This is the second of a three-part report on “public private partnerships.” Also known as “PPP” or “P3” projects, there is an increasing amount of press regarding these projects, some of which is contradictory and some of which is just plain confusing. The purpose of this three-part report is to provide you with some useful information in identifying and analyzing P3 opportunities. The first part of the primer provided an introduction to the P3 concept ...
I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...
Technical Resolution 26 – FACPCE Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application ...
Things change over time. This is also the case in the timesharing business. The European legislator, who is well aware of this and already dealt with this type of business by adopting a directive on 26 October 1994, has recently adopted a new legislative act dealing with timesharing, thus bringing European legislation up-to-date. It was deemed necessary to modify the former European legislation to the evolutions in the business ...
Companies (listed and unlisted) spinning off real estate at Belgian or at both Belgian and European level is common practice. In comparison to the U.S. market, the trend is only just in its early stages here. Outsourcing often conceals widely varying realities:- a company shareholder may want to divide his corporate assets among his future heirs ...
In 1996, the case of Hindcastle v Barbara Attenborough Associates settled the effect of disclaimer on a lease guarantee but since then a new leasehold regime has been introduced. A recent case, Shaw v Doleman, has revisited the effect of disclaimer in this context. Original tenants of leasehold property paid a high price in the property crash of the 1990s ...
On April 20, 2009, the Court of Appeal issued its judgment in three related cases(1) concerning a defect in a fireplace that caused a fire resulting in the partial loss of the building owned by Alpha’s insureds. Alpha sued the immediate seller to its insureds, Basque, as well as the prior owners, Caron and Pellerin, under the rules governing the warranty against latent defects ...
THE FACTS Ezeflow is a company specialized in the manufacturing of pipe fittings intended for refineries, gas pipelines and offshore drilling platforms. in 1998, ezeflow entered into a contract with genoyer to manufacture 142 pipe fittings to be incorporated into drilling platforms belonging to sable. Kvaerner, in turn, was responsible for installing the fittings manufactured by ezeflow ...
Insurers have lodged a Judicial Review against The Damages (Asbestos-related conditions) Scotland Act. The Act, which was passed on 17 April 2009, made compensation available for the victims of pleural plaques in Scotland. The insurers are bringing the action in an attempt to avoid having to pay compensation for this condition ...
Not something a landlord wants to hear. But what does it mean? Before a landlord can consider what remedial action is available against a defaulting tenant, it needs to understand the reason for the default. Where a tenant is insolvent, the precise nature of that insolvency needs to be established ...
As Congress begins to work on the Moving Ahead for Progress in the 21st Century Act (“MAP 21”), the bill to reauthorize highway funding for the next five years, policy makers are confronting the challenge of how to bridge the estimated $400 billion gap in funding between federal revenues and transportation infrastructure investment needs ...
Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...
New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...
ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions. Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...
Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...
Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...
In August 2009, the Court of Appeal issued a judgment(1) in which it ruled on the foll owing interesting practical issues relating to liability insurance:1) what is the appropriate procedural vehicle for a liability insurer to exercise recourse against another insurer in situations where there is overlapping insurance?2) does the exception respecting members of the household of the insured (article 2474 C.C.Q ...
On 10 November 2008, BAPEPAM-LK issued Regulation X.E.1 concerning the obligation of securities companies to submit periodic reports. This Regulation X.E.1 replaces a regulation issued in 2006 and is basically intended to improve the provisions of the previous regulation, especially on the procedures for submission ...
Decree of the Minister of Finance No. 424/KMK.06/2003 (as amended) which contains the guidelines on the financial condition of insurance and reassurance companies has been further amended by Regulation of the Ministry of Finance No. 158/PMK.010/2008 ...
1. What types of collateral are available? Real estate, operating and other licence rights or concessions, leaseholds, buildings, moveable property, contractual lights, receivables, shares, securities, onshore and offshore bank accounts, entire enterprises, after-acquired property, proceeds from investments and the sale of collateral are all available ...
The contract between Liberty Mercian and Dean and Dyball was for completion of a number of retail units. The Contractor was given a series of sectional completion dates for the works with liquidated damages payable if any of these were missed. The Contractor was late completing one of the early sections, and was therefore liable for LADs in respect of this section ...
Many property agreements allow the developer to decide whether conditions attaching to planning permissions are onerous without imposing a parallel obligation to act reasonably.Despite this wide discretion, recent case law has confirmed that there is still an implied duty to act in good faith ...
Its fair to say 2008 was an extremely challenging year for UK property. Anything between 25-50% has been wiped off values from their peak in mid 2007 ...
WARNING SIGNS AND EARLY ACTIONS Works are falling behind programme. If a Contractor is struggling financially then they may not be able to buy sufficient resources to complete the job within the time limits. If a Contractor starts asking for advance payments, this is another sign that it is not in good financial health ...
