Whilst adding some clarity, the case doesn't make a "no MAC in financial condition" representation any easier for a lender to rely upon.MAC in loan agreementsMAC definitions come in many forms but generally refer to changes which have an adverse effect either on the borrower's business generally, its financial condition, and/or the ability of the lender to call on its security ...
Invoice financing includes factoring, invoice discounting and asset-based lending. It can be accessed by the SME and corporate market to unlock the value of unpaid debts and assets of a business, such as stock, plant and machinery.This type of financing has distinct advantages. In invoice discounting, funders may be able to offer up to 85% of the value of unpaid debts well before that debt is due to be paid. This dramatically reduces the credit cycle, getting cash back into the business sooner ...
Can an employee’s insubordination amount to repudiation of his employment contract, thus providing his employer with just and sufficient cause to dismiss him? In a judgment rendered on September 20, 2013, the Québec Court of Appeal answered this question in the negative.1 The plaintiff, Pilgrim, filed a complaint pursuant to section 124 of the Act Respecting Labour Standards against his former employer alleging that he had been dismissed without just and sufficient cause ...
By judgment of 28 June 2013, the Danish Eastern High Court found that it was contrary to the Danish Act on Fixed-Term Employment to extend a number of fixed-term employment contracts four times. The case involved four electricians who were hired to work on a large project. It was agreed that their employment contracts were to expire on 25 September 2009 at which time the project should have been completed ...
Background On 6 April 2016 the current basic state pension and state second pension (S2P) will be abolished and replaced by a single-tier state pension. The abolition of S2P will also mean the end of contracting-out. The measures to implement the single-tier state pension and abolition of contracting-out are contained in the Pensions Bill 2013 ...
FCA clarifies applications timetable The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date ...
Following a consultation process which began in early 2011, the Treasury has finally published its revised Fair Deal for staff pensions’ guidance. The new policy comes into effect immediately and will allow private contractors to participate in public sector pension schemes so that transferring staff can remain members of their existing public sector scheme ...
On 1st November 2013, an amendment of the Immigration Regulations is to come into force which mainly impacts on the cost of working and residing in the TCI. It is important for individuals as well as businesses to be aware of the changes which will be brought in by virtue of the Immigration (Amendment No. 2) Regulation 2013. The changes include:Applications for the renewal of work permits to be filed at least 30 days before the expiration of the permit ...
As the regulatory environment continues to change and more complex pensions-related issues arise, the knowledge and understanding obligations on pension scheme trustees continue to grow. Trustees can struggle to keep up with the ever-changing pensions environment and it is therefore important that an appropriate training checklist and schedule is put in place to ensure that trustees are able to effectively fulfil their roles and statutory duties ...
As expected, the OFCCP published its new rules regarding veterans and disabled individuals in theFederal Register on September 24, 2013. As a result, the rules will go into effect 180 days later on Monday, March 24, 2014. Beginning that date, federal contractors and subcontractors must comply with most of the new rules’ requirements. There is an exception, however, for contractors who have written affirmative action programs (AAPs) in place on March 24 ...
The Supreme Court of Canada recently reiterated that restrictive covenants that arise in the context of the sale of a business will be treated differently and more generously than those that arise in the context of a contract of employment. While the case arose under the Civil law of Quebec, it clearly has implications for the Common law regimes in the rest of Canada ...
On September 12, 2013, in Payette v. Guay inc.1, the Supreme Court of Canada rendered a decision which will be of interest to anyone involved in a transaction for the purchase or sale of assets. The Court shed some light on the interpretation of clauses restricting employment and post-employment competition which are contained in an agreement providing for the sale of assets but which, incidentally, includes an employment contract ...
The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteriaThe qualifying criteria are:- Villasa. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; orb ...
Although summer has come to an end, the OFCCP’s efforts to enforce and increase federal contractors’ affirmative action and equal employment opportunity obligations have not. On August 23, 2013, the OFCCP released an updated version of its Federal Contractor Compliance Manual (“FCCM”) ...
On September 4, 2013, the Ontario Court of Appeal ordered Metron Construction Corporation (“Metron”) to pay a fine in the amount of $750 000 for criminal negligence causing death.1 After Metron pled guilty to the offence, the trial judge ordered the company to pay a fine of $200 000. This case was the result of the collapse of a swing stage from the 14th floor of a building on December 24, 2009 which resulted in the death of a supervisor and three employees ...
On September 5, 2013, the Supreme Court of Canada allowed the motion for leave to appeal filed by the Commission des normes du travail against the decision rendered in March 2013 by the Court of Appeal of Québec in the case of Commission des normes du travail v. Asphalte Desjardins inc.1 In this decision, the Court of Appeal confirmed the right of an employer to waive the resignation notice given by its employee ...
The EAT has confirmed, in the case of Brito-Babapulle v Ealing Hospital NHS Trust, that a Tribunal fell into error when it held that dismissal would always be within the band of reasonable responses in cases of gross misconduct. Whilst dismissal was almost always inevitable in cases of gross misconduct, the Tribunal failed to recognise that, in some cases, certain mitigating factors may mean that dismissal is not reasonable ...
The Department for Business, Innovation and Skills (BIS) has published guidance on employee shareholders. This guidance is quite useful and sets out the following 6 conditions which need to be met in order to become an employee shareholder: The individual and the company must both agree that the individual will be an employee shareholder ...
The government has today published its response to the consultation on changes to the TUPE Regulations, which are due to come into force in January 2014. Set to stay: service provision changes and employee liability information The headline point is that service provision changes are set to stay. Under the current TUPE Regulations, outsourcings, insourcings and retenders/second generation outsourcings would trigger a TUPE transfer ...
The Windsor Decision: On June 26, 2013, in a 5-4 decision, the United States Supreme Court issued a much anticipated ruling in United States v. Windsor,1 holding that Section 3 of the federal Defense of Marriage Act (“DOMA”) is unconstitutional on federalism and equal protection grounds ...
The Occupational Safety and Health Administration (OSHA) has released notice of a proposed rule to set new Permissible Exposure Limits (PELs) for respirable crystalline silica, among other requirements for controlling workplace exposure to silica. For all industries (general, construction, and maritime), the new rule would protect against silica exposure above the PEL of fifty micrograms per cubic meter of air (50 μg/m3), averaged over an eight-hour day ...
Trusts and Private Foundations often serve the same purposes. One transfers goods (money, real estate, shares, etc.) to an Private Foundation or trustee to be managed for the benefit of one or more others. Those “others” can be the ones who have transferred the goods to the trustee or the Private Foundation, but not necessarily so ...
The EAT has confirmed, in the case of Sood Enterprises Ltd v Healy, that the right to carry over annual leave which a worker has been unable to use due to sickness absence is limited to the basic right to four weeks’ leave in Regulation 13(1) of the Working Time Regulations 1998 (“WTR”). There is no automatic right to carry over the additional leave of 1.6 weeks provided for by Regulation 13A, unless there is an agreement to this effect between the worker and the employer ...
In July 2007, Allstate Insurance Company of Canada (hereinafter referred to as “Allstate”) sent a notice of change of working conditions to all its insurance agents. Allstate was then employing approximately 90 agents in Quebec ...
A report on auto-enrolment opt-out rates has been produced following research undertaken by the Department for Work and Pensions (DWP). Introduced for larger employers in October 2012, auto-enrolment appears to have had a high initial success rate - with over 90% of auto-enrolled employees remaining in their workplace pension scheme a month after being enrolled. The one-month mark represents the expiry of the ‘opt-out window’ i.e ...
