Given the current economic climate, it has been a busy year for all lenders, but coupled with the biggest overhaul of Consumer Credit Law since 1974, with the introduction of Consumer Credit Act 2006, the changes for this year are not over yet. On 1 December 2008 the OFT has released a new arrears and default information sheet. You can obtain a copy of the new statements the following link: http://www.oft.gov ...
On November 21st, the Supreme Court of Canada released a crucial decision on the interpretation of the “faulty or improper design” exclusion in all-risks builders’ insurance policies. By a bare (4 to 3) majority, the Court adopted a comparative standard requiring insurers to show that an impugned design failed to meet “the highest standards of the day” for the exclusion to apply ...
As reported in our September WortHReading, if you want to employ workers from outside the Economic European Area or Switzerland ("migrants") after 27 November don't forget that the new points-based immigration system will be up and running and you will need to become a licensed sponsor to do so. An employer without a sponsorship licence, but which employs migrants, will be acting illegally ...
In Chief Constable of West Yorkshire Police v Homer, Mr Homer argued that he could not obtain a degree in time to benefit from it financially before he retired aged 65, but younger employees would be able to and the policy was therefore indirectly discriminatory on the grounds of age ...
Bank Indonesia issued Regulation No. 10/7/PBI/2008 on 19 February 2008 regarding Offshore Loans of Non-bank Companies. Offshore loans are one of the key factors which may have positive and negative impacts on balance of payments, monetary stabilization and development continuity ...
After lengthy discussion, the Indonesian House of Representatives finally passed the Bill on Limited Liability Companies into law on the 23rd of July 2007 and it was then signed by the President on the 16th of August 2007 and enacted as Law No 40 of 2007 regarding Limited Liability Companies ("Law 40"). Law 40 revokes the previous limited liability companies law, ie Law No. 1 of 1995 regarding Limited Liability Companies ("Law 1") ...
Since 26 April 2007, Indonesia has had a new Investment Law, namely Law No. 25 of 2007 regarding Investment (“New Investment Law”). The New Investment Law replaces two old laws; ie Law No. 1 of 1967 regarding Foreign Investment, and Law No 6 of 1968 regarding Domestic Investment, both as amended. The New Investment Law accommodates both foreign and domestic investment ...
Attorneys and Government Policy Advisors in Dykema's Infrastructure and Project Finance Practice Area, seek to keep our clients and contacts abreast of pending legislation, new developments and other topics. Our intent is to provide you with timely, relevant, and useful information that will help you with your business goals ...
Latest Developments Although we have not witnessed any major legislative or policy changes during the last year, these seem to be forthcoming in 2009 as the Antimonopoly Committee of Ukraine (AMCU) developed draft amendment to the Competition Act 2001 introducing fundamental changes into national merger control regime ...
On June 17, 2008, the Supreme Court of Lithuania rendered a decision restricting the rights of the trademark owner to revoke his consent to use a trademark as a company name. In UAB Solvex Baltic v. UAB Scandihouse (Case No 3K-3-335/2008 (S)), the owner of the trademark SCANDIHOUSE petitioned the defendant to change its company name ...
With the UK economy continuing to be buffeted by the storm of the global financial crisis the effects are starting to be felt nearer to home in the "real" economy. For many businesses slashing costs is now a priority and, sadly, that often includes making staff redundant ...
Summary The Court of Appeal held that administrators were personally liable in costs for litigation in circumstances where a creditor challenged whether the purpose of administration could be achieved. The case highlights a number of important points for administrators and in particular the high standards expected of them following an appointment. Facts Joint administrators were appointed to Ulva Limited ("Ulva") by the sole director on 14 August 2007 ...
For a long time, there have been negotiated general terms and conditions for the purchase of goods for construction businesses. The latest version is called ABM 07.Before I explain the changes these entail in relation to the previously provisions, ABM 92, I will give a summary description of the development, from the mid-1970’s, which has led to the ABM of today ...
In this October edition of Pensions Bulletin we consider a recent Government paper on surplus payments and highlight that schemes must take action if they wish to preserve a power to pay surplus to a sponsoring employer in the future. We also comment on the impact of the latest developments in the Sea Containers case on the use of the Regulator's power to issue Financial Support Directions ...
The proposed amendments to the Act have now been issued by DBERR. They are due to progress through parliament this session, but the key question is are they as anticipated and do they cover the recommendations made for change? The answer is largely yes. Although some in the industry will argue that they do not go far enough, they are representative of the latest 2007 Consultation ...
The JCT Constructing Excellence Contract 2006 is seen as a radical departure from the JCT's more "traditional" building contracts. However, will it be used used by developers in the private and public sectors? Many of the more "traditional" forms of contract (JCT and ICE in particular) were perceived to encourage an adversarial approach ...
The Scottish Government has recently unveiled its long-awaited proposal for financing and delivering major public projects in Scotland. The initiative, the Scottish Futures Trust (the SFT), will replace the widely-criticised Private Finance Initiative (PFI) and heralds a golden opportunity for the delivery of high quality projects which represent value for money for the taxpayer ...
Part I of a III Part Primer: An Introduction This newsletter is the first of a three part report prepared for our public finance clients with respect to “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 ...
Japanese knotweed is an extremely invasive plant which is capable of damaging property and can grow through concrete or even the floors of houses. It is difficult to eradicate and its disposal is considered to be "controlled waste" for the purposes of the Environmental Protection Act 1990. Knotweed will often be apparent on inspection but this will not necessarily always be the case. A fragment of root as small as 0 ...
The Crossrail Act 2008 (the “Act”) received Royal Assent on 22 July 2008. The Act authorises the works necessary to build Crossrail and the acquisition of land and interests in land necessary for those works. In addition, the Act establishes a planning and heritage regime for the works ...
The Government has announced a new scheme to supplement the existing HomeBuy scheme. The new scheme, known as "Rent to HomeBuy", will allow potential buyers to rent a property for a specified period at a less than market rent, with the option to buy a share of the property at the end of that period. The Government hopes that the new scheme will enable more tenants to buy their own home ...
Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant ...
"Shouldn't you be at work?" - sports presenter Des Lynam's famous words during the BBC's World Cup 98 coverage may well be repeated by many an employer over the next week or so. For as the Beijing Olympics reach a crescendo, businesses are once again facing up to the challenges posed by a major sporting event. But there are ways to ensure that the 29th Olympiad does not add to the headaches being suffered by credit-crunched employers ...
On July 17, 2008, the Supreme Court of Canada in Hydro-Québec v. Syndicat des employé-e-s de techniques professionnelles et de bureau d'Hydro-Québec, 2008 SCC 43 clarified that there are limits to the employer’s duty to accommodate ...
Driving is the most dangerous work activity that most people undertake. An average 20 people are killed and 250 seriously injured every week in crashes involving someone who was driving, riding or otherwise using the road for work purposes. Up to a third of road accidents involve someone who was driving at work. Health and safety law applies equally to on-the-road work activities, and the risks should be managed within an effective health and safety system ...
