Allied Irish Bank PLC -v- Moloney & anor [2016] IEHC 346 Twomey J, 20 June 2016, concerned an application by Allied Irish Bank (AIB) for summary judgment in the sum of €10.8m. The defendants contested the application claiming that they had a binding oral agreement with AIB, whereby it was agreed that the defendants would sell the properties charged to AIB, and the outstanding loan would be written off. The fact of the borrowings was not disputed ...
When the wording of a construction-related guarantee is ambiguous, the intention of the parties involved is key in determining its true nature. This was highlighted in a recent Supreme Court of Appeal (“SCA”) judgment, which found that the best way to determine the parties’ intention was to look at all relevant facts ...
After the conclusion of the public consultations conducted by the Philippine Competition Commission ("PCC") on May 24, 2016 and the lapse of the period for the submission of comments and suggested revisions to the draft implementing rules and regulations issued on May 10, 2016, the PCC has published the final implementing rules and regulations (the "Rules") of the Philippine Competition Act ("PCA") last June 3, 2016. The Rules took effect on June 18, 2016 ...
FTAs between Colombia and Korea and between Colombia and Costa Rica will soon enter into force. The FTA between Colombia and Korea will enter into force on July 15. This is Colombia’s first FTA with an Asian country. Through this FTA, Colombia aims to strengthen trade relations with one of the most dynamic regions of the world as well as to attract investment.This FTA is of great importance for the Colombian agricultural sectors, as Korea is a major importer of these goods ...
Martine Samuelian and Virginia Barat, JEANTETThis article is supplementing the May 2016 issue of the Lavery Capital newsletter, number 9, which discusses the potential extension of the European passport regime (the ?Passport?) ? established under EU Directive no. 2011/61/EU (the ?Directive?) ? to Canadian investment fund managers (?Canadian managers?) ...
Recent “gun jumping” rulings across Europe have included fines on investors and serve as reminders that exchange of information between two competitors during an M&A negotiation has to be treated with caution.In fact, if the focus in an M&A deal is usually on merger control clearances, the path towards the completion of the operation has also to be monitored very closely, in the sense that the companies involved should remain independent competitors until the deal is effectively closed ...
Dear All, ALRUD Law Firm hereby informs that the amendments introduced to Arbitrazh procedural code in accordance with Federal law as of 02 March 2016 No. 47-FZ “On the amendments to APK RF” (hereinafter referred to as – “Law”) will come into effect on 01 July 2016. The Law remains in line with the general trend on reduction of arbitrazh (state commercial) courts workload and speeding up arbitrazh proceedings ...
The April 2016 issue of the International Financial Law Review (IFLR) included an international briefing article entitled “New foreign investment rules.” The article was contributed by SyCipLaw partner Marietta A. Tibayan.Read the article online at the IFLR website ...
By a judgment of 24 May 2016 in the MT Højgaard/Züblin case (Case C-369/14), the Court of Justice of the European Union has pronounced on the possibilities of changing the identity or the composition of a preselected entity during an award procedure. The case was a result of E ...
Tensions in the Middle East have continued into 2016 as conflicts among global powers and regional powers play out in the region. But 2016 is also the year of hope – the year when peace may begin in Syria and Yemen. This is also the year that the UAE has appointed a Minister of Happiness, and even more relevantly, a Minister of Tolerance ...
ExportWise magazine has published the “First 5 Calls” series on the Philippines. Published by Export Development Canada (EDC) for Canadian exporters and investors, ExportWise’s “First 5 Calls” series seeks to provide practical, on-the-ground advice from five market experts who each address a particular aspect of doing business in a certain country, such as legal and regulatory, market entry and distribution, customs, human resources, etc.SyCipLaw partner Hiyasmin H ...
INDUSTRIAL RELATIONSPROMULGATION OF THE LAW ON TRADE UNIONS, Royal Kram № NS/RKM/1516/007, dated 17 May 2016The Law on Trade Unions is intended to: (a) provide rights and freedom for enterprises, establishments and persons governed by the provisions of the 1997 Labour Law and persons serving in air and maritime transportation and (b) sets out the organization and functioning of professional organizations of employees and employers ...
