America’s fascination with zombies infiltrated the West Virginia Legislature during the 2014 Regular Session, resulting in the introduction of a “zombie debt” bill, House Bill 4360. The bill, as introduced, was designed to thwart all debt collection efforts after a debt’s statute of limitations has passed ...
NEW REQUIREMENTS FOR PRIVATE PLACEMENTS(“Regulation 45-106”)OBLIGATION TO KNOW YOUR INVESTOR WELLIssuer’s obligations:Ask questionsVerify the investor’s declared income and assetsConfirm the relationship between the investor and the issuerObtain proof of the investor’s statusKeep the documents on file
You may already be aware of a new federal law called the Corporate Transparency Act (the CTA), which became effective on January 1, 2024. The CTA was enacted as part of the National Defense Authorization Act and mandates that certain business entities (“Reporting Companies”) report identifying information to the Financial Crimes Enforcement Network (FinCEN) ...
In Texas, tenants who are obligated to reimburse property owners for property taxes have a right to protest the appraised value of the property if the property owner does not file a protest relating to the property. To facilitate this right, the Texas legislature enacted a law (Section 41.413 of the Tax Code) that requires the property owner to give all such tenants a copy of the notice of appraised value received by the property owner within 10 days of receiving the notice ...
Not surprisingly, COVID-19 business interruption insurance disputes dominated media headlines for most of 2020. Nonetheless, there were a number of other insurance rulings that will undoubtedly shape the coverage landscape. Policyholders enjoyed a number of significant wins including significant victories related to COVID-19 business interruption cases. The start of a new year gives us an opportunity to highlight some of 2020’s most notable coverage decisions ...
2020 has been a year of new challenges and uncertainty due to the Covid-19 pandemic. Despite these turbulent times, the Norwegian real estate market has remained relatively stable and strong. According to the last known reports and statistics, we see a total transaction value that has surpassed NOK 51 billion in 2020, compared to NOK 100 billion in 2019. The project finance facilitators remain more active than ever ...
After an extremely busy 2021 where the financial markets and the lending sector recovered rapidly from the COVID-hibernation, 2022 has been a turbulent year that did not live up to expectations in terms of activity. With geopolitical unrest, high inflation and rising interest rates as the backdrop, financial markets were volatile and funding costs increased substantially ...
General Since the European System of Financial Supervision (ESFS) was introduced in 2010, several legislative acts have been adopted in the EU without being incorporated into the EEA-agreement. This is mainly due to Norwegian constitutional issues. These constitutional issues were resolved in 2018, and as result, a huge backlog of EU legislative acts needs to be incorporated into the EEA-agreement and transposed into Norwegian law ...
After a hectic first quarter, the focus shifted dramatically after the lockdown in mid-March. Within a few days, we went from negotiating new financings within most industries to assisting our clients with urgent waivers and liquidity loans. After the initial chaotic period, we have, however, seen a more normalized period with considerable activity where strong companies and good projects have been able to obtain new financings on acceptable terms ...
The first half of 2021 was marked by the highest level of commercial real estate transactions ever. The latest reports and statistics show that this trend has continued in the last six months, and the total transaction volume is likely to exceed NOK 130-150 billion. This surpasses the record year of 2015, when the total transaction volume for commercial real estate was NOK 129 billion. The pandemic caused increased use of home office ...
We have in 2021 seen a remarkable (continued) recovery in the Norwegian financial market. This is also evident from the perspective of our banking and financing team. We have assisted our clients with a considerable number of new financings and refinancings, across most sectors. It has especially been hectic within the shipping, aviation and renewable energy sectors and we have seen a steep increase within acquisition financing ...
On June 19, 2013, the West Virginia Supreme Court of Appeals (“the Court” or “WVSCA”) issued an important decision that bolsters the ability of financial institutions and other defendants to enforce arbitration agreements. Credit Acceptance Corporation v. Front, Docket Nos. 11-1646, 12-0545 (W. Va. June 19, 2013), Slip Op. Spilman consumer finance attorneys were pleased to obtain this victory on the consolidated appeal of two orders denying arbitration ...
Long before eMortgages, electronic signatures, and mobile apps hit the secured lending scene, Lord Nottingham proposed that the English Parliament pass An Act for Prevention of Frauds and Perjuries in 1677 to prevent nonexistent agreements from being “proved” through false testimony. That statute and its progeny remain an important resource in today’s financial services industry ...
Wills for Jersey residents What is a Will? Jersey law treats movable and immovable assets differently for succession purposes, therefore we need to consider them separately when looking at your estate planning needs. Movable assets include things such as bank accounts, jewellery, furniture, cars, life insurance proceeds and shares (including shares in a property holding company entitling the owner to occupy a share transfer apartment) ...
Litigation between the Associated General Contractors of America (AGC) and the Small Business Administration (SBA) may be nearing an end (The Associated General Contractors of America, Inc. vs. United States Small Business Administration, et al.,United States District Court for the District of Columbia). AGC initially filed a lawsuit against SBA in December 2020, challenging the introductions of Form 3509 and Form 3510 (Loan Necessity Questionnaires) in October 2020 ...
Wednesday June 30 2021 is when the Stamp Duty ‘holiday’ in its current form at least will end. The Chancellor, Rishi Sunak, introduced the temporary Stamp Duty Land Tax (SDLT) in July 2020 to boost the housing market following the first national lockdown. The aim was to save buyers from paying stamp duty on any properties valued at up to £500,000 – a saving worth up to £15,000 ...
A question that has been posed by separated parents over the last year has been whether they will need to pay maintenance for their children for longer due to the unexpected gap year. Following the outbreak of COVID-19 there was an increase in students deferring their places at university due to start in the autumn of 2020. The number of deferrals was increased from 5.6% in 2019 to 6.3% in 2020 ...
It is estimated that there are more than 450,000 active companies incorporated in the British Virgin Islands (BVI) and that more than half of those companies are used in China, Hong Kong and other parts of Asia. While, traditionally, many of these companies have been used as asset holding vehicles, the robust Chinese economy has led to the increased use of BVI companies in China and Hong Kong as hedge funds and other types of investment vehicles. This is no surprise ...
Familiarity Jersey company law is founded on the same underlying principles as English company law, and therefore Jersey companies are very familiar to people who are used to dealing with English companies On the flip-side, the additional flexibility that Jersey law permits makes it possible for a Jersey company to “look and feel” very similar to, for example, a Delaware company Flexibility on acquisition and throughout investment holding period Maintenance of capital:
Throughout my career as a banker and as an attorney, as well as through experiences with friends and their families, I have noticed that there is no topic more taboo than talking to someone about their death and how they intend to distribute their accumulated assets during their lifetime. It is incredible that, for many, this topic is so difficult to face with an objective mind to leave their estate affairs in order, no matter how small it may be ...
Most rental property owners (Owners) are subject to federal, state, and local anti-discrimination housing laws. When an Owner receives notice of a complaint alleging violations of these laws, it is important to take the complaint very seriously. There are significant business, financial, public relations, and personal risks involved with a fair-housing complaint ...
Is your community bank or holding company still a public company? Are you making periodic filings — 10-K's, 10-Q's, 8-K's, Proxy Statements — to the SEC or your primary federal bank regulator? Are you still subject to Sarbannes-Oxley (SOX)? Why? A large number of community bank holding companies have filed to deregister from reporting to the Securities and Exchange Commission (SEC) ...
