Imagine you are a materialman, selling indoor carpet to the contractors. You are approached by a West Virginia developer that wants you to supply carpet and flooring for several houses in a new development. The contract represents $50,000 in new business for your company – and you hope it marks the establishment of a productive relationship with the developer ...
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 ...
What is a Mechanic’s Lien? In South Carolina, construction liens, called mechanic’s liens, are automatically created by statute to protect anyone “to whom a debt is due for labor performed or furnished or for materials furnished and actually used in the erection, alteration, or repair of a building or structure upon real estate or the boring and equipping of wells.” S.C. Code Ann. § 29-5-10 ...
We interviewed Lyn Hayth, President and CEO of the Bank of Botetourt, for Community Banking Excellence this issue. Lyn has been a banker for more than 30 years. His bank, with about $312 million in assets and $248 million in loans, operates primarily in the Virginia counties of Botetourt, Roanoke, Franklin and Rockbridge ...
In January of this year, the United States Court of Appeals for the Fourth Circuit (“Fourth Circuit”) decided the case of Clark v. Absolute Collection Service, Inc. (741 F.3d 487, 4th Cir. 2014). The question of first impression before the Court was whether Section 1692g(a)(3) of the Fair Debt Collection Practices Act (“FDCPA”) requires a consumer to dispute a debt in writing to gain the protections afforded by the FDCPA ...
Recently, R. Scott Adams authored the following article for DRI's Commercial Litigation Committee. The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty ...
The 2017 South African Budget Review, published on 22 February 2017, contained several statements (summarised below) that may be of interest to pension funds, their investment managers and administrators. Tax Preservation of benefits after reaching normal retirement dates: In 2014, amendments were made to the Income Tax Act, 1962 to allow individuals to elect to retire ...
We are pleased to inform you that Ellen McGinnis and Erin England have co-authored a chapter in a book recently published in connection with the Fund Finance Association’s 2017 Global Fund Finance Symposium. Their chapter in the Global Legal Insights publication is titled “Historical Perspective and Evolution of Investor Issues in Subscription Financing – From Credit Analysis to Enforcement ...
2016 Follow-Up Payments on Promissory Notes and Guarantees. If you sold property (for example, real estate, stock, or an interest in a family limited partnership or other closely-held entity) to a family member or a trust for a promissory note in the past, the purchaser should make the proper interest payments. Also, if the transaction involved a guarantee of any part of debt, the guarantor should receive the proper guarantee fees. Gift Tax Returns ...
On 5 December 2016, a new set of draft amendments to the JSE Debt Listings Requirements (the “DLRs”) was posted on the JSE Limited’s (the “JSE”) website and circulated on 13 December 2016. The comprehensive set of proposed amendments will be open for public comment until 30 January 2017 ...
2016 proved eventful on both the political stage and in the world of media and entertainment law, and sometimes the two worlds even collided. The year saw its share of high profile media lawsuits, favorable Congressional actions, and, of course, a presidential election like none other. Here are ten stories that made an impact in 2016 and will likely continue to impact media and entertainment law for years to come ...
The sixth edition of The International Capital Markets Review is already available. The Philippine chapter outlines governing laws, legislative bodies, and recent jurisprudence, and also contains information on recent developments in relevant laws and regulations, especially those affecting debt and equity offerings and those affecting derivatives, securitizations and other structured products. The chapter was contributed by SyCipLaw partner Maria Teresa D ...
Overview The new Pledge Law of the UAE was enacted on 12 December 2016 as Federal Law No. 20 of 2016. The Pledge Law was published in the Federal Official Gazette on 15 December 2016 and will become effective on 15 March 2017. The Pledge Law introduces a new regime for registering a pledge over movable assets which are pledged as security for the repayment of a debt ...
The Law on Financial Operations On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment ...
Financial Industry, ICC Commission Report on Financial Institutions and International Arbitration, International Financing The ICC Commission on Arbitration and ADR’s Task Force on Financial Institutions and International Arbitration recently published its ‘Report on Financial Institutions and International Arbitration’ (the “Report”) ...
Seek advice before signing up to the ISDA Resolution Stay Jurisdictional Modular Protocol It is a matter of time before you, as a market participant, are approached by large institutional derivative, securities lending or repo counterparties from the United Kingdom (“UK”) to sign up to the International Swaps and Derivatives Association’s Resolution Stay Jurisdictional Modular Protocol (“ISDA JMP”) and the UK jurisdictional module, or before you are asked t
Maxim Alekseyev, ALRUD Senior Partner, heading Private Clients Practice, Kira Egorova and Elena Novikova, ALRUD Of Counsels, and Ekaterina Vasina, ALRUD Associate, prepared a chapter for the 5th edition of the book “The Private Wealth & Private Client Review” published by Law Business Research. The book includes articles on private wealth management, written by leading specialists from law firms from all over the world ...
As a British Overseas Territory with no direct taxes, the Turks and Caicos Islands (TCI) has been an attractive domicile for trust establishment by high-net-worth individuals and their advisers for many years. However, in the recent past, with the Government’s focus firmly on developing TCI’s enormously successful luxury tourism industry, the updating of TCI’s non-regulatory legislation in the field of financial services had been a little neglected ...
The 2017 edition of Getting the Deal Through: Islamic Finance & Markets features SyCipLaw Of Counsel Mia G. Gentugaya as contributing editor. SyCipLaw Partner Amer Hussein N. Mambuay contributed the Philippine section ...
The reform of French law of obligations implemented by the French ordinance No 2016-131 of 10 February 2016 (the “Ordinance”), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1st October 20162, including amendment agreements, tacit renewals and novated contracts executed or occurring after such date ...
On October 26th, 2016, Law No. 20,950, otherwise known as the “Law to Boost Productivity” (the “Law”), was published in the Official Gazette, introducing various modifications to different laws and regulations in order to enhance the country’s productivity through the expansion of the financial system and the promotion of the exportation of services. Main measures for the expansion of the financial system: Several legal provisions of Law Decree No ...
Law No 20,590 (the “Law”), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the “Prepaid Cards”), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016 ...
We are pleased to announce that Karanovic & Nikolic team, together with Freshfields Bruckhaus Deringer, has supported UniCredit S.p.A. (Italy) in a recently closed take-over of the CEE business of UniCredit Bank Austria AG including shareholdings in 13 banks in Southern Europe and CEE as well as a relevant loan portfolio ...
The September issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Facilitating Creditor-Debtor Dealings”. The article was contributed by SyCipLaw partner Russel L. Rodriguez, senior associate John Christian Joy A. Regalado, and associate Jo Margarette W. Remollo ...
