Overview of the lending market 1. Please give a brief overview of the main trends and important developments in the lending market in your jurisdiction in the last 12 months. On 27 April 2010, Parliament abolished certain restrictions introduced by the Law On Amendments to certain Ukrainian laws to overcome the negative consequences of the financial crisis ...
In a recent case by the Swedish Supreme Court (Sw. Högsta domstolen) (T 4904-08), the burden of proof of payments made by the debtor in relation to a negotiable promissory note was placed on the creditor.Since the borrowers had not confirmed that the debt had not been paid, the transferees were not in good faith in relation to the payment of the debt ...
As of 1 August 2010, two new pieces of legislation governing payment services came into force; the payment Services Act (Sw. Lag (2010:751) om betaltjänster) and the Act on Unauthorised Transactions with Payment Instruments (Sw. Lag (2010:738) om obehöriga transaktioner med betalningsinstrument) ...
A new Consumer Credit Act (Sw. Konsumentkreditlagen (2010:1846)) came into effect on 1 January 2011. The Act implements the Consumer Credit Directive (Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC). The Directive’s purpose is to enhance consumer protection by addressing some of the indebtedness problems caused by text message loans (Sw ...
Until now, several of the provisions of the Credit Information Act (Sw. Kreditupplysningslagen (1973:1173)) that protects the integrity of individuals were not applicable when credit information was shared on the Internet. The reason for this was that such information was protected by the Fundamental Law on Freedom of Expression (Sw. Yttrandefrihetsgrundlagen (1991:1469)) ...
THE FACTS OF THE CASEThe case has as its backdrop a family tragedy. On the morning of April 22, 2002, Martin Brossard went to the residence of his former spouse, Liliane de Montigny. Following a sequence of events, the order of which could not be determined from the evidence, he strangled his spouse and drowned their two children, Claudia and Béatrice, in the bathtub of the residence ...
Late on Friday, November 19, 2010, the Wall Street Journal reported that federal prosecutors, the FBI and the SEC are in the final stages of an unprecedented three-year investigation into insider trading by consultants, investment bankers, hedge fund and mutual fund traders, and analysts.1 The SEC has already subpoenaed more than thirty hedge funds and investors, and some civil or criminal charges may be brought before the end of the year ...
Due to the effects of the recent economic crisis, the need arose to make it easier for insolvent companies to continue their business through a restructuring. Up until now there has been the Bankruptcy Act (Konkursordnung – KO) alongside with the Composition Act (Ausgleichsordnung - AO) in Austria ...
ON SEPTEMBER 23, 2010, THE SUPREME COURT OF CANADA ISSUED AN UNANIMOUS JUDGMENT IN THE CASE OF PROGRESSIVE HOMES LTD. V. LOMBARD GENERAL INSURANCE CO. OF CANADA(1) , REVERSING TWO LOWER COURT JUDGMENTS OF BRITISH COLUMBIA WHICH HAD CONCLUDED THAT THE INSURER, LOMBARD, HAD NO DUTY TO DEFEND THE GENERAL CONTRACTOR PROGRESSIVE HOMES, AGAINST A CLAIM FOR DEFECTS AND DAMAGES CAUSED BY WATER INFILTRATION IN FOUR BUILDINGS BUILT BY IT ...
On August 25th, the Court of Appeal, for the reasons of Justice Nicholas Kasirer(1), rendered a significant decision(2) with regard to the duty of care required from ski instructors and the assessment of damages awarded to a victim who developed a serious neurological disorder resulting from a ski accident.In their capacity as tutors of their child (referred to as “X” in the judgment), as well as in their personal capacity, Plaintiffs claimed damages for approximately $3 ...
Damage Insurance - Lavery, de Billy, L.L.P. - Canada Hidden Defect, Reduction in the Purchase Price and Liability Insurance Coverage On June 2, 2010, the Quebec Court of Appeal confirmed the Superior Court’s decision (per Justice Gill es Hébert), which dismissed the insured’s action in warranty against his liability insurer under his home owner’s policy ...
