The COVID-19 pandemic has forced many hospitality professionals and their clients to confront bankruptcy, insolvency, and loan workout issues for the first time since the Great Recession. Chapter 11 presents a host of unique issues for hotels and other hospitality businesses ...
The global COVID-19 pandemic has devastated the hospitality industry. Hotel occupancy rates have fallen greatly in many markets, with employee layoffs and property closures affecting even the largest and otherwise best performing hotels. It is uncertain when the industry will recover. Many hotel properties will require a chapter 11 bankruptcy case to successfully reorganize their debt obligations and operations and preserve the value of the business ...
As early as September 23, 2019, the United States House of Representatives is expected to vote on the widely anticipated Secure and Fair Enforcement (SAFE) Banking Act ...
In this edition - Corporate Manslaughter Bill Moves Closer to Reality - Are You Relying on Existing Rights of Drainage to Service Your Development? - Does Your Architect Know He is Working for Free? - SDLT on Development Agreements - Equity Share Mortgages - Tree Huggers - Use Classes Order
In this issue: - SDLT – The New Disclosure Rules Implications for Housebuilders - Restrictive Covenants and Implied Terms in Contracts - Can You be Prosecuted for Lust? - Stamp Duty Strife
Key Points California's First District Court of Appeal continued a recent pro-housing trend, reversing a City of San Mateo rejection of a multifamily housing development application. The court determined the denial was based on a subjective design guideline, therefore violating the Housing Accountability Act. Ambiguous guidelines may still be utilized in limited circumstances if there is a long-standing and consistent local government interpretation ...
Understanding the Gen Y mindset is crucial to riding the next wave of property sales. From selfie-taking to social media-(over)sharing, millennials are famous for many traits, but one thing is for sure: compared to the preceding Generation Xers, their love for snapping photos may be real, but their propensity to snap up new homes trails far behind ...
As the end of 2020 mercifully approaches and the presidential election is now in the rearview mirror, Waller’s Financial Services Industry Team is looking forward to 2021 to bring you its insight into what the future may hold for participants in the financial services industry ...
Congress passed the Dodd-Frank Act in June and July 2010 with minimal Republican support, and it was signed by President Obama July 21, 2010. Since passing, Dodd-Frank has been hailed, depending on who answers, as salvation for our banking system or the death knell of community banking. The American Banker published a number of articles about this act in July 2015. Most were critical, highlighting the raised regulatory burden, which is huge ...
The implementation of travel restrictions, lock-downs, stay-at-home orders, and curfews, in an attempt to curtail the spread of the COVID-19 virus, has led to delays in the completion of construction projects. Contractors are thus faced with worrying about the potential implications of such delays ...
Earlier this month, Elon Musk revealed that Tesla, the electric car company run by the world's richest person, had bought $1.5bn (£1.1bn) in bitcoin and might soon also accept payment in the popular but controversial cryptocurrency. News of Tesla’s investment boosted bitcoin, and while lately it dropped from its record high, it appears to be rebounding. Cryptocurrency investment continues to move into the mainstream as global interest rates remain at record lows ...
Welcome to the first part in our series of articles on the Building Safety Act 2022. The Building Safety Act received Royal Assent on 28 April 2022. While many of the provisions will be implemented over the next 12-18 months, the industry is being urged to get ready now. Dame Judith Hackitt stated in a recent HSE Bulletin: “The clock is now ticking and the pace is accelerating. Change is going to happen this time – there’s no denying it anymore!” ...
Welcome to the second part in our series of articles on the Building Safety Act 2022. In Part 1 of our series of articles on the Building Safety Act 2022 we discussed the greater exposure to claims due to extensions in limitation periods and the measures aimed at addressing failures to remedy historical safety defects. In Part 2, we discuss the dutyholder regime and look at the steps developers can take now to prepare ...
Welcome to the third and final part in our series of articles on the Building Safety Act 2022. In Part 1 of our series of articles on the Building Safety Act 2022 we discussed the greater exposure to claims due to extensions in limitation periods and the measures aimed at addressing failures to remedy historical safety defects. In Part 2, we discussed the dutyholder regime and, in this final part, we look at the new gateway regime for higher risk buildings ...
Introduction The Great Recession is producing unprecedented levels of foreclosures1¡ªdeeds©/in©/lieu of foreclosure, bankruptcies, receiverships and other transactions in which financial institutions acquire control of real estate assets that must then be managed and sold ...
As Seen In Bank Director Cybersecurity incidents and data compromises continue to plague financial institutions on a seemingly daily basis. Without a proper response plan in place, financial institutions risk significant damage to their reputation and operations, as well as serious potential liability from regulators and class-action litigation. This guide outlines the procedures financial institutions should implement to prepare for and respond to a cybersecurity incident ...
The court has to have regard to the “income, earning capacity, property and other financial resources that each party to the marriage has or is likely to have in the foreseeable future” (Section 25(2)(a) Matrimonial Causes Act 1973). Property and other financial resources can include expectations under a will and beneficial interests under a trust. Expectations under a will It is rare for a future entitlement under a will to be treated as a financial resource ...
In Haberdashers’ Aske’s Federation Trust Ltd v Lakehouse Contracts Ltd [2018] EWHC 558 (TCC), England’s Technology and Construction Court had to decide on the extent of coverage (or inclusion) of a project insurance policy for a construction project and how that coverage was affected by a sub-contractor having its own insurance cover ...
When things go wrong in a construction project, multiparty contractual relationships almost inevitably increase the difficulty of achieving a negotiated settlement. On the other hand, the motivations for settlement may remain strong, often in the hope of avoiding significant legal costs, saving time and preserving existing business relationships ...
Levelling up was barely mentioned in the recent “mini budget”, reports say barely any of the levelling up funds have actually been spent and figures show that since the first time then PM Boris Johnson uttered those two words “levelling up” in 2020, our regional cities continue to lag behind the capital. Investment is 23% lower, take up 12% lower and average rents a whopping 54% lower ...
In the past, if you wanted to borrow money you would go to your bank manager, or if your bank couldn’t help you, you approached business angels or institutional investors. Business owners now face a confusing and daunting range of funding options. In the digital age, the options include an ever increasing number of online platforms which flourished following the banking crisis and which seem to offer above market returns in our low interest rate economy ...
The Multifamilly and Healthcare Facility divisions of HUD are a bit like two different dialects of the same language; both offer mortgage insurance under the Federal Housing Administration, but each has its own distinct rules and conventions on underwriting, closing and asset management. Being conversant in one dialect doesn’t necessarily equip you to get by in the other ...
General information about legal enforcement Legal enforcement involves the securing and collection of monetary claims (and other claims) via the enforcement authorities. The general rules are set down in the Enforcement Act. The act sets out the conditions for securing and enforced settlement of monetary claims and governs the approach that must be taken in connection with this ...
