The VAT domestic reverse charge - referred to below as the reverse charge - is a major change to the way VAT will be collected in the building and construction industry. The reverse charge regime will come into effect on 1 March 2021 and will in many instances require customers receiving building and construction services to pay the VAT due directly to HMRC, instead of paying the supplier. This is a fundamental change to the way in which VAT is administered on construction contracts ...
As we take stock on 2022, and look forward to 2023, let’s briefly reflect on some of the topics that are current with our Living sector teams and clients ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim. If the release language is too broad, however, the agreement may provide the government a legal defense to the pass-through claim known as the Severin doctrine ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from any liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim ...
On April 17, a bill was introduced in the United States House of Representatives seeking to create the Rent and Mortgage Cancellation Act of 2020. The primary feature of the bill is it would suspend all rent and mortgage payments due during the COVID-19 pandemic, beginning on April 1, 2020 and ending 30 days after the termination of the pandemic by the Federal Emergency Management Agency. The tenants and mortgagees would have no responsibility to ever make those payments ...
From 2010 until 2013, approximately $1.4 trillion1 of commercial real estate loans will mature. Notably, it has been estimated that nearly 50 percent2 of the loans are under water and that a wave of defaults and bankruptcies may occur. Because many of the commercial real estate loans are secured by a single parcel of real estate, it is critical that lenders and debtors be aware of the rules governing Single Asset Real Estate (SARE) Chapter 11 cases ...
Once a company files a Chapter 11 bankruptcy petition (to sell its assets, reorganize or liquidate), Bankruptcy Code § 1114 sets forth a detailed procedure for the employer to follow to modify or terminate certain retiree benefits. Among other things, § 1114 imposes on the employer the burden of showing that the elimination or modification of benefits is necessary to permit reorganization ...
Industrial facility owners and operators in West Virginia should be aware of new reporting requirements that will soon go into effect. In addition to currently mandated notifications to federal, state, and local agencies after certain events occur, some facilities will soon be required to notify the state within 15 minutes of discovering specific types of emergency events or be subject to a fine of up to $100,000 ...
On 19 January 2022, the Scottish Government approved legislation that will require local authorities to set up licensing schemes for short-term lets, and require all short-term let properties to hold a suitable licence ...
On top of the multiple challenges hitting retail and leisure landlords and occupiers arising from COVID-19, the news that Intu has had to write down the value of its shopping centre portfolio by nearly £2 billion came as further bad news. Intu owns multiple high-profile retail and leisure locations across the UK (including The Trafford Centre in Manchester and the Lakeside complex in Essex) and on 12 March was widely reported as being at risk of insolvency ...
We have recently witnessed several Swedish governmental decisions and recommendations that restrict citizens and businesses, in order to reduce social contact due to the outbreak of Covid-19. However, so far the authorities have not made any decrees that force tenants to close their businesses, such as restaurants and shops, or that prevent landlords from fulfilling their duty to provide the premises ...
Ownership of mines and minerals separately to surface land poses a risk for developers that must be assessed and mitigated as appropriate. It is not uncommon for mines and minerals to be owned separately to the land at the surface and in certain areas of the country, particularly the north, it is frequently encountered ...
The Government has published its response to questions regarding “in occupation” higher-risk buildings. Part 4 of the Building Safety Act 2022 (BSA) contains provision about the management of building safety risks in occupied higher-risk buildings. The draft Higher-Risk (Key Buildings Information etc) (England) Regulations 2023 sets out in more detail the allocation of responsibilities and obligations to be provided under that Part ...
A commercial lease does not end on the sole basis that the lessee declares bankruptcy; to the contrary, the Bankruptcy and Insolvency Act (“BIA”) provides that the property of the bankrupt, including the lease, is vested in the trustee. In fact, the terms of the lease are what make it possible for the lessor to terminate the lease should the lessee declare bankruptcy ...
Knowing what to expect when going into the sale process and teaming up with experienced advisors is critical to making the sale of your business the crowning achievement of all of your hard work. This article discusses several steps in certain business sales, using a hypothetical company named ABC Manufacturing, and provides tips for success at each stage ...
UK REACH (Registration, Authorisation, Evaluation and Restriction of Chemicals) is the UK’s post-Brexit chemicals regulatory framework for the Great Britain (GB) market. It is regulated by the Health and Safety Executive (HSE) and has the overall aim of ensuring the protection of human health and the environment from the use of chemicals. UK REACH places responsibility for understanding and managing the risks associated with the use of chemicals on those who place them on the market (i.e ...
Revised EPC regulations: Where commercial premises larger than 500m² are frequently visited by the public and have an EPC, it must now be displayed at the premises. This new requirement was introduced by the Energy Performance of Buildings (England and Wales) Regulations 2012, which came into force on 9 January 2013. They replace all existing regulations on energy performance certificates, display energy certificates and air conditioning inspections ...
The recent Supreme Court of Appeal (“SCA”) case of Transnet v Total is important not only for those in the petroleum industry, but also, more generally, when it comes to aspects of competition and discrimination, as well as the impact of changes in the law on existing contracts and vested rights ...
The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers with single-family loans and multifamily loans. However, only one of the forbearance provisions has a clearly defined period when the rights are available ...
Key Points The FDA will exercise enforcement discretion when Nutrition and Supplement Facts Labels (a) exclude allulose from Total Sugars and Added Sugars declarations, and (b) use as low as 0.4 kcal/g for allulose calorie count; but allulose must be included as a Total Carbohydrate. Allulose is a basic form of carbohydrate that is naturally occurring in a variety of sweet foods, such as raisins, maple syrup, and brown sugar ...
In Rushbond Plc v The JS Design Partnership LLP, England’s Technology and Construction Court held that the Defendant firm of architects was not liable for damage to the Claimant’s property caused by a fire started by intruders, when one of its architects left the door to the property open while inspecting it for a potential purchaser ...
In the recent case of Atkins China Ltd v China State Construction Engineering (Hong Kong) Ltd, HCMP 1193 2020, the Plaintiff sought in its Originating Summons (i) a declaratory judgment that, as a matter of construction, a settlement agreement entered into between the parties had settled all claims and counterclaims arising under a Design Agreement; and (ii) a final injunction restraining the Defendant from taking further steps in the arbitration proceedings commenced in the name of the
