The Arbitration and Conciliation (Amendment) Act of 2015 seems to be an optimistic leap towards making India an investor friendly state.
Monthly Archives: July 2016
1.1. The Foreign Direct Investment (“FDI”) policy has been in a state of flux since last year, with sweeping changes being brought in with respect to FDI vis-à-vis various sectors. One such sector has been the ‘manufacturing sector’ which was defined and elaborated upon in the FDI policy, vide Press Note No. 12 of 2015 (dated November 24, 2015), last year (“Press Note 2015”).
A good HoTs will answer all key questions which may arise on the grant of a lease, so that negotiation on commercial issues isn’t required further down the line, saving both time and money in the long run. It is crucial for prospective tenants to think long and hard before entering into negotiations on lease terms. Some important questions include:
- Term: How long will the property continue to meet the business needs of the tenant? A small, fast growing company may outgrow a property in its first few years. It is important that the term of the lease is right and provides a sufficient break clause for the tenant, while maintaining the right balance against the costs of relocation and commercial upheaval.
Italy: New Provisions for Banks in Difficulties
On 3 May 2016, the Decree Law no. 59/2016 containing “Urgent measures on enforcement and bankruptcy proceedings, in favor of investors in banks in liquidation” was published in the Official Gazette.
The Decree Law no 59/2016 is intended to reduce the duration of the insolvency proceedings and to speed up the payment of creditors.
What type of Will do I need if I have foreign assets?
If you own foreign assets, then you should consider putting in place a foreign Will in the jurisdictions in which you own those assets, in addition to a UK Will. The advantage of this is that on your death, probate can be obtained more easily in each country if you have separate Wills to cover your assets in each jurisdiction. This could be an advantage, especially if your executors would like to use your foreign assets to pay any UK Inheritance Tax, as obtaining probate in a foreign jurisdiction first would enable your executors to have access to those foreign assets.
Fladgate congratulates the following partners on their inclusion as “Leaders in their Field” in the 2016 edition of Chambers Global, the guide to the world’s best lawyers. Individuals are ranked after extensive research by the Chambers team with opinions sought from clients, peers, referees and competitors.
Corporate/M&A (Experts Based Abroad)
Fladgate LLP is delighted to announce the appointment of real estate specialist Jenny Sargeant who joins from Macfarlanes LLP.
Jenny advises a full range of real estate, corporate and high net worth clients on all aspects of commercial real estate transactions, specialising in acquisitions, bespoke financings and complex corporate transactions involving real estate. Her two areas of particular expertise are in the hotels sector and providing specialist advice to both lenders and borrowers in complex real estate finance transactions.
NLRB Finds “Discharge” is an “Actual Discharge” and Violates the National Labor Relations Act Even if it is Immediately Reversed and Employee Suffers No Harm
The National Labor Relations Board (“NLRB” or “Board”) has reversed the findings of an Administrative Law Judge (“ALJ”) who found that an employee who was told he was fired and then almost instantly told by the owner of the company he worked for that he was not fired and continued to work without any loss of compensation or working time had in fact been unlawfully discharged in violation of the National Labor Relations Act (“NLRA” or the “Act”). It would seem that if “discharge is the ‘capital punishment’ of employment,” this case presents a rare example, in the Board’s eyes of an out of body after death experience, in which the executioner is held liable for killing someone who is unquestionably still alive.
A commentary by Julie Forest, from our Labour and Employment Law Group.
July 21, 2016 — Prior to July 14, 2016, employers under federal jurisdiction — in the transportation, banks and telecommunications fields, as well as certain Crown corporations — could legally dismiss a non-unionized employee without cause, merely by giving notice, just as they can under common law. Such a dismissal was thereby considered “just”. From now on, this practice is no longer allowed.
Following is an excerpt:
In the past few years, courts have been re-examining what constitutes adequate consideration for a restrictive covenant. In 2013, the Illinois Court of Appeals held, contrary to longstanding precedent, that in the absence of other considerations, mere employment constitutes adequate consideration for a restrictive covenant only if the employee remains employed for at least two years after signing the restrictive covenant.