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Lavery Lawyers | April 2009

THE FACTS Ezeflow is a company specialized in the manufacturing of pipe fittings intended for refineries, gas pipelines and offshore drilling platforms. in 1998, ezeflow entered into a contract with genoyer to manufacture 142 pipe fittings to be incorporated into drilling platforms belonging to sable. Kvaerner, in turn, was responsible for installing the fittings manufactured by ezeflow ...

Shoosmiths LLP | April 2009

Not something a landlord wants to hear. But what does it mean? Before a landlord can consider what remedial action is available against a defaulting tenant, it needs to understand the reason for the default. Where a tenant is insolvent, the precise nature of that insolvency needs to be established ...

Dykema | April 2009

As Congress begins to work on the Moving Ahead for Progress in the 21st Century Act (“MAP 21”), the bill to reauthorize highway funding for the next five years, policy makers are confronting the challenge of how to bridge the estimated $400 billion gap in funding between federal revenues and transportation infrastructure investment needs ...

Makarim & Taira S. | March 2009

Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...

Makarim & Taira S. | March 2009

New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...

ALTIUS/Tiberghien | February 2009

ALTIUS contributed to a publication on International Acquisition Finance accross mutiple jurisdictions. The volume provides counsel with a full insight into the law and regulation across numerous jurisdictions.  Johan De Bruycker, Caroline Wildemeersch and Kasper Van Landeghem from ALTIUS' Banking & Finance team untangle the complications of debt funding regimes for the Belgian jurisdiction. 1 ...

ALTIUS/Tiberghien | February 2009

Mind Your Belgian Distributor! FAQ on the Belgian Law of 27 July 1961 on the Unilateral Termination of Exclusive Distribution Agreements of Indefinite Duration. Belgium is one of the very few countries in the world with a specific legal regime for the termination of certain distribution agreements, in addition to a law on agency contracts ...

Deacons | January 2009

Best Practices & Standards The hedge fund industry has experienced trying times over the past few months. Year-end redemption requests have flooded the sector. Scandals such as the so-called "ponzi" scheme allegedly carried out by Bernard Madoff resulting in billions of dollars in losses have shaken the industry ...

Deacons | January 2009

Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...

Lavery Lawyers | January 2009

The Supreme Court of Canada ended a lengthy legal saga on November 20th, 2008 when it ordered St.Lawrence Cement Inc. to compensate residents of Beauport living near its cement plant. Comments on prescription, the assessment of damages and the granting of future damages. The Supreme Court's decision was expected and will have a major impact. Indeed, this decision imposes a burden that will be almost impossible for businesses to meet ...

Pellerano & Herrera | January 2009

1. What types of collateral are available? Real estate, operating and other licence rights or concessions, leaseholds, buildings, moveable property, contractual  lights, receivables, shares, securities, onshore and offshore bank accounts, entire enterprises, after-acquired property, proceeds from investments and the sale of collateral are all available ...

Shoosmiths LLP | January 2009

Many property agreements allow the developer to decide whether conditions attaching to planning permissions are onerous without imposing a parallel obligation to act reasonably.Despite this wide discretion, recent case law has confirmed that there is still an implied duty to act in good faith ...

Shoosmiths LLP | January 2009

The contract between Liberty Mercian and Dean and Dyball was for completion of a number of retail units. The Contractor was given a series of sectional completion dates for the works with liquidated damages payable if any of these were missed. The Contractor was late completing one of the early sections, and was therefore liable for LADs in respect of this section ...

Its fair to say 2008 was an extremely challenging year for UK property.  Anything between 25-50% has been wiped off values from their peak in mid 2007 ...

Shoosmiths LLP | January 2009

WARNING SIGNS AND EARLY ACTIONS Works are falling behind programme. If a Contractor is struggling financially then they may not be able to buy sufficient resources to complete the job within the time limits. If a Contractor starts asking for advance payments, this is another sign that it is not in good financial health ...

Shoosmiths LLP | January 2009

The Office of Fair Trading (the “OFT”) has published the results of its market study into homebuilding in the UK. The report concludes that the sector is broadly competitive and there is little evidence of house builders holding onto land to restrict supply and so increase prices. However, the report also concludes that homebuyers can experience delays and faults and they need more protection when buying a new home ...

Deacons | December 2008

As a consequence of the complexity of Hong Kong’s disclosure of interests regime, local substantial shareholders and global investment houses alike frequently fall foul of its provisions. Even robust monitoring and reporting systems can fail to cater to idiosyncrasies of the Hong Kong regime ...

Shoosmiths LLP | December 2008

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 ...

Afridi & Angell | November 2008

Commercial disputes in the United Arab Emirates (UAE) are generally resolved through litigation in the courts or arbitration. Arbitration is becoming an increasingly popular way to resolve disputes. The UAE recently signed the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention). General overview and court structure The UAE is a federation of seven Emirates established in 1971 ...

Lavery Lawyers | November 2008

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 ...

Shoosmiths LLP | November 2008

As the economic outlook continues to look gloomy we are noticing a considerable increase in employment litigation work - this doesn't just point towards more people being dismissed (although this is certainly a factor) but also that as money gets tighter individuals feel they have nothing to lose and everything to gain by bringing claims. For employers this is obviously a headache ...

Makarim & Taira S. | November 2008

The Minister of Law and Human Rights issued Regulation No. 03.HT.03.10 of 2007 on 8 November 2007. Under Law No ...

Dykema | November 2008

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 ...

C.R. & F. Rojas Abogados | November 2008

Bolivian law contemplates two procedures by which local companies with financial difficulties, are ultimately obliged to sell their assets in order to satisfy existing payment obligations, be it through a mandatory dissolution and liquidation or through a judicial bankruptcy procedure. I ...

Dykema | October 2008

Recently, the Federal Reserve Bank of New York announced a new program to facilitate the issuance of shortterm commercial paper (“CP”) by eligible issuers. The program was launched on Monday, October 27, 2008. The program is being administered by a new special purpose financing vehicle (“SPV”) that is referred to as the Commercial Paper Financing Facility, or “CPFF ...

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