In Focus
  • The Past Is the Present? New York Legislature Passes Retroactive Foreclosure Bill
    It is not the easiest time to be in the mortgage business. Mortgage investors and servicers continue to deal with the fallout from the COVID-19 pandemic and its effects on borrowers. Rising interest rates could drain the plentiful supply of refinance business from prior years and deter hopeful homebuyers from seeking new financing. Now, the New York legislature has added another layer of complexity by passing a bill that would significantly impact the residential mortgage foreclosure process in New York. The New York legislation has been approved by both houses of the New York legislature and, if enacted, would significantly constrain lenders’, servicers’ and investors’ ability to efficiently prosecute foreclosure actions and would potentially jeopardize their ability to recover their mortgage debt. This Legal Update further discusses the legislation.
  • Divesting Overseas Businesses: Strategic Legal Issues and Risks for Japanese Companies
    As business objectives evolve, Japanese companies are increasingly looking to sell their non-core subsidiaries and business lines abroad. Once the strategic decision has been made to sell an overseas business, there are a number of potential issues for seller management to consider regarding how the sale could impact other existing businesses or future business. This article discusses some of the potential risks to consider and plan ahead for.
  • Default on a secured loan facility: the English High Court considers a lender's right to terminate
    In Lombard North Central Plc v European Skyjets Ltd, the English High Court has found that a loan agreement had been validly terminated by a lender following the default of a borrower, despite the lender having waived (through its conduct) its right to rely on certain other breaches.  Although the dispute arose in the context of a finance transaction, the Court was asked to consider various issues which are likely to be relevant to most English law governed commercial contracts.
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