniform Commercial Code (UCC), which provides guidance for the commercial law of most U.S. states.[ii] In general, it includes two very distinct concepts: any proceedings that allow for orderly and collective liquidation for the benefit of creditors, and reorganization proceedings that allow a debtor to continue its existence following restructuring. Despite this broad range of covered activities, there are a few common themes. Insolvency-based solutions impact nearly all aspects of a business’s legal status and operations. Moreover, insolvency proceedings tend to be focused on and designed to address a business’s domestic activities (i.e., those with counterparties and creditors located in the same country as the insolvent business). But very little business unfolds strictly within national borders. Cross-border activity is key to the design and profitability of most successful businesses. Accordingly, insolvency proceedings must account for such cross-border activity when holistically considering a business’s future.

This article focuses on the interaction between a business’s insolvency administration and its pre-existing obligations under various cross-border business contracts. It particularly considers the interplay between bankruptcy proceedings and international arbitration proceedings that unfold in parallel. These insights provide businesses and their insolvency advisers with a blueprint for managing competing concerns at a sensitive and unpredictable time in a business’s lifecycle.

 

Dispute Resolution in an Internationalized World

While all parties hope that they will maintain long and fruitful relationships with their business partners, there is always a need to account for inevitable disputes. Sophisticated businesses often rely on carefully drafted choice of law clauses, which identify the law that would apply to any future dispute, and dispute resolution clauses, which designate how and where any future dispute would be resolved.

An overwhelming 99% of respondents said would recommend international arbitration to resolve cross-border disputes in the future.

For many, arbitration is the preferred method of dispute resolution for a variety of beneficial reasons. At the top of this list is party autonomy. Through an arbitration clause, parties can tailor their dispute resolution mechanism for mutual benefit by agreeing to the forum, tribunal, language, and procedure governing the dispute resolution proceeding. Their ability to choose the composition of their tribunal ensures that the dispute will be heard by individuals who the parties trust and consider competent. This greater level of confidence in the dispute resolution process supports its success, especially when the parties come from different parts of the world and are guided by different local legal systems.

The success of arbitration to resolve such disputes is confirmed by the results of the 2018 Queen Mary/White & Case International Arbitration Survey.[iii] 97% of respondents indicated that international arbitration is their preferred method of dispute resolution, either on a stand-alone basis (48%) or in conjunction with other forms of alternative dispute resolution (49%). An overwhelming 99% of respondents said would recommend international arbitration to resolve cross-border disputes in the future.

 

The Interplay: Insolvency Proceedings and International Arbitration

Insolvency proceedings interact with pre-existing obligations to arbitrate commercial disputes in a variety of scenarios: before the arbitration is commenced, during the time the arbitration is pending, or after the arbitration has concluded, but before the resulting award has been satisfied (i.e., paid). Moreover, either side to a dispute could be the subject of a parallel insolvency proceeding.

If an insolvency proceeding unfolds before or during an arbitration proceeding, the considerations are similar. It is possible that the local law guiding the insolvency proceeding may require other dispute resolution proceedings to be stayed so that the bankruptcy administrator may consolidate the insolvent business’s debts and assets. In parallel, the tribunal overseeing the arbitration proceeding would need to decide not only what country’s law governs whether the insolvency proceeding is recognized in the arbitration, but also its legal effect. The interplay and conflict thus becomes clear: The existence of insolvency proceedings may undermine the agreement to arbitrate itself (for example, by invalidating it or narrowing its scope) and different tribunals, guided by different substantive law, may resolve this question differently.

A prime example of this tension is reflected in the saga between Elektrim SA, a Polish company, and Vivendi Universal SA, a French company. The companies had entered into two investment agreements with each other and a dispute emerged over ownership of shares in the largest telcom network in Poland. The disputes under the two agreements were brought to arbitration under their respective clauses. One agreement provided for arbitration in London under the rules of the London Court of International Arbitration (LCIA). The other provided for arbitration in Switzerland under the rules of the International Chamber of Commerce (ICC).

Before either dispute could be fully resolved by arbitration, in 2007, Elektrim filed for insolvency in Poland. Under Polish bankruptcy law, the arbitration agreements were considered invalid and the arbitrations were required to be discontinued. Further, the Warsaw court overseeing the insolvency proceedings revoked Elektrim’s powers of self-administration. Elektrim accordingly argued to both arbitral tribunals that they lacked jurisdiction and the arbitration proceedings should end. Yet, the arbitral tribunals maintained the discretion to determine their own jurisdiction under the principle of comptenz-competenz.

The LCIA arbitral tribunal determined that English law governed whether the arbitration should continue and decided that it would resolve the dispute, despite the guidance of Polish bankruptcy law. Meanwhile, the ICC tribunal determined that Polish law governed, it lacked jurisdiction, and the arbitration would be suspended. These contrasting arbitral decisions were reviewed by the U.K. and Swiss courts, respectively, and were upheld as valid.[iv] These dramatically different results, endorsed by sophisticated local courts, demonstrate the complex competing legal and policy implications of parallel insolvency and arbitration proceedings.

A further example of competing goals is provided by U.S. bankruptcy law. Chapter 15 of the U.S. bankruptcy law facilitates cross-border administration of insolvency proceedings and allows foreign representatives of a corporate bankruptcy proceeding to gain the cooperation of U.S. courts to access an insolvent business’s U.S. assets. Meanwhile, U.S. Chapter 11 bankruptcy proceedings are designed with broader domestic goals in mind and require a stay of other pending litigation and arbitrations to allow the bankruptcy court to fully administer and oversee all of a Chapter 11 debtor’s debts and assets.[v]

In a recent case, a New York bankruptcy court was faced with an argument that attempted to intermingle these mechanisms and their policy goals. The debtor argued that the existence of Chapter 15 proceedings triggered Chapter 11’s automatic stay requirement and parallel international arbitration proceedings in a different jurisdiction should be stayed.[vi] The court emphatically disagreed and explained that Chapter 11’s automatic stay feature did not have extraterritorial effect to “stay miscellaneous foreign litigation or arbitration proceedings having no meaningful nexus to property of the foreign debtor located in the [U.S.]”[vii]

These examples highlight the complex ways competing legal and policy considerations may lead to different results, depending on the applicable law and the objectives of the decisionmaker (whether it is a bankruptcy administrator seeking to redress all claims against the debtor, or the arbitral tribunal seeking to resolve a specific dispute under an agreed arbitration clause).

In a scenario where a party enters insolvency proceedings after an arbitration has concluded (but before the tribunal’s final decision, reflected in its award, is enforced or paid) different considerations emerge. Although, in general, statistics show that debtors of arbitral awards will often voluntarily comply with arbitral awards and pay their debts, the incentive for voluntary compliance is lower for an insolvent party. Where an insolvent party is in the process of being liquidated, ongoing business relationships or market reputation are no longer primary concerns.

If an arbitral award is filed with the insolvency trustee as a claim against the insolvent party, the award is only one debt among a long line of creditors, and creditors often compete to obtain a greater share of the insolvent party’s assets. The cross-border nature of an arbitration may also come into play as the trustee decides who to prioritize. This can involve the trustee considering whether the local law would view the foreign award as valid.

 

International arbitration seeks to provide parties with, among other things, a territorially neutral forum for resolution of a commercial dispute and an opportunity to exercise their autonomy (including the ability to choose the applicable procedure and law).

Concluding Thoughts

National insolvency laws are often designed to carry out uniquely domestic and often mandatory public policies for the benefit of debtors and creditors within that jurisdiction. In contrast, international arbitration seeks to provide parties with, among other things, a territorially neutral forum for resolution of a commercial dispute and an opportunity to exercise their autonomy (including the ability to choose the applicable procedure and law). In the post-pandemic world businesses are grappling with managing their business relationships, changed circumstances, and their personal long-term viability. These circumstances render the interplay between, and challenges of, these two divergent areas of law more sensitive. Businesses encountering these circumstances require thorough and sophisticated legal advice from both insolvency advisers and international dispute resolution specialists to successfully navigate the opportunities and landmines found among these competing priorities.

About the Authors

Charles H. Camp is an international lawyer with over thirty years of experience representing foreign and domestic clients in international litigation, arbitration, negotiation, and international debt recovery. In 2001, Mr. Camp opened the Law Offices of Charles H. Camp, P.C. in Washington, D.C. to focus on effective, personalized representation in complex, international matters. Mr. Camp teaches international negotiations at the George Washington University Law School.

Kiran Nasir Gore is Counsel at the Law Offices of Charles H. Camp, P.C. Her expertise is in international dispute resolution, including advocacy before U.S. courts, commercial and investment arbitration tribunals, and investigative authorities. She also draws on her professional experiences as an educator at the George Washington University Law School and New York University’s Global Study Center in Washington, D.C.

References:
[i] Hank Tucker, Coronavirus Bankruptcy Tracker: These Major Companies Are Failing Amid The Shutdown, Forbes (May 3, 2020), https://www.forbes.com/sites/hanktucker/2020/05/03/coronavirus-bankruptcy-tracker-these-major-companies-are-failing-amid-the-shutdown/#33c68fb23425 (last visited August 16, 2020).
[ii] UCC, 1-201(b)(22).
[iii] Queen Mary University of London and White & Case LLP 2018 International Arbitration Survey: The Evolution of International Arbitration, https://www.whitecase.com/sites/whitecase/files/files/download/publications/qmul-international-arbitration-survey-2018-19.pdf.
[iv] Elektrim SA v Vivendi Universal SA & Ors, England and Wales High Court (Commercial Court) (Mar. 20, 2007); Vivendi SA et al v. Deutsche Telekom AG, 4A_428/2008, Swiss First Civil Law Court (Mar. 31, 2009).
[v] 11 U.S.C. § 362(a).
[vi] In re JSC BTA Bank, 434 B.R. 334, 336 (S.D.N.Y. Bankr. 2010).
[vii] Id., at 337.

How Workplaces Are Responding To Remote Working

By Keith Tully

The World Health Organisation (WHO) declared the coronavirus outbreak as a pandemic in early March 2019, kick-starting an era which would change working life as we know it. Over a limited notice period, the operational structure of businesses across the globe were forced to adapt to remote working, as emergency legislation required workers to refrain from entering the workplace, in an attempt to limit the infection rate of coronavirus.

Workplaces were required to initiate continuity plans, fast-tracking their vision to digitise the business, allowing for operations to continue during this unprecedented period and to fulfil the interrupted delivery of services. Traditional businesses were forced to adapt to flexible working as strict lockdown and social distancing measures restricted the movement of workers and paved the way to remote and flexible working, removing office centricity. We take you through some of the ways businesses have adapted, and continue to adjust to remote working, writes Keith Tully of Real Business Rescue, restructuring, turnaround and company liquidation specialists.

 

Establishing Virtual Communication Strategies

As a result of remote working, many employers turned to software already available on the market to integrate seamless communication portals into virtual workspaces. Software such as Microsoft Teams is readily available, making it easy to provide access to entire workforces securely and instantly. Tools as such are vital in the maintenance of workforces as in addition to collaborative working, it allows businesses to maintain brand identity and establish a virtual presence in the working lives of employees.

Many western businesses have turned to the likes of Microsoft Teams as a temporary replacement for video conferencing and instant messaging. The platform which is universally available has replaced traditional conference calling facilities for many companies. Begbies Traynor Group, UK’s leading corporate recovery specialists are permanently switching to Microsoft Teams to benefit from the integrated conference calling facility. Zoom is a similar alternative and Slack, professional communication software with a modern flair and multi-faceted chat facility.

In addition to communication software, many customer-facing businesses have been forced to quickly integrate e-signature facilities into their offering to allow for full-service delivery and satisfy legal requirements.

 

Fort Knox Approach to Security

It’s clear that working from home and remote working poses a higher risk to data security as the environment is not under the control of the employer. Businesses with regularly dealings with sensitive data are bolstering security to cover remote working and enforcing security procedures before granting access to company networks. If you’re a workplace with no business continuity plan in place, patching a strategy to match this calibre can be timely due to the security layers involved and higher than anticipated costs.

Businesses are also revisiting insurance policies to extend cover for work equipment at sites other than the designated office, including for theft and loss.

 

Redirecting Investment to Fund Remote Working Technology

Some businesses may be at different technological stages as many may be geared to allow for regular remote working and some may just be experimenting with this form of working. The first key area of investment during this period looks to be IT infrastructure to allow for information, internal networks and company servers to be accessed from home and to offer different levels of access. In the wake of Covid-19, many traditionally operating businesses have recognised the importance of the versatility posed by a modern IT infrastructure, enabling different uses, from the likes of hosting virtual training tools to the integration of online HR.

While businesses are pumping money into IT infrastructure, they are also making costs savings as the temporary shutdown of offices has reduced overheads and minimised the maintenance of work facilities.

 

Maintaining Employee Health and Wellbeing

Maintaining employee wellbeing remotely is challenging and time-consuming as face to face contact can be done simultaneously with different teams in an office setting. The virtual equivalent to this can be done through the likes of collaborative software, stimulating a sense of belonging. A report conducted by Slack found the following concerning employee health and wellbeing paired with the use of the platform:

“Slack users are nearly twice as likely as non-Slack users to report that their sense of belonging improved while working from home.

“What’s more, we see a decrease in feelings of loneliness and isolation: 27% of non-Slack users say loneliness is a workplace challenge, compared with 18% of those who use Slack.”

Businesses are finding unique and creative ways to keep staff motivated, such as monthly postal treats, fitness challenges and daily motivation emails. At Real Business Rescue, we recently held a virtual racing event, Friday virtual tavern meet-ups and an online cocktail masterclass to cater to a variety of team interests. On the brighter side, many staff members are savouring the time otherwise spent commuting to work with family and picking up new hobbies.

 

Static Workplaces during Work from Home Covid-19 phase

The challenges of working from home or remote working vary for each industry as some jobs cannot be adapted due to the nature of fixed objects, resources and subjects. This includes the likes of gardeners, teachers, interior decorators and labour workers, to name a few. The teaching industry has adapted rapidly by offering virtual learning, online education resources and one-to-one video support.

Workplaces around the world are making long term arrangements to allow for remote working in the event of a second lockdown or as a result of a change in workplace policies. Selected employees may never return to an office environment having worked remotely, illustrating higher productivity and a better work-life balance. Tech giants recently announced permanent work from home policies, such as Fujitsu, Slack, Square and Twitter after noticing limited interruption and better productivity. Many traditional workplaces are looking to extend existing work from home policies, with future scope to make this permanent.

As lockdown measures ease across the world and the working world phases back into operation, workplaces are adjusting to enforcing social distancing in the workplace, refining hygiene standards and competing with employee expectations for greater flexibility. The ripples of change continue to be felt across workplaces on a global scale as we continue the fight against coronavirus and its destructive effects.

About the Author

Keith Tully is a partner at Real Business Rescue, part of Begbies Traynor Group, and specialises in advising businesses in distress on restructuring and turnaround solutions. He has over 35 years’ experience in the insolvency sector.

Essential Tips For Using Bitcoin In Online Gambling

A few years ago, only a few people knew about the potential of bitcoin. Now, many have discovered it and it’s now one of the most valued digital assets existing right now. It’s been used for many purposes and transactions, now different platforms have adapted to it as a mode of payment and investment in online gambling.

Bitcoin is now being used in online gambling transactions because of the growing numbers of people investing in it for betting and gaming. The online gambling industry embraced Bitcoin because it seemed to be a natural fit for most gambling platforms. The level of impact that it made has increased its demand from many avid bettors and online gamblers.

If you want to try using Bitcoin in your gambling, you need to try the first online casino with minimum deposit 2 dollar. This article will give you essential tips for using bitcoin in online gambling.

Understand Bitcoin and how it works

Even if you only intend to use it for online gambling, it’s important that you know what you’re getting yourself into. You have to remember that Bitcoin is different from traditional currencies. You have to learn how it works and how and where you can use it.

Understand that there are also risks involved when using Bitcoin. It is an extremely volatile currency because its value changes multiple times a day. Because of its nature, every transaction you make cannot be changed. Hence, you have to be very careful when using Bitcoin in online gambling.

Only use reputable gambling sites

Now that you’re aware of the volatile and irreversible nature of Bitcoin as a digital currency, this decision should not be taken lightly. Not all gambling sites are created equally and there is a legit concern about the number of potential sites that can scam Bitcoin owners.

Bitcoin is an easy target for scammers because it’s unregulated. To make sure that you won’t be victimized by scammers, review the policies of the online gambling platforms that you’re betting on. Top online casinos like PNXBET prioritizes keeping all of their Bitcoin accounts safe and protected so that players that use them will enjoy the experience of gambling and betting on their website.

Try provably fair gaming

Provably fair gaming is unique to those online gamblers that use Bitcoin. This kind of gaming method utilizes the blockchain, which is the Bitcoin’s security measure, to prove that both the user and the site is fair. You should try playing provably fair games to further ensure your digital asset’s security.

Provably fair gaming works by publishing all the actions that a website has made in the game that you’re playing using open source algorithms. This algorithm will show you that the outcome is fair and the odds were randomized.

Always gamble responsibly

Last but not least, gamble within reason. Regardless of the site that you’re playing on and the games that you’re playing, exercise caution and be responsible. Gambling is a pastime and should never be treated as a sustainable source of income. Even professional poker players and avid bettors will tell you that.

Final thoughts

Gambling online with Bitcoin definitely works differently than with traditional currencies. What needs to be the same is the precautions you take before playing casino games or making bets with it. Know what you’re getting yourself into and always protect your digital asset.

About the Author

Luther Abrams is an online game and sports enthusiast who spent his younger years playing and watching basketball, baseball, soccer, tennis, and badminton games, among the many others. Today, as an early retiree, he continues to write about his love and passion for sports. On most days, he also loves to play ball with his two kids.

Cedar Rose Appoints Chief Operating Officer

Cedar Rose Int. Services Ltd have announced the appointment of Hubert Mugliett, in the role of Chief Operating Officer. Hubert is a key member of the senior management team reporting directly to the CEO and will oversee the internal operations of the business and help to ensure the business strategy is effectively implemented.

Cedar Rose’s CEO, Antoun Massaad said, “We are very happy to have Hubert back on the management team of Cedar Rose. As our former Group HR Manager, Hubert was instrumental in helping us grow and develop our human talent as well as putting robust performance management procedures and rewards in place. I look forward to having him help us achieve our strategic objectives in the coming years.”

Hubert brings with him years of corporate experience in Strategic Human Resource Management, Organisational Development, Performance Enhancement and Talent Management in various business contexts in diverse areas of the world ranging from Europe, the Near and Middle East, Africa, Asia, China, Russia and New Zealand. He has worked in diverse challenging situations and has successfully formed, mentored and led multicultural and multi-ethnic teams. Hubert strives to make a positive difference through ethical and professional methods that proactively engage all parties, bringing talent to its full potential.  Hubert holds an MSc in Human Resource Management and is a Chartered Member of CIPD (MCIPD).

Hubert: ‘The What we do can be copied, but the How we do it, our dedication to excellence and mindset are what makes us unique and inimitable, both as individuals and organisations’

You can find out more about Cedar Rose – a business intelligence agency – on their website at www.cedar-rose.com.

EDITOR'S PICK OF THE WEEK

China economic growth

China’s Challenging Search for a New Model of Economic Growth

By Danny Leipziger China cannot continue to rely on exports to drive its growth, but what are the alternatives? China ran a $1.2 trillion trade surplus last year, and despite admonitions from the IMF to rely...

WISE DECISION MAKER GUIDE

POWER INFLUENCERS

Emerging Trends

The Future of Global Trade