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 ...
Most patent applicants can now accelerate the examination of a select number of patent applications in exchange for abandoning an equal number of unexamined, pending applications, according to an announcement issued by the U.S. Patent and Trademark Office (“PTO”) on June 24, 2010 ...
The United States Patent and Trademark Office (“USPTO”) is seeking public comment on a proposed three-track patent examination initiative that would provide applicants with greater control over the speed at which their applications are examined. The proposed initiative aims to reduce overall pendency of patent applications by providing applicants with alternative timing systems for the examination of their patent applications ...
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
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”) ...
The U.S. Court of Appeals for the Federal Circuit, which hears all U.S. patent infringement appeals, issued an order on April 26, 2010 requesting briefs from the parties in Therasense, Inc. v. Becton, Dickinson, and Co. (appeal no. 2008-1511) to consider en banc the standards by which courts should find “inequitable conduct ...
The U.S. Court of Appeals for the Federal Circuit, which hears all U.S. patent infringement appeals, issued an order on April 26, 2010 requesting briefs from the parties in Therasense, Inc. v. Becton, Dickinson, and Co. (appeal no. 2008-1511) to consider en banc the standards by which courts should find “inequitable conduct ...
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 ...
Website owners have had a legal duty to make their websites accessible to the disabled for more than a decade. With the new Equality Act 2010 reinforcing those duties later this year, now is a good time for website owners to remind themselves of their duties and prepare for the new Act ...
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 ...
Proposals to extend the scope of freedom of information in Scotland will, if accepted, expand an existing risk to the commercial confidentiality of companies bidding for public sector contracts ...
The most senior decision-making body of a university, the governing body (council) exists 'to oversee the development and adoption of institutional strategic plans and key policies, to monitor and review the institution's overall performance and to bear ultimate accountability for the institution' ...
If universities want to ensure that they own inventions developed by academic staff in the course of their employment, they need to review their IP arrangements and take immediate steps to ensure that they have properly secured those rights ...
In Roadshow Films Pty Ltd v iiNet Limited (No 3), Justice Cowdroy considered whether iiNet Limited (iiNet), the third largest internet service provider (ISP) in Australia, should be held liable for infringement of copyright by its subscribers, on the basis that iiNet had authorised those infringements.Proceedings were brought against iiNet by 34 applicants comprising many of the major film studios and their exclusive licensees in Australia (applicants) ...
To be considered a support payment according to both the federal and provincial tax laws and regulations, payments must consist of an amount that is receivable on a periodic basis for the maintenance of the recipient and/or a child of the recipient. The recipient, or creditor of support, must have discretion as to the use of this amount ...
Contents* Quebec Modernizes its Corporate Law * Choosing a Name you Intend to Keep * Deemed Year-End on Loss of CCPC Status: One Possible Solution * Renewal Option or Privilege QUEBEC MODERNIZES ITS CORPORATE LAWValérie [email protected] Bill 63 – The Business Corporations Act was tabled before the National Assembly on October 7, 2009 and assented to on December 4, 2009 ...
The concern expressed in our last Australian Legal Update about the possibility of Australia following most of the rest of the developed world into recession fortunately proved unfounded. Australia has been a notable exception to the experience of many other countries in this respect ...
Following the public discussions which took place after the approval of the Decree-Law no. 317/2009 of 30 October (Decree-Law 317/2009)[1], Decree-Law no. 3/2010 of 5 January (Decree-Law 3/2010) was published in the Official Gazette, imposing a prohibition on credit institutions to charge on automated teller machines[2] (ATM) transactions, as well as, a prohibition on beneficiaries to charge payment transactions in automatic payment terminals and devices[3] ...
The United States Patent and Trademark Office (PTO) announced that, as part of President Obama’s recently proposed budget for Fiscal Year (FY) 2011, the PTO’s budget would be $2.322 billion, a 23 percent increase over FY 2010. This significant budget increase is part of PTO Director Kappos’ long term plan for increasing PTO examination efficiency and decreasing the backlog of applications ...
During negotiation of the Good Friday Agreement, it was suggested that sometimes "we all have to jump together". Having read through the Local Government and Communities Committee Report published on 28th January 2010 following an inquiry into Local Government Finances, this quote has particular resonance. While there is perhaps nothing new in the report, it is certainly timely as local government works its way through the budget setting exercise for 2010/11 ...
Interest rates have remained at an all time low of 0.5% for 10 months in a row and the Bank of England is continuing with its quantitative easing programme. It has been upped to a £200bn asset purchase programme to increase the money in the UK’s financial system and boost bank lending. Meanwhile, total government debt is projected to rise to £1.4 trillion, nearly doubling to 80% of GDP ...