The Lagos Tax Appeal Tribunal (“TAT”) on 12 February 2016 ruled in favour of the Federal Inland Revenue Service (“FIRS”) in its case with Vodacom Business Nigeria Limited (“Vodacom”) that satellite-network bandwidth capacities provided to Vodacom outside Nigeria by New Skies Satellites (“NSS”), a Dutch incorporated company, are liable to value added tax (“VAT”) in Nigeria ...
BOTSWANA: Protocol to treaty between Botswana and Sweden enters into force The amending protocol to the Botswana/Sweden Income Tax Treaty (1992), which was signed on 20 February 2013, entered into force on 1 December 2015. The protocol generally applies from 1 December 2015 for the provisions on exchange of information and from 1 January 2016 for the remaining provisions ...
At the opening ceremony of the Forum on China-Africa Cooperation (“FOCAC”) summit held in Johannesburg in December 2015, the President of the People’s Republic of China, Xi Jinping, announced that China intends to invest US$60-billion in Africa over the next three years. This undoubtedly reaffirms the commitment by China and Africa to bilateral cooperation, thereby furthering China’s “One Belt, One Road” foreign policy ...
The European Commission has presented an Action Plan setting out ways to reboot the current EU VAT system to make it simpler, more fraud-proof and business-friendly. The current VAT rules urgently need to be updated so they can better support the Single Market, facilitate cross-border trade and keep pace with today's digital and mobile economy ...
2015 was a record year in the Hungarian M&A market. Both in terms of value and number of transactions, 2015 was the best year since 2008, with approximately 160 closed transactions and an aggregate value of approximately EUR 2 billion. Although the acceleration follows global trends, the Hungarian market has a few specifics that will further enhance a growing M&A market in 2016 as well ...
It won’t be long before Malaysia becomes a party to the Madrid Protocol with strong indicationspointing towards Malaysia acceding to this treaty by 2013. The Madrid Protocol system, which is a global trademark registration system is administered centrally by the International Bureau of the WorldIntellectual Property Organisation (WIPO), located in Geneva, Switzerland ...
ANGOLA: Budget Law 2016 published Law No. 28/15 (“Budget Law 2016”), which had been adopted on 31 December 2015, was published on 30 January 2016 and applies with effect from 1 January 2016. The Budget Law 2016 provides for: · the introduction of a Special Contribution on Banking Operations, to be levied at the rate of 0.1% on all financial operations by banking and non-banking financial institutions governed by the Financial Institutions Framework Law (Law 12/15 of 27 June 2015) ...
Businesses face an increasing number of challenges and one of the most severe and potentially damaging is that of cybercrime. Fallout from a cyber-attack can result in both physical as well as reputational damage and the loss of business and customers. Chilling words - particularly given how much British businesses now rely on their online presence ...
With increasing numbers campaigning for Britain to leave the EU, ever closer union is looking ever more uncertain. Opinion about the positive and negative aspects of Britain remaining within the EU is diverse. Whatever decision is made, companies need to be prepared for the potential outcomes. This article looks at the likely impact of the referendum (whatever its outcome) and provides some positive steps for companies to take ...
The United States has announced that it has signed with Cuba a new agreement covering air services between the two countries. The new agreement, which replaces a suspended accord dating back to the 1950s, authorizes up to 110 daily round trip scheduled flights between the two countries by airlines of each respective country. The agreement permits twenty (20) scheduled non-stop flights between the U.S ...
On January 27, 2016, the Obama Administration took the latest in its continuing steps to ease restrictions on trade and travel between the United States and Cuba. Amendments to the Cuban Assets Control Regulations (“CACR”) administered by the Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the Commerce Department’s Bureau of Industry and Security (“BIS”) will authorize additional U.S ...
The European Court of Justice ruled last October that the data sharing framework between the EU and US, referred to as Safe Harbor, is no longer valid. On 2 February 2016, the EU and US authorities agreed in principle on a 'new' arrangement, known as the 'EU-US Privacy Shield', which is intended to replace 'Safe Harbor' ...