The Quebec Court of Appeal confirmed the Superior Court’s decision, which dismissed the insured’s action in warranty against his liability insurer under his home owner’s policy. The insured alleged that the purchasers’ claim for reducing the purchase price due to a hidden defect was covered under the liability insurance policy. The Facts In April 2005, Plaintiffs, Bérubé and Marcil, purchased Johnston’s residence ...
On June 2, 2010, the Quebec Court of Appeal confirmed the Superior Court’s decision (per Justice Gill es Hébert), which dismissed the insured’s action in warranty against his liability insurer under his home owner’s policy. The insured all eged that the purchasers’ cl aim for reducing the purchase price due to a hidden defect was covered under the liability insurance policy.(1)THE FACTSIn April 2005, Plaintiffs, Bérubé and Marcil, purchased Johnston’s residence ...
An almost universal feature of commercial loan agreements is the inclusion of representations and warranties regarding the financial statements and condition of the borrower. A recent case examined whether under New York law, sophisticated lenders can reasonably rely upon such representations in asserting claims of fraud instead of being required to make an independent investigation into the books and records of the Borrower. In DDJ Management LLC, et al v. Rhone Group L.L.C ...
The financial crisis of 2008 and the subsequent recession have taken their toll on the funding of all infrastructure projects and the renewable energy sector has not been immune to its effects. Banks and public finance institutions were increasingly reluctant to advance loans for projects, as preserving capital resources became critically important to help ensure their survival in the financial and economic maelstrom ...
Which group of creditors is entitled to the money held by a monitor for purposes of carrying out a plan of arrangement under the Companies’ Creditors Arrangement Act (“CCAA”) when the debtor goes bankrupt prior to the distribution: only the creditors covered by the plan of arrangement, or all of the creditors, even those not covered by the plan, for example, subsequent creditors? This controversial issue was considered by Judge Jean-Yves Lalonde in
IN FEBRUARY AND MARCH 2010, THE SUPERIOR COURT RENDERED TWO INTERESTING DECISIONS IN CASES INVOLVING FIRES. WE WILL REVIEW THESE DECISIONS , WHICH HAVE A NUMBER OF FEATURES IN COMMON, INCLUDING THE CONSIDERABLE SUMS OF MONEY AT STAKE, THE LENGTHY TIME PERIOD BETWEEN THE LOSS AND THE TRIAL, AND THE NUMBER OF PERSONS INVOLVED IN THE CONDUCT OF EACH CASE.THE GOODFELLOW CASE: “THE DORMANT FIRE ”On August 22, 1998, a major fire broke out in Goodfellow Inc ...
a recent Superior Court decision rendered in the Province of Quebec is of interest. This decision rendered by Judge Jean-François Emond, sitt ing in Bankruptcy division for the Superior Court in the District of Quebec City, deals with a Progress Payment Agreement and a Mast er Lease Agreement between a financing company, Maxium Financial Services Inc. (hereinafter: “Maxium”) and a golf cart rental company, Desrosiers Golf Inc. (hereinafter: “Desrosiers”) ...
“Therein the patient must minister to himself” (Macbeth, Act 5, Scene 3) With only seven days to go before the expiry on 1 April 2010 of the previous insurance block exemption, the European Commission adopted a new exemption, albeit in very much reduced form ...
On April 16, 2010, the Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
The Quebec Court of Appeal issued a judgment concerning the right of a general partnership (“S.E.N.C.”) to file for assignment under the Bankruptcy and Insolvency Act (the “BIA”) without its partners having also filed for the assignment of their assets, themselves ...
Maintaining cash flow is a significant challenge in the current economic climate. What started as a 'credit crunch' is now a real squeeze for business - with customers trying to defer payment terms while suppliers apply pressure for earlier payment. Pre-contract Truly effective credit management begins at the pre-contractual stage, as this is usually the point of greatest leverage with the customer ...
1. The Concepts of “Trust” and “Security Trustee” It would be difficult to identify a universally accepted definition of “trust” and “security trustee” although these legal concepts appear to be well-developed in common law systems and are also acknowledged in a few civil law jurisdictions ...
