The New York Commercial Financing Disclosure Law (“CFDL”) imposes consumer-style disclosure requirements for a variety of commercial financing transactions, including loans, sales-based financing, including merchant cash advances, and factoring transactions. The original bill, SB 5470, was signed into law in December 2020 and then amended by SB 898 in February 2021.
State or federally chartered
The transition away from LIBOR is imminent and lenders and borrowers should be thinking about how this will impact on both new and existing finance transactions.
As USD is the most prevalent LIBOR currency used in shipping transactions, this article focuses on the current position as it relates to USD LIBOR.
Purchasing or investing in distressed businesses gives rise to complexities and considerations that are not typically present in ‘good book’ deals. Considerations for buyers and investors in such circumstances include the need to pay careful attention to structuring the transaction from the outset, the applicability of insolvency laws and the extent and duration of due
Presumably everyone is tired of hearing about COVID-19. However, there is no doubt that its all-encompassing impact on the world’s economic activity has adversely affected most industries, including transportation, and has ultimately affected companies’ balance sheets. IATA reported that in April 2020, global aviation demand was down by 94.3 percent compared to April 2019. By
On June 19, 2020, the long-awaited Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 (the Ordinance), which introduces concessionary tax regimes for qualifying ship lessors and ship leasing managers, finally came into effect.
The Ordinance is a follow-up of the well-received tax concessions policy for aircraft leasing businesses in Hong Kong, and the new
The world is going digital and equipment lease transactions are no exception. Today, business is increasingly conducted online, and the necessity to do so has only been amplified with the COVID-19 health crisis. Luckily, because the movement of transactions into the digital space was already well underway prior to COVID-19, the law and the market
The COVID-19 pandemic has taken the world largely by surprise, especially as regards the speed with which countries have closed their borders, restricted travel and seen a sharp drop in economic activity. The outbreak has had a significant negative impact on the aviation and shipping sectors, with an increasing number of countries partially or totally
Background
Leasing has been a staple of the aviation industry for more than 40 years, and has become increasingly attractive to the shipping industry over the last five years, particularly given the scarcity of traditional bank finance.
Until 2017, Chinese money was the dominant force – particularly in aviation finance. However, the Chinese government has
The shipping industry has experienced a very turbulent and somewhat negative decade since the 2008 financial crisis. The banking industry is a lot more regulated post-recession era and risk management is paramount. Many of the traditional shipping banks have either sought to leave the shipping industry altogether or have drastically reduced their exposure in response
The shipping industry is a major contributor to harmful air pollution, generating an estimated 2.5 percent of the world’s greenhouse gas emissions. In a global market, the maritime transport sector is depended on as a reliable and cost-effective means of transporting goods. The huge volume of shipping activity and direct impact of the industry on
