‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’
OUT-LAW.com, 12th March 2021
Source: www.pinsentmasons.com
‘In Primus International Holding Company & Ors v Triumph Controls – UK Ltd & Anor [2020] EWCA Civ 1228, the Court of Appeal grappled with the proper interpretation of “goodwill” in a commercial contract, considering the natural meaning of “goodwill” in the commercial context and the definition prevalent in accounting practice. The case provides a useful reminder of the approach taken by the courts when construing contracts, highlighting the need for parties to spell out clearly their intended meaning of a term in their contractual agreement if they wish to depart from its ordinary and natural meaning.’
Hardwicke Chambers, 4th November 2020
Source: hardwicke.co.uk
‘Businesses across the United Kingdom are facing treacherous times. The COVID-19 pandemic and its consequent restrictions have caused many businesses to suffer a pronounced drop in income, turnover and profits whilst still being liable to pay overhead costs such as rent to landlords. When businesses start to re-open, they will need to find a way to pay the overhead costs accrued during the COVID-19 pandemic, as well as ongoing costs.’
3 Hare Court, 2nd November 2020
Source: www.3harecourt.com
‘Large companies and financial institutions in the UK will have to come clean about their exposure to climate risks within five years under the terms of a tougher regime announced by the chancellor, Rishi Sunak.’
The Guardian, 9th November 2020
Source: www.theguardian.com
‘The Government has asked the Law Commission to investigate the laws around corporate criminal liability and provide options to reform them.’
Law Commission, 3rd November 2020
Source: www.lawcom.gov.uk
‘Any company with “lumpy” profits which would be disadvantaged by a time-based apportionment of oil-related profits for UK tax purposes is entitled to elect for a different profit apportionment method, the Court of Appeal has ruled.’
Out-Law.com, 2nd November 2020
Source: www.pinsentmasons.com
‘In this article Richard Bottomley gives an overview of what Company Voluntary Arrangements (“CVAs”) are, when they are used and the advantages and disadvantages to the company and creditors.’
3 Hare Court, October 2020
Source: www.3harecourt.com
‘In its Judgment handed down on 12 October 2020, [[2020] UKPC 24], the Privy Council, comprised of Lord Hodge, Lord Briggs, Lady Arden, Lord Leggatt and Lord Burrows, provided a welcomed clarification of the law applicable to the just and equitable winding-up of a company; with a particular emphasis on the alternative rules which apply to those companies having the status of a quasi-partnership.’
Exchange Chambers, 16th October 2020
Source: www.exchangechambers.co.uk
‘Time flies when you are having fun, or so the saying goes. I think it flies whether you are having fun or not, although I’m sure we’ve all experienced those moments when it isn’t flying at all and it feels like it has stood still. As Pink Floyd famously sang, “Ticking away the moments that make up a dull day”. You may wonder why I am talking about time. Well, it’s because of the events leading up to Fraser J’s judgment in John Doyle Contractors Ltd v Erith Contractors Ltd. They are all to do with time.’
Practical Law: Construction Blog, 29th September 2020
‘Hot on the heels of the Supreme Court’s decision in Bresco Electrical Services Ltd v Michael J Lonsdale (Electrical) Ltd, in what may be the first summary judgment to enforce an adjudicator’s decision in favour of a party in administration, we have successfully represented the claimant in Styles and Wood Ltd (in administration) (S&W) v GE CIF Trustees Ltd.’
Practical Law: Construction Blog, 1st October 2020
‘In this case comment, David Bridge and Jessica Foley, both solicitor-advocates within the CMS litigation & arbitration team, comment on the decision handed down by the UK Supreme Court earlier this summer in the matter of Sevilleja v Marex Financial Ltd [2020] UKSC 31, which concerned whether the rule against reflective loss bars creditors of a company from claiming directly against a third party for asset-stripping the company.’
UKSC Blog, 4th September 2020
Source: ukscblog.com
‘For over twenty years, section 233 of the Insolvency Act 1986 (“IA 1986”) has restricted the contractual freedom of parties, but only in the context of a narrow range of contracts for the supply of utilities such as gas, water and electricity when a company enters into a specified insolvency process. In 2015, further restrictions to the enforcement of insolvency related contract terms were introduced, though again only with regard to this narrow range of contracts. The new section 233B IA 1986, by contrast, is far broader in scope and puts a significant dent in the ability of parties to enforce and vary contractual terms. This article considers the implications of the new provision, which entered into force on 26 June 2020.’
Forum Chambers, 10th August 2020
Source: www.forumchambers.com
‘In a much-anticipated judgment, the Supreme Court in Sevilleja v Marex Financial Ltd unanimously allowed an appeal against a decision which, if it had been allowed to stand, would have denuded the intentional economic torts of much of their practical utility.’
Hardwicke Chambers, 28th July 2020
Source: hardwicke.co.uk
‘The appeal to the Supreme Court in Sevilleja v Marex Financial Ltd [2020] UKSC 31 re-states the principle that a company’s shareholders cannot recover damages against a wrongdoer for loss which is “reflective” of a loss caused by the wrongdoer to the company itself.’
Hailsham Chambers, July 2020
Source: www.hailshamchambers.com
‘The Children’s Investment Fund Foundation is a charitable company with more than $4bn in assets helping children in developing countries. It was founded by Sir Christopher Hohn and Ms Jamie Cooper in 2002, but it became difficult to manage when their marriage broke down. These proceedings stem from the steps they took to resolve those difficulties. Specifically, they agreed that in exchange for a grant of $360 million to Big Win Philanthropy, a charity founded by Ms Cooper, she would resign as a member and trustee of CIFF.’
UKSC Blog, 29th July 2020
Source: ukscblog.com
‘The Supreme Court’s decision in Sevilleja v. Marex Financial Ltd, 15 July 2020, fundamentally restates the doctrine of reflective loss in company law so that:
A claim by a company’s creditor against a third party will not be barred where it reflects loss suffered by the company, even if the creditor is also a shareholder; and
There is no longer an exception to the doctrine where the wrongdoer has brought about the company’s impecuniosity.’
4 New Square, 17th July 2020
Source: www.4newsquare.com
‘The City regulator will on Monday begin a test case on behalf of thousands of businesses that claim they should have been paid by insurers to cover closures during the coronavirus pandemic.’
The Guardian, 20th July 2020
Source: www.theguardian.com
‘This article has been prepared by two barristers at 33 Bedford Row outlining the basic principles in relation to redundancy as well as calculation of any redundancy payment.’
33 Bedford Row, 30th June 2020
Source: www.33bedfordrow.co.uk
‘On 27 April 2020 the British Institute of International and Comparative Law (BIICL) published Breathing Space – a Concept Note on the effect of the pandemic on commercial contracts. The central thesis is that to mitigate the damaging effects of COVID-19 on the global economy, private law should encourage compromise and mediation rather than a zero-sum rush to terminate contracts and then to litigation and arbitration.
3 Hare Court, 29th June 2020
Source: www.3harecourt.com
‘In the past week, thousands of people have lost their jobs across the UK due to the impact of Covid-19.’
Each Other, 7th July 2020
Source: eachother.org.uk
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