“Britain’s most senior law officer has appeared to undermine the government’s own argument that any inquiry into the current banking scandal needed to happen as quickly as possible.”
The Guardian, 5th July 2012
Source: www.guardian.co.uk
“Prime Minister David Cameron has announced a parliamentary review of the banking sector in the wake of the Barclays inter-bank lending furore.”
BBC News, 2nd July 2012
Source: www.bbc.co.uk
“Banks faced fresh criticism about their treatment of customers on Friday after the Financial Services Authority said the big four high street banks – Barclays, RBS, Lloyds and HSBC – might need to compensate small business customers.”
The Guardian, 29th June 2012
Source: www.guardian.co.uk
“Pressure was growing yesterday for the bankers involved in interest-rate fixing to face criminal charges.”
The Independent, 2nd July 2012
Source: www.independent.co.uk
“A deal worth at least £10m between banking giant Goldman Sachs and the head of HM Revenue and Customs is set to be challenged in the high court on Wednesday by tax-avoidance campaign group, UK Uncut Legal Action.”
The Guardian, 13th June 2012
Source: www.guardian.co.uk
“Owner occupiers unable to afford their mortgages have sometimes entered into sale and rent back arrangements (‘SRBs’). Under a SRB, the house is sold, often at a discount, but the vendor remains in occupation under a lease granted by the purchaser. According to a 2008 OFT study, even though SRBs were a relatively new phenomenon there had been about 50,000 of them. At that time the SRB market was unregulated. The FSA began to regulate it in 2009. According to a recent FSA press release, ‘the entire SRB market is temporarily shut’. Nevertheless, it is apparent that many tens of thousands of SRBs must have taken place by now.”
Hardwicke Chambers, 24th May 2012
Source: www.hardwicke.co.uk
“This morning (16th February 2012) the Court of Appeal handed down judgment in the case of Simcoe v Jacuzzi Group UK PLC. The case is, in effect, the appeal against HHJ Stewart QC’s judgment in Gray v Toner (Liverpool County Court, 11th November 2010) and provides the answer to the questions which have bedevilled detailed assessments for the last 18 months or so – from what date does interest on costs usually run and does the fact the Claimant was on a CFA provide a reason to not award interest until the costs are assessed”
Full story (PDF)
4 New Square, 16th February 2012
Source: www.4newsquare.com
Simcoe v Jacuzzi UK Group plc [2012] EWCA Civ 137; [2012] WLR (D) 35
“The date from which interest ran on an award of costs in the county court in favour of a successful litigant was, by reason of article 2 of the County Court (Interest on Judgment Debts) Order 1991, the date the order for costs was made, not the date on which costs were assessed or agreed. The discretion granted in making an award of costs by CPR r 40.8 did not apply and was ineffective in that court.”
WLR Daily, 16th February 2012
Source: www.iclr.co.uk
“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”
The Guardian, 7th December 2011
Source: www.guardian.co.uk
Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351
“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”
WLR Daily, 5th December 2011
Source: www.iclr.co.uk
“Parties in complex court cases who are forced to take out loans at a high rate of interest to pay their legal costs can recover the full amount of that interest from the other party in certain circumstances, a court has said.”
OUT-LAW.com, 3rd November 2011
Source: www.out-law.com
Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna (Case C-546/09); [2011] WLR (D) 123
“Interest on arrears in relation to customs duties still to be recovered could only be charged pursuant to article 232(1)(b) of Regulation 2913/92, as amended, in respect of the period falling after the deadline by which those duties were to be paid.”
WLR Daily, 31st March 2011
Source: www.iclr.co.uk
Please note that once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”
The Guardian, 2nd August 2010
Source: www.guardian.co.uk
“A credit broker administration fee and the interest payable on it were properly included in the charge for credit within the meaning of the Credit Consumer Act 1974 and the Consumer Credit (Total Charge for Credit) Regulations 1980, and accordingly, since those items did not form part of the amount of credit as set out in a loan agreement made between parties in 2005, that amount was correctly stated and the agreement was enforceable.”
WLR Daily, 8th July 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“A contract’s liability cap applies to interest on payments that is part of that contractual agreement but does not apply to statutory interest applied by a court, the High Court has said.”
OUT-LAW.com, 4th March 2010
Source: www.out-law.com
“An interest rate of 15% agreed in a contract between two companies was not a penalty and was justified, the Court of Appeal has said. The interest, which had been ruled unlawful, can be charged, said the Court.”
OUT-Law.com, 30th July 2009
Source: www.out-law.com
Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3)
Court of Appeal
“Mistakes in a supplier’s invoice did not enable the paying party to avoid late payment interest penalties.”
The Times, 4th March 2009
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 from the date of publication.
“A ‘notice of an amount of the debt’ within the meaning of s4(5) of the Late Payment of Commercial Debt (Interest) Act 1998 did not have to be correct before the court could award interest for late payment of an invoice.”
WLR Daily, 2nd March 2009
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”
OUT-LAW.com, 2nd March 2009
Source: www.out-law.com
“Credit card companies will no longer be able to raise interest rates overnight, and will only be able to implement an increase twice a year, under a new government agreement.”
The Guardian, 12th December 2008
Source: www.guardian.co.uk
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