In 2006, the Colorado Legislature passed HB 06-1387, which produced significant changes to Colorado’s foreclosure laws. Although the majority of the changes were to take effect July 1, 2007, the 2007 Legislature passed HB 07-1157, which made additional changes and pushed back the effective date for many of the 2006 modifications to January 1, 2008. This alert summarizes the most significant changes that will affect both lenders and borrowers and provides a revised timeline for the foreclosure process after January 1, 2008.

SUMMARY OF CHANGES 

In Rainy Sky S.A and six others v Kookmin Bank [2011] UKSC 50, the Supreme Court provided useful guidance on the role of business common sense in construing a clause in a commercial contract, particularly in circumstances where there are competing plausible constructions, neither of which is clearly preferable on the language used alone.

The facts

The global crisis and the rights of foreign creditors of Sovereign States

The global financial crisis has been well documented in the press, with one recent headline in The Times reading “Like Iceland, Ireland can refuse to pay up”. Claims that States face bankruptcy not unnaturally raise the alarm bells for the financial markets. Can States be sued if they default in payment? RPC recently enforced a claim against assets of an EU State, as discussed below...

Bankrupt States: A misnomer

Proposed changes in Italian law mean that it should become easier to create certain types of security in Italy and to recover debt. The relevant law is Decree-law no. 59/2016 (“Urgent provisions on insolvency and executive procedures’’) which came into force on 4 May 2016 and which should be converted into binding law by early July.

The main changes introduced by the Decree are as follows:

Key Issues

The transaction documents (eg ISDA, GMRA or prime brokerage agreements) for derivatives transactions (or other transactions involving netting provisions) are usually governed by English law or New York law. However, there are a number of local law issues which our clients should consider when proposing to enter into such transactions with offshore counterparties, including the following key issues:

In the matter of the representation of Anglo Irish Asset Finance [2010] JRC087

This is the latest decision of the Royal Court in relation to an application by a UK creditor (a bank) for a letter of request to be issued to the English High Court requesting that an administration order be made in respect of a Jersey company.

[2007] NZCA 122

Decision of The Court Of Appeal of New Zealand on Sham and Alter Ego Trusts

Facts and Decision  

“The question that he frames in all but words

Is what to make of a diminished thing.”

                             Robert Frost, “The Oven Bird”

In the last issue of Franchise Alert, we discussed how to spot signs of franchisee financial distress at an early stage. Here, we present some steps franchisors can take to deal with financially distressed franchisees.

Update Files

Part I: Spotting a Financially Troubled Franchisee in Time to Do Something about It