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Underperforming real estate: Can REIT (funds) assist developers in the UAE?
Afridi & Angell, July 2020

During these unprecedented times, developers all over the world are actively looking for solutions to deal with underperforming real estate. For developers in the United Arab Emirates (UAE), real estate investment funds (otherwise known as REITs) may offer a solution to the problem. A REIT is a public or private investment fund which is established to invest a certain percentage (as stipulated by law) of its assets in real estate...

Golden Visa: The Conditions and Requirements to Obtain and Renew an Investment Residence Permit in Portugal
PLMJ, July 2020

The regulations of the legal framework for foreigners in Portugal and the procedure and rules to be followed by applicants for Investment Residence Permits (normally referred to as “Golden Visas” or “ARIs”), provide for a large number of investment models within the eight types of investment activity with the following specifics. Investment activities a) Transfer of capital of at least EUR 1,000,000...

Synthetic W&I Solutions Post Covid-19
Shoosmiths LLP, June 2020

We are seeing an increase in the use of warranty and indemnity insurance (W&I) on transactions, which is a theme we expect to continue as buyers target companies that are in financial distress in the wake of Covid-19. W&I has become commonplace in the UK M&A market as a way to ‘bridge the gap’ between buyer and seller when allocating risk...

COVID Program - RENT Before Starting (UPDATE 02)
Kocian Solc Balastik, June 2020

The state contribution for commercial leases to entrepreneurs with forcibly closed establishments will be launched on June 26, 2020 at 9 AM. If the entrepreneur has negotiated a 30% discount on the rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June...

Protection for Commercial Tenants in Alberta Now Available in the Wake of COVID-19
Lawson Lundell LLP, June 2020

Protection for commercial tenants, similar to what was previously announced in British Columbia, is now potentially coming to Alberta. See the Alberta government’s news release, dated June 16, 2020. On June 16, 2020, the Alberta government introduced Bill 23: the Commercial Tenancies Protection Act, which is intended to protect commercial tenants from evictions and lease terminations during the COVID-19 pandemic...

Buchalter COVID-19 Client Alert: Financial Accommodations for Airport Tenants in Response to COVID-19
Buchalter, June 2020

Airport sponsors and their legal counsel have been forced by the COVID-19 pandemic to exercise judgment and make tough decisions regarding the financial accommodations they will offer their commercial aeronautical tenants to help them weather the current storm...

Can a Contractor Sue on a Quantum Meruit Basis after Terminating a Contract for Repudiation?
Deacons, June 2020

In the recent case of Peter Mann v Paterson Constructions Pty Ltd [2019] HCA 32, the High Court of Australia had to consider whether remuneration for work and labour done by the Respondent for the Appellants under a domestic building contract, before the contract was terminated by the Respondent’s acceptance of the Appellant’s repudiation, was recoverable by the Respondent under the contract, or alternatively, as restitution for unjust enrichment (on a quantum meruit basis) a

Proposed Legislation Would Create New Protections for Michigan Residential Borrowers and Tenants During States of Emergency
Dykema, June 2020

In response to the ongoing COVID-19 crisis and its resulting adverse effects on the income levels of Michigan residents, a package of bills (2020 SB 912 through 2020 SB 917) was introduced earlier this month to provide additional protections for residential tenants and owner-occupants during a declared state of emergency...

Challenges for Insurers from the COVID-19 Pandemic
Wardynski & Partners, June 2020

The unstable economic situation connected with the COVID-19 pandemic is also impacting the insurance industry. Dependent on global phenomena and trends, the insurance market will soon have to face anew economic reality, develop appropriate solutions for clients, and prepare to defend against claims...

Does a Property Insurance Policy Still Provide Coverage if a Business does not Reopen after the COVID-19 Stay At Home Orders are lifted?
Verrill, June 2020

Most property insurance policies in today’s market include a provision that causes coverage to lapse if the property is vacant (as defined by the policy) for a period in excess of 30 days. Fortunately, insurers have generally not enforced this limitation while businesses were under the COVID-19 orders that precluded them from being open to the public. As a result, in most situations, the property policies continued to provide coverage even if the buildings were arguably vacant...

Government Releases Commercial Rent Relief Package
MinterEllisonRuddWatts, June 2020

You may well have seen announcements in the media last week around a Government ‘rent relief package’ for commercial tenancies affected by COVID-19, which involves an implied rent relief clause to be incorporated into ‘qualifying’ leases, and a compulsory arbitration scheme that will apply where parties are unable to agree a fair abatement of rent...

The New Insurance Landscape in the Face of COVID-19
MinterEllisonRuddWatts, June 2020

Business interruption (BI) insurance policyholders across the globe have raised concerns around their insurers’ responses to their claims for business interruption losses arising from the COVID-19 pandemic. With many countries in lockdown, many businesses have been significantly affected. Those business have typically found that their claims for lost revenue/profit have been declined. Many BI policies contain specific exclusions for loss arising from pandemics such as COVID-19...

Law No. 21,232 that Amends Law No. 21,227, Which Authorizes Access to the Benefits of the Unemployment Insurance under Law No. 19,728 in Exceptional Circumstances, in the Matters it Indicates
Carey, June 2020

On April 6, 2020, Law No. 21,227 entered into effect, authorizing access to the benefits of the unemployment insurance in the context of the sanitary crisis caused by Covid-19 (hereinafter, the “Law on Employment Protection” or “LEP”). In order to improve the practical application and implementation of the aforementioned act, on June 1, 2020, Law No...

