The Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022. Its effects will be felt far and wide across the UK real estate industry. We explained in our article Economic Crime Bill – what it means for real estate, that the aim of the new Act is to crack down on foreign criminals using UK property to launder money ...
The Autorité des marchés financiers (AMF) has recently published a study that it conducted with the largest active insurers in the Quebec insurance industry, entitled ?Critical Illness Insurance Supervisory Report?1 (hereafter the ?Report?) ...
The Corporate Transparency Act (the “Act”) was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The Act’s purpose is to curtail shell companies often used in corporate transactions, including real estate transactions, from conducting illegal activities made possible by concealing the ownership and control of such entities ...
How has the use of digital technology, as a result of the COVID-19 pandemic, contributed to the rise in fraud? As a result of the COVID-19 pandemic, businesses experienced a rapid and significant increase in the use of digital technology. Bearing in mind health concerns, as well as business continuity, many businesses began to shift to widespread remote working environments ...
A decision this week from the Third District Court of Appeals serves as a reminder for why contractors need to be aware of all of the terms of the warranties they rely on and pass on to their customers. In West Bay Plaza Condominium Association v. Sika Corporation, a condominium association appealed the dismissal of its lawsuit due to claims that the lawsuit was filed in the wrong location ...
The insurance industry typically has a significant role to play in public inquiries, and in this article we consider this from the perspective of insurance companies and policyholders. The Rt Hon Baroness Heather Hallett DBE has been appointed Chair of the upcoming UK COVID-19 Inquiry (“the Inquiry”) and we currently await publication of the Terms of Reference, which will determine the scope of the investigation ...
Last week the government issued the Economic Crime (Transparency and Enforcement) Bill. The bill looks set to become law later this month and it will have a significant impact on the process of overseas entities acquiring or disposing of land in the UK ...
In December, Florida’s Third District Court of Appeal reversed a judgment in favor of a landlord holding that a contractor’s lien could not attach to the real property being improvement by a tenant of the landlord. The reversal allowed the contractor’s lien enforcement claim to proceed. K.D. Construction of Florida, Inc. v. MDM Retail Ltd, arose from improvements made to a movie theater by a contractor ...
Since the beginning of the year, Florida’s courts have issued three decisions impacting contractors, which are summarized below. Does Failure to Obtain Local Licenses Render Contracts Unenforceable? A decision from Florida’s Fourth District Court of Appeal addressed the issue of whether a subcontractor that failed to obtain local licenses required by a county ordinance was allowed to litigate claims for work that required those licenses ...
Introduction There are multiple insurance policies available on the market to protect your property in Quebec. But how well do you know all your options? In 2016, we addressed peer-to-peer insurance, which is essentially a community of users wanting to insure similar goods and services together.1 However, in November 2021, the Superior Court of Québec rendered an interesting decision2 on self-insurance in the context of insurance offered by two (2) student associations ...
The U.S. Department of Justice (DOJ) Fraud Section released its 2021 annual report earlier this month, and the numbers show that the DOJ continues to ramp up enforcement despite ongoing logistical challenges presented by the COVID-19 pandemic. The annual report reflects only prosecutions handled by the DOJ’s Fraud Section itself (not all federal prosecutions handled by individual U.S ...
The scope of the insured’s liability (and thus, the insurance companies’ auxiliary liability) is affected not only by national law, but also by EU legislation and case law regarding “use of a motor vehicle.” After a recent Supreme Court resolution, a contradiction between the two has emerged. Motor insurance is one of the most economically significant types of insurance policies ...
On 19 January 2022, the Scottish Government approved legislation that will require local authorities to set up licensing schemes for short-term lets, and require all short-term let properties to hold a suitable licence ...
The Infrastructure Investment and Jobs Act from the U.S. Congress, signed into law November 15 by President Biden, provides $1.2 trillion to rebuild roads and bridges, water infrastructure, resilience, and internet, with a focus on infrastructure improvements and expansion of broadband networks. The Biden Administration has established a website for the Infrastructure Investment and Jobs Act that contains helpful links to programs and program descriptions ...
When contractors are engaged in construction projects, the employer/clientundertakes to make payments to the contractor in instalments and through the mechanisms provided under their contract. One important mechanism for payment in a construction contract is the contractor’s payment application. Usually, the contract will require that the contractor submitsits payment application every month or after the agreed milestones ...
Infrastructure Investment and Jobs Act brings opportunity for ANCs and their partners The $1.2 trillion Infrastructure Investment and Jobs Act (The Act) presents great opportunities for Alaska Native corporations (ANCs) to participate in broadband and other infrastructure projects ...
Here’s a fun conversation starter for lenders, borrowers and attorneys who regularly work on HUD-insured multifamily and health care facility loans: If HUD had a list of Ten Commandments for obtaining a HUD-insured loan, what would be Commandment No. 1? Most professionals in the HUD-insured loan universe would likely put the “first lien” requirement at or near the top of the list of Ten Commandments ...
