Last summer, we wrote about New York City Administrative Code Section 22-1005, known as the Guaranty Law. This was a pandemic-era prohibition on enforcement of personal guaranties supporting commercial leases for defaults...more
Recently, two important court decisions ruled that a New York City local law known as the Guaranty Law, which rendered unenforceable certain guaranties of commercial lease obligations, was unconstitutional. One month later,...more
The saga continues now that a federal district court judge has ruled that N.Y.C. Local L. No. 55 of 2020 (also known as the Guaranty Law) is unconstitutional. The Guaranty Law, which sought to provide immediate monetary...more
Hoping to alleviate the immense damage to vulnerable communities inflicted by COVID-19 and racial inequities that have drawn the spotlight over the past year, foundations and other charitable institutions are digging deeper...more
Two recent cases from New York state court came out on opposite ends of the landlord-tenant and landlord-guarantor divides over COVID-19-related commercial lease disputes. On the pro-landlord end of the spectrum, in Mept 757...more
This article is the second in a series looking at how to address some of the issues affecting trade finance documentation and transactions in the current climate. The first article in this series analysed some of the...more
We have previously informed you that if you are a small business that needed to file bankruptcy to save your company, then you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code. The new...more
Due to the ongoing COVID-19 pandemic, lessees and lessors across many industries are attempting to ease economic tensions by agreeing to certain accommodations in respect of lessees’ obligations. In the aviation industry,...more
Can Airlines Seek Relief under EETC Financing? Due to the ongoing COVID-19 pandemic and the resulting economic malaise, lenders and investors are seeing a flood of requests from borrowers and issuers for relief on debt...more
On May 26, 2020, New York City Mayor Bill de Blasio signed into law Int. No. 1932-A, amending the New York City Administrative Code to prohibit enforcement of personal liability against natural persons for certain commercial...more
As the COVID-19 (Coronavirus) pandemic continues to have devastating effects on our nation’s economy, particularly for small businesses and restaurants struggling to make ends meet and stay afloat, relief has become available...more
Certain guarantors of restaurant, retail, and other commercial leases in New York City may soon be off the hook for tenant defaults occurring during the COVID-19 pandemic, thanks to a bill recently passed by the New York City...more