From 2010 until 2013, approximately $1.4 trillion1 of commercial real estate loans will mature. Notably, it has been estimated that nearly 50 percent2 of the loans are under water and that a wave of defaults and bankruptcies may occur. Because many of the commercial real estate loans are secured by a single parcel of real estate, it is critical that lenders and debtors be aware of the rules governing Single Asset Real Estate (SARE) Chapter 11 cases ...
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 ...
Bigger fines predicted for organisations guilty of corporate manslaughter The long awaited definitive guidelines for sentencing organisations guilty of either corporate manslaughter or a health and safety breach which causes death have been published ...
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] ...
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 ...
As an initiative to develop Islamic finance and Islamic fund management in Hong Kong, the SFC signed a Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes (Declaration) with the Securities Commission of Malaysia (MSC) on 9 November 2009, which provides a framework for the mutual recognition of Islamic funds (excluding hedge funds, wholesale funds and real estate investment trusts as defined in the
Chapter 10.2 of the SFC's Code on Unit Trusts and Mutual Funds (Code) requires that pricing errors for SFC authorised funds should be corrected as soon as possible and all necessary action should be taken to avoid errors occurring in the future. If the pricing error results in an incorrect price of 0 ...
As a consequence of the recent wave of successful SFC insider dealing criminal prosecutions, responsible officers (ROs) are asking what they need to do to protect their companies and themselves. ROs are obliged to take all reasonable measures to ensure that proper safeguards exist to prevent the licensed corporation and its employees from insider dealing ...
Following the public consultation early this year on proposals for a legislative framework to upgrade the current anti-money laundering (AML) regime in the financial sector, Hong Kong's Financial Services and Treasury Bureau (FSTB) has launched a second-round consultation ...
On October 7, 2009 the State Duma of the Russian Federation adopted in the first reading the draft of the Federal law on amending legislation regarding land plots ...
Self-regulation of retail banking came to an end on 1 November 2009 with the establishment by the Financial Services Authority (FSA) of a new banking conduct regime. This new regime largely replaces the voluntary Banking Codes and comprises: 1 ...
Introduction On 2 October the UK's Competition Commission re-iterated its recommendation to the Government and the devolved administrations that they should take the necessary steps to introduce a competition test in planning decisions involving large grocery developments ...
On October 18, 2009 the basic provisions of the Federal Law No. 205-FZ dated July 19, 2009 “On amending of several legislative acts of the Russian Federation” (hereinafter – “the Law”) which provide for essential amendments to the Arbitrazh Procedural Code of the Russian Federation come into force ...
The growth in money laundering activities and terrorism financing using financial institutions requires concrete action to eradicate these criminal activities. The diversity of products, activities and information technology available in the banking sector has resulted in an increase in the use of banks for money laundering and terrorism funding ...
Bank Indonesia issued Bank Indonesia Regulation Number 11/26/PBI/2009 dated 1 July 2009 on Prudential Principles in the Implementation of Structured Products Activities for Commercial Banks (“BI Reg.11/26/PBI/2009”) ...
Whether you are a sceptic, a convert or a believer, there is undoubtedly compelling scientific evidence of global warming, and that climate change is upon us. Legislation enacted by both Westminster and Holyrood sets challenging targets for the reduction of greenhouse gas emissions over the next decades. The carbon footprint of buildings is responsible for around 50% of greenhouse gas emissions in the UK ...
Introduction The term 'climate change' is now common parlance, but what role does green building play within the broader climate change picture? Well, emissions regulations post Kyoto are imminent and buildings are able to offer cost effective emissions cuts – there is therefore a possibility that the building sector may eventually be hit with emissions caps ...
The Quebec Court of Appeal has issued an important decision concerning the application of zoning by-laws to aeronautical activities. In Lacombe et al. v. Sacré-Coeur (Municipalité de), the Court was called upon to rule on a sensitive issue respecting the division of jurisdiction between the federal and provincial governments. More precisely, the Court had to decide whether a municipality could govern the location of aerodromes by determining the zones in which they can be located ...
AS HIGHLIGHTED BY QUÉBEC COURTS, SURETIES ARE KEY PLAYERS IN THE CONSTRUCTION INDUSTRY. IN 2002, THE QUÉBEC COURT OF APPEAL ACKNOWLEDGED THEIR IMPORTANCE IN A DISPUTE BETWEEN A CONSTRUCTION COMPANY AND A SUPPLIER. THE COURT NOTED THAT THE CONSTRUCTION COMPANY’S LOSSES HAD BEEN EXACERBATED BY THE WITHDRAWAL OF ITS SURETY FACILITY ...
More recently, the Québec Superior Court established that the active participation of a surety in the restructuring of a company under the Canadian Companies’ Creditors Arrangement Act (“CCAA”) was critical to determining whether a surety’s obligations could be reduced under the terms of an arrangement .2 accordingly, in Charles-Auguste Fortier inc ...
The House of Lords has made it easier for claimants to show that they are "disabled" and thus protected under the Disability Discrimination Act 1995 ("DDA"). Employees are only protected under the DDA if they can show that they are "disabled". This word has a specific legal meaning: "a person has a disability .. ...
A small measure of relief may be coming to some beleaguered Michigan communities that have been struggling recently with the difficult question of what actions they can realistically take to encourage much-needed local economic development while remaining cognizant of the financial limitations associated with lower revenues, higher costs and uncertain economic projections. The answer for some might be found in recovery zone financings ...
On the 1st June 2009, the major parts of the Insolvency Act 2009 (“the Act”) came into operation. The Act has completely revamped the insolvency regime in Mauritius and new provisions now govern “voidable transactions” following a company liquidation. The “ordinary course of business” test, which was prevailing under the former regime, has now been abandoned and replaced by what is known as the “running account principle” ...
