When a client or customer files for bankruptcy, a business’ treatment of that customer’s account must change. Many businesses have dedicated bankruptcy departments or teams that deal with these accounts. However, it can take a while before the account is flagged or transferred to the bankruptcy team. Further, some smaller business bankruptcy teams are comprised of other department employees just wearing a “bankruptcy hat” when working on those accounts ...
Good news in times of crisis: The eagerly awaited draft of the Restructuring and Insolvency Directive Implementation Act (RIRL-UG) was published yesterday. The law with which Directive (EU) 2019/1023 (Restructuring Directive) is implemented in Austria is to come into force on July 17, 2021 (at the end of the implementation period). The review phase will run until April 6, 2021 ...
st1/:*{behavior:url(#ieooui) } New Bank Indonesia Regulation on the Business Plans of BanksThe Governor of Bank Indonesia issued a new regulation concerning Bank’s Business Plans. This new regulation revokes the previous regulation except for certain provisions related to reports on the realization of Business Plans and reports on the supervision of Business Plans which remain valid until the end of the 2010 Business Plan reporting period ...
The English Commercial Court has held that an investment fund was a financial institution under a loan agreement which limited transfer of the loan to “a bank or other financial institution”. The ARGO Fund Ltd v Essar Steel Ltd [2005] EWHC 600 (Comm). Facts; Essar defaulted under its syndicated loan agreement . The loan agreement allowed the participating banks to transfer their rights and obligations to another “bank or other financial institution” ...
The Bank of Portugal set up a regime to govern the advertising of the banking products and services that come under its supervision in Regulation No. 10/2008, of 9 December, which came into force on 1 January 2009. The Regulation builds on the general regime laid down in Articles 77 and 77-C of the General Credit Institutions and Financial Companies Regime (the RGIC), as most recently amended by Article 2 of Decree-Law 211-A/2008, of 3 November ...
Those who have been following it will know that the Bank of England / Prudential Regulation Authority’s consultation on proposed new rules for Critical Third Party suppliers (CTPs) closed on 15th March ...
The regulation on the national payment gateway has finally been issued. Bank Indonesia (“BI”), through its regulation No. 19/8/PBI/2017 (“PBI 19/8”) aims to establish national payment system interoperability by implementing switching interconnectivity. The following is a general overview of PBI 19/8 ...
Decree-Law 36/2021, which amends Decree-Law 176/2006 of 30 August ("Medicines Statute"), was published on 19 May. The new Decree-Law introduces a ban on the advertising of discounts on the price of medicines subject to medical prescription that are reimbursed by the National Health Service ("NHS") or that contain narcotic or psychotropic substances ...
On July 16, 2023 the President of the Russian Federation signed Decree 'On Amendments to the List of Movable and Immovable Property, Securities, Shares in the Authorized (share) Capital of Russian Legal Entities and Property Rights, in respect of which Interim Administration is introduced, approved by the Decree of the President of the Russian Federation dated April 25, 2023 No. 302' No. 520 (“Decree No. 520”)1. Decree No ...
As rapid technological changes in the 21st century continue to expand the types and volume of private electronic information, the Fourth Amendment’s privacy protections are evolving. Originally, “Fourth Amendment jurisprudence was tied to common-law trespass” and provided protections against searches of property. See, United States v. Jones, 565 U.S. 400, 405 (2012) ...
The recent Argos decision has partially overturned the Bakers of Nailsea decision in relation to summary only offences and the requirements of Criminal Procedure Rules. Public prosecutions begin after an authorised body applies to the magistrates’ court for a summons alleging an offence. The rules underpinning this process are in the Criminal Procedure Rules (CrimPR) Part 7 (and associated Practice Direction). One such rule, CrimPR 7 ...
To contain the spread of COVID-19, the Office of the Prime Minister of The Bahamas (“the Competent Authority”) has extended the state of public emergency to the 31st May, 2020. New regulations have been introduced to minimize spread of the virus while allowing for a phased re-opening of the economy. This update summarizes those measures to date ...
It is fair to say that we are in an era of unprecedented multilateralism and convergence in tax matters. The Bahamas has already committed to the implementation of the Common Reporting Standard, having already signed onto the Multilateral Competent Authority Agreement and published its list of exchange partners with automatic exchanges that commence in September 2018 ...
What do a squeak toy, whiskey, and dog poop have in common? If you are silently thinking to yourself “absolutely nothing,” it may surprise you to hear that the U.S. Supreme Court has spent months considering this question. On June 8, 2023, in a long-awaited win for trademark owners, SCOTUS ruled that a lower court erred when it issued a decision finding that a dog toy that parodies a famous liquor bottle, was covered by First Amendment free speech protections ...
Hanson Bridgett has long been a visionary in promoting social and environmental change. That innovative spirit is what led them to become the first law firm certified as a B Corporation and a leading advocate for what has now become a global social movement. The California law firm is one of the founding members of B Corporation, a business model created in 2006 that enables companies to include a social as well as financial agenda in their legal structure ...
Technological advancements coupled with a desire to reduce inefficiencies in the workplace, has led to an increase in the use of artificial intelligence (AI) by employers, typically in recruitment and performance management. Data protection considerations However, employers need to be aware of their data protection obligations and great care is needed when contemplating the use of AI processes to make decisions without human involvement ...
In our fourth article in the series focusing on the risk of discrimination in the workplace, we consider the protected characteristic of pregnancy and maternity, the common issues that arise and what employers should do to avoid claims of discrimination. Despite the Equality Act 2010 (EqA) making it unlawful to discriminate against women because of pregnancy or maternity leave, women continue to face significant challenges in the workplace when they become parents ...
In our eighth article in the series focusing on the risk of discrimination in the workplace, we consider the protected characteristic of disability, the common issues that arise and what employers can do to avoid discrimination claims. What is disability discrimination? Disability discrimination occurs where a job applicant or employee is treated less favourably because of their disability ...
Trademark owners have already faced a number of changes since the Trademark Modernization Act (“TMA”) first began to take effect in 2021. However, it’s a small change to the provisions regarding attorney representation at the US Trademark Office that may have the most costly impact to trademark owners and lead to an unintended loss of rights. The provision is 37 CFR § 2 ...
The UK's competition authority (CMA) unusually cleared a merger (Sony Music / AWAL) after nine months of investigation. Could a Phase 2 investigation have been avoided? On 16 March 2022 the Competition and Markets Authority (CMA) issued its final report into the completed acquisition by Sony Music Entertainment (Sony Music) of AWAL and Kobalt Neighbouring rights businesses from Kobalt Music Group Limited ...
Changes to the rules relating to the use of red diesel will come into effect from April 1 2022 as a result of amendments to the Hydro Carbon Oil Duties Act 1979. The new rules set out a list of “excepted machines” which are allowed to use red diesel. A vehicle that is used for a purpose related to agriculture, aquatic farming, horticulture and forestry is allowed to use red diesel and can be used on the public road if the use is for one of those purposes ...
