Bounce Back Loans, Injunctions and the Misappropriation of Funds – 33 Bedford Row
‘Make sure you can lawfully access the money, or you will find yourself paying a heavy penalty!’
33 Bedford Row, 4th June 2020
Source: www.33bedfordrow.co.uk
Category: loans
FCA warns banks not to put pressure on clients during Covid-19 crisis – The Guardian
‘The City watchdog is cracking down on UK banks that have been preying on corporate clients seeking financial help during the Covid-19 crisis.’
The Guardian, 28th April 2020
Source: www.theguardian.com
Law firm defeats broker’s claim for £100k introducer fee – Legal Futures
‘A Liverpool law firm has defeated the claim of a finance broker who sought a £100,000 fee for introducing it to a new loan provider.’
Legal Futures, 14th April 2020
Source: www.legalfutures.co.uk
A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled – OUT-LAW.com
‘A scheme of arrangement cannot compel a landlord to accept a surrender of a lease because this would interfere with the landlord’s proprietary rights, the High Court in England has ruled.’
OUT-LAW.com, 23rd January 2020
Source: www.pinsentmasons.com
Windrush man who served in British army for nine years told there is no record of him – The Independent
‘A Windrush man who was told the UK government had no record of him despite having spent nearly a decade serving in the British army says he is struggling to obtain compensation two years on.’
The Independent, 23rd january 2020
Source: www.independent.co.uk
Default Interest? That is just under 290% p.a. – KCH Garden Sq
‘An interesting part of my work involves advising and appearing in cases in which there are loans from companies that specialise in loans to “distressed borrowers”. I have acted both for and against loan companies in that area of business, and so I have been able to see the issues from both sides.’
KCH Garden Sq, 16th January 2020
Source: kchgardensquare.co.uk
Divorcee sues top law firm after taking out ‘crippