Following chancellor Jeremy Hunt’s Spring Budget speech made on 6 March 2024, legal experts at law firm Shoosmiths share their views on the announcements ...
On February 12, 2024, the Court of Appeal of Quebec handed down its decision in Société d?assurance Beneva inc. c. Bordeleau,1 dealing in particular with the burden of proof incumbent on an insurer when it denies coverage on the basis of an insured?s intentional fault, and an award of damages against an insurer for breach of its duty of good faith. The facts This decision was rendered further to a dispute between Société d?assurance Beneva inc ...
You may already be aware of a new federal law called the Corporate Transparency Act (the CTA), which became effective on January 1, 2024. The CTA was enacted as part of the National Defense Authorization Act and mandates that certain business entities (“Reporting Companies”) report identifying information to the Financial Crimes Enforcement Network (FinCEN) ...
From Dominic Cummings to Nicola Sturgeon, 2023 was a noisy, headline-grabbing year for the UK’s public inquiry into the Covid-19 pandemic. What’s coming in 2024? And what does it mean for businesses? In terms of media exposure, the first full year in the life of the UK’s official Covid-19 Inquiry was a resounding success ...
Pension funds: hedging longevity risk Bulk Annuities Market Recent hikes in interest rates have led to huge increases in the funding levels of many UK defined benefit pension schemes (DB Schemes). Now they are in surplus, many DB Schemes are considering a bulk annuity transaction or "buy-in". As a result, the bulk annuity market is booming ...
Shoosmiths' Natalie Aldread explores two recent cases and their implications for break options and the renewal of a business tenancy under the Landlord and Tenant Act 1954 It is often assumed that where renewal of a business tenancy under the Landlord and Tenant Act 1954 has not been opposed, the bar is reasonably low to include a landlord’s break option in the new lease. Two recent cases do, however, indicate that this is not always the case ...
A core aim of the Building Safety Act 2022 (BSA) is to ensure the real estate industry - rather than leaseholders or the taxpayer - meets building safety expenditure. One way this is to be achieved is by introducing the Building Safety Levy under s.58 of the BSA. The government has now moved one step closer to the implementation of the levy with the recent publication of a consultation outcome and the publication of a third consultation - closing on 20 February 2024 ...
Shoosmiths' real estate experts explore commonly encountered issues and also tips and traps for providing and receiving replies to Commercial Property Standard Enquiries. Replies to Commercial Property Standard Enquiries (“CPSEs”) are designed to provide practical information about the property to assist buyers and tenants with their due diligence ...
The Supreme Court of Texas has issued its much-anticipated opinion on an open attorney’s fees question in the area of First Party Property appraisals. The issue came to the Texas Supreme Court on a certified question from the 5th Circuit and considers the practical effect of the Texas Legislature’s 2017 amendments to the Texas Prompt Payment of Claims Act, Chapter 542, Insurance Code ...
Shoosmiths’ legal experts outline the key legal changes set to impact the UK’s real estate industry in 2024 and beyond. Introduction of biodiversity net gain in England New biodiversity net gain requirements will be introduced for large development sites from 12 February 2024 and are set to also apply to smaller sites from 2 April 2024. Biodiversity net gain aims to create and improve natural habitats by measuring the impact of a development on biodiversity ...
To help the industry prepare, Shoosmiths’ construction specialists have outlined what legal developments may be in store for 2024. After a testing few years for the construction industry, 2024 is likely to be no breeze, with continued economic uncertainty and major regulatory reform on the way. To help the industry prepare, Shoosmiths’ construction specialists have outlined what legal developments may be in store for 2024 ...
The Court of Appeal confirmed that, on the proper interpretation of a reservation of rights clause, residential tenants had obtained a right to park on a private road outside their flats. In the recent case of Duchess of Bedford House RTM Co Ltd v Campden Hill Gate Ltd [2023] EWCA Civ 1470, the Court of Appeal has confirmed that, on the proper interpretation of a reservation of rights clause, residential tenants had obtained a right to park on a private road outside their flats ...
Please note the following press release. This press release is available at our homepage. Heuking advises Primus Valor group on the acquisition of several properties A Heuking team led by Dr. Sönke Görgens, Partner at the Hamburg office, legally advised Primus Valor group on the acquisition of several properties in Wolfsburg ...
The current exposure in the EU investment fund sector to the risks in real estate markets has been the subject of a recent publication, dated 10th January 2024, which was issued by the European Securities and Markets Authority (“ESMA”) as part of its ongoing Trends, Risks and Vulnerabilities (“TRV”) risk analysis ...
Insurance contracts, like any other type of contract, require informed consent by all signatories. This concept is especially relevant considering that an insurance contract is an example of uberrimae fidei, i.e. an agreement requiring the utmost and the most absolute good faith when one party is disclosing facts that could influence the other party?s decision. In other words, policyholders are held to a high degree of honesty when providing their insurers with information ...