Commission for the Financial Market Pronounces Regarding the Scope of the Application and Effects of the New Article 30 of Law No. 21,227 - Covid Unemployment Insurance Law
Carey, June 2020

The Commission for the Financial Market (“ CMF ”), on May 28, 2020, has issued the Official Letter No. 22,260 (the “ Official Letter ”) in response to the pronouncement request sent by the Treasury Minister of the Chilean Government, Mr Ignacio Briones Rojas, to clarify the scope of the enforcement and the effects of the new article 30 of Law No. 21,227, which empowers the access to the unemployment insurance benefits provided in Law No...

COVID-19: A Practical Guide to Business Interruption Insurance Claims
Shepherd and Wedderburn LLP, June 2020

  Do I have a COVID-19 business interruption claim? Particularly if you operate in the leisure, retail or hospitality sectors, your business has likely suffered significant financial losses from the disruption caused by COVID-19. In trying to alleviate the impact of those losses, you might have identified that your business’s insurance policy offered cover for ‘business interruption’ (or ‘BI’)...

CEQA Reform in the COVID Era? The California Senate Housing Production Package Moves Forward
Hanson Bridgett LLP, June 2020

Key Points A five bill, California Senate housing package heads to Appropriations after unanimously passing key committee votes last week. CEQA streamlining, increasing density, and affordable housing remain top priorities, including one bill seeking to incentivize commercial use conversion to residential use...

External Circular No. 019 -2020 of the UPME
Brigard Urrutia, June 2020

Regarding its functions, the UPME has been monitoring the demand for electrical energy and natural gas on a daily basis, in order to identify the impact of the measures taken to mitigate the effects of COVID-19 on the consumption of these energies. The following conclusions have been reached from this monitoring: Energy demand fell in April by 16.92% compared to the average scenario projected by the UPME and by 11.10% so far in May...

Covid Programme - Commercial Rent Relief
Kocian Solc Balastik, June 2020

The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched...

New York City Enacts Law Affecting Enforceability of Certain Commercial Lease Guaranties for COVID-Affected Businesses
Haynes and Boone, LLP, May 2020

On May 26, 2020, the Mayor of New York City, Bill de Blasio, signed a broad COVID-19 relief package into law, to supplement existing federal and state relief measures. The new legislation included several amendments to the Administrative Code of the City of New York (the “Code”) that affect commercial landlords and tenants, including N.Y.C. Council Int. No. 1932-A (“Local Law 1932-A”)...

COVID-19 and E-Commerce are Changing Retailers' Real Estate Footprints
Hunton Andrews Kurth LLP, May 2020

The COVID-19 pandemic has driven a large shift toward online retail transactions. In April of 2020, nonstore sales, mostly conducted through e-commerce, increased by nearly 30 percent while overall retail sales in the US are down 16 percent year over year, according to the Department of Commerce. The recent flood of e-commerce has left unprepared retailers struggling to fulfill orders, as they currently lack the requisite warehouse space and other supply chain capabilities...

The Impact of the New SEC Amendments on REITs Real Estate Operations and Triple Net Leases
Waller, May 2020

While the SEC’s amendments described in our prior blog post (locatedhere) provide relief to companies in a number of industries – including oil and gas, foreign private issuers, business development companies, and investment funds – we’re taking a closer look at the impact the amendments will have REITs and other real estate companies...

Subchapter V and the Single Asset Real Estate Debtor in a COVID-19 World
Spilman Thomas & Battle, PLLC, May 2020

Over a year ago, Congress amended the Bankruptcy Code to create Subchapter V, with the intent of encouraging small businesses (defined as those with less than $2,725,625.00 in debt) to file reorganization plans more often by saving certain costs of a routine Chapter 11. Congress then passed the CARES Act in response to the COVID-19 pandemic, raising the debt limit to $7,500,000.00...

Removal Ruling Raises Questions about Where COVID-19-Related Business Interruption Claims Should be Heard
Dinsmore & Shohl LLP, May 2020

Business interruption insurance claims related to the COVID-19 pandemic have raised numerous questions for practitioners, businesses, and insurers...

Court Tosses Patent Attorney’s Qui Tam Based on Patent Appeal Board Decision, Calls it Quintessential ’Parasitic Lawsuit’
Dinsmore & Shohl LLP, May 2020

In Silbersher v. Valeant Pharmaceuticals International, Inc., the U.S. District Court for the Northern District of California dismissed a False Claims Act (FCA) qui tam lawsuit the court found was based largely on a Patent Trial and Appeal Board (PTAB) decision and thus violated the public disclosure bar. No. 3:18-cv-01496-JD, 2020 U.S. Dist. LEXIS 82548, at *22–27 (N.D. Cal. May 11, 2020)...

Insurance Recovery During the COVID-19 Pandemic: Navigating Your Policy's Microbe and Pollution Exclusions
Haynes and Boone, LLP, May 2020

As corporate policyholders continue to submit claims to their insurers for business interruption and related losses sustained from the COVID-19 pandemic, insurers appear to be denying such claims routinely where the policies at issue contain exclusionary language specific to viruses — whether in stand-alone virus exclusions or other types of exclusions...

 

 

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