In the wake of recent judicial decisions by the North Carolina Business Court and Eastern District Bankruptcy Court that "muddied the waters" for contractor lien rights, the North Carolina Bar Association Construction Section Lien Law Committee is drafting proposed legislation to reform North Carolina’s lien and bond laws contained in General Statutes Chapter 44A ...
The Secure and Fair Enforcement for Mortgage Licensing Act (the “SAFE” Act), enacted on July 30, 2008, mandates a federal registration system for employees of banks, credit unions and their subsidiaries who engage in the business of residential mortgage loan origination ...
Recently, the Supreme Court of Virginia issued two decisions which have some potentially far-reaching implications for construction and development contracts. First, the Supreme Court issued an opinion in Uniwest Construction, Inc. v. Amtech Elevator Services, Inc.,280 Va. 428, 699 S.E.2d 223 (2010), which involved several issues regarding the scope and effect of certain indemnification provisions typically seen in development and/or construction contracts ...
The China International Economic and Trade Arbitration Commission (CIETAC) is one of the busiest arbitration centres in the world, handling some 1,400 cases in 2009. It is by far the largest and most reputed arbitral organisation in Mainland China and the most obvious choice of Chinese businesses ...
The case of the arrangement respecting White Birch Paper (the “White Birch Group”) was one of the most significant matters brought before the Commercial Division of the Superior Court of Quebec in 2010. Not only did this matter receive a lot of attention on account of its crossborder aspect and the number of parties involved, it also constituted a precedent for sales of assets under the new provisions of the Companies’ Creditors Arrangement Ac t (the “CCAA ”) ...
The majority of disputes are settled before trial, and an increasing number are settled before proceedings are issued. The Civil Procedure Rules that provide the framework for litigation in England and Wales encourage parties to consider alternative ways to resolve their differences. There are a variety of techniques that can be utilised to achieve an early and cost effective settlement. Collectively, these are known as ADR ...
Alternative dispute resolution benefits the public no matter what the outcome Attorney-General Robert McClelland continues to pus alternative dispute resolution after launching the report A Strategic Framework for Access to Justice in the Federal Civil Justice System late last year. One of its main recommendations is to encourage Commonwealth agencies to use ADR ...
The situation is this: you represent a manufacturer in a tort dispute. During discovery, plaintiffs notice a Rule 30(b)(6) deposition of your client’s representative, but elect to forgo the deposition in exchange for negligible admissions filed by your client. Discovery has closed. The trial date is looming ...
with the assistance of Robert La Rosa, student-at-lawOn October 28, 2010, Justice Yves Poirier of the Quebec Superior Court rendered a decision, which enforced the application of new section 54.1 of the Bankruptcy and Insolvency Act (hereinafter the “BIA”). The case, Aliments Möpure inc. (Avis d’intention et de proposition de) (“Möpure”), addressed the question of whether a creditor advancing an equity claim has the right to vote at creditors’ meetings ...
In the past several years, there has been an increase in cases asserting claimsunder the West Virginia Consumer Credit and Protection Act, W. Va. Code§ 46A-1-101, et seq. (“WVCCPA”) relating to illegal debt collection. The success of early suits has lead to an increased number of these lawsuits ...
In its most basic form, the guaranty is an agreement (importantly it is the guarantor’s separate contract with lender) by one party to be responsible for the debt or obligations of someone else. We all know it and love it – it is the lender’s friend. But like so many friendships, when it is built on a fundamental misunderstanding or problem, a train wreck ensues and we feel the pain ...
st1/:*{behavior:url(#ieooui) } The long-awaited Royal Decree of 7 December 2010 on Real Estate Investment Trusts (REITs) (vastgoedbevaks/sicafi)(the “Decree”) entered into force. The new legislation brings major changes. This article gives an overview of the most important legal changes, which can broadly be categorized into four topic areas. First, the Decree establishes a moreflexible procedure for raising capital ...
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 of 6 April 2011 the property sector will be subject to the full application of competition law. Until now, restrictions on competition contained in land agreements have benefited from a specific exemption. This exemption has been withdrawn so that from 6 April 2011 the rules on restrictive agreements apply in full to existing and new agreements ...
As expected, the FDIC moved against the former key officers of Washington Mutual Bank, namely its former President/CEO, COO and Home Loans President in March. The FDIC believes that these three people are responsible for WaMu’s higher risk lending program, which accounted for the bank’s huge losses. It is reported that the damages being sought against the defendants may be in excess of $900 million, which should grab anyone’s attention ...
In March 2011, the Fourth Circuit issued a decision that has potentially substantial impact on the banking community at large, especially as it relates to decisions on whether to extend credit to a debtor after he or she receives a discharge in bankruptcy. In Maryland v. Ciotti (In re Ciotti), 2011 U.S. App. LEXIS 4492 (4th Cir. Mar ...
Last Thursday and Friday, I was in Charlotte for the UNC School of Law Banking Institute. The conference is very deserving of its great reputation; it was very informative (Albeit after almost 6 hours of Dodd-Frank analysis on Thursday, I was just glad to be able to stand.) ...
1 Collateral What types of collateral are available? Collateral used in secured financings can also be used in project financings ...
The Autorité des marchés financiers (the “AMF”) published a draft Commercial Practices Guideline, which is available for public consultation on the website of the AMF until April 22, 2011. This Guideline constitutes a statement of principle on the expectations of the AMF concerning the sound commercial practices of insurers and financial institutions ...
The Memorandum of Understanding entered into between the Portuguese State and the International Monetary Fund, the European Central Bank and the European Commission (“the Troika”) sets forth a range of goals and measures that shall be implemented by the Portuguese State in order to promote competition in the markets as a means to improve economic growth ...
Latest news on Italian Investment Funds: Italian Government withdraws proposed regulatory changes affecting real estate and private estate equity funds and adopts new taxation scheme for investors in real estate funds ...
The Royal Decree of 3 March 2011 regarding the evolution of the supervisory architecture of the financial sector (“Koninklijk besluit betreffende de evolutie van de toezichtsarchitectuur voor de financiële sector” / “Arrêté royal mettant en oeuvre l'évolution des structures de contrôle du secteur financier”) (the “Royal Decree”) entered into force ...
On May 11, 2011, the Supreme Court of Canada released its reasons for judgment in Sharbern Holding Inc. v. Vancouver Airport Centre Ltd, 2011 SCC 23. While the case was decided under the now repealed Real Estate Act, R.S.B.C. 1996, c. 397, the findings are nonetheless of interest to real estate developers governed by the Real Estate Development Marketing Act, S.B.C. 2004, c. 41 (“REDMA”) ...
New Off-shore Loan Reporting Regulations – Bank Indonesia is to commence imposing fines as of July 2011, for the June 2011 reporting period. Note that for corporations, there is no minimum loan reporting limitation, whereas for individuals, only loans or groups of loans which together exceed US$200,000 or its equivalent must be reported.Bank Indonesia keeps track of foreign loan obligations for statistical purposes and to assist it in formulating monetary policy ...
On 30 March 2011, Bank of Italy published a set of supervisory provisions concerning banks’ remuneration and incentive policies and practices (the “New Regulations”) with the purpose to implement the European Directive 2010/76/EC of 24 November 2010 (“Capital Requirements Directive III” or “CRD III Directive”) ...
