‘Trial of the century’ takes on Hell or High Water clause

Among US equipment leasing lawyers, there is perhaps no contractual provision more important, more universal, more indispensable - perhaps more sacrosanct - than the widely revered and utilized hell-or-high-water clause. Under this provision, which appears in one form or another in virtually every commercial equipment lease agreement signed over the past 40 years, the lessee agrees that the lease is non-cancelable, that the lessee’s obligations under the lease are irrevocable, that rental payments must continue to be made under any and all circumstances (including the loss or destruction of the leased equipment), and that all defenses, setoffs, and counterclaims to any action for enforcement of the lessee’s obligations are waived.

‘Trial of the century’ takes on Hell or High Water clause

Jan 09, 2018

Among US equipment leasing lawyers, there is perhaps no contractual provision more important, more universal, more indispensable - perhaps more sacrosanct - than the widely revered and utilized hell-or-high-water clause. Under this provision, which appears in one form or another in virtually every commercial equipment lease agreement signed over the past 40 years, the lessee agrees that the lease is non-cancelable, that the lessee’s obligations under the lease are irrevocable, that rental payments must continue to be made under any and all circumstances (including the loss or destruction of the leased equipment), and that all defenses, setoffs, and counterclaims to any action for enforcement of the lessee’s obligations are waived.

UK tax-based leasing survives accounting changes

A consultation document issued in December by HM Revenue & Customs (HMRC) confirms the apparent implication of a Budget day announcement last month. The UK authorities have now broadly decided how the rules for the tax treatment of plant and machinery leases (including those of vehicles) should change as a result of the new international lease accounting rules in the IFRS 16 standard, bringing all leases on the lessees' balance sheets. They have done so in a way that will be widely welcomed by the leasing industry.

UK tax-based leasing survives accounting changes

Dec 21, 2017

A consultation document issued in December by HM Revenue & Customs (HMRC) confirms the apparent implication of a Budget day announcement last month. The UK authorities have now broadly decided how the rules for the tax treatment of plant and machinery leases (including those of vehicles) should change as a result of the new international lease accounting rules in the IFRS 16 standard, bringing all leases on the lessees' balance sheets. They have done so in a way that will be widely welcomed by the leasing industry.

Leaseurope urges caution following approval of new accounting rules

Leaseurope has called for restraint in the roll out of new international accounting standards after they received EU approval. The international lease accounting standard IFRS 16 received official endorsement last week and is set to become mandatory from January 2019.

Leaseurope urges caution following approval of new accounting rules

Nov 17, 2017

Leaseurope has called for restraint in the roll out of new international accounting standards after they received EU approval. The international lease accounting standard IFRS 16 received official endorsement last week and is set to become mandatory from January 2019.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.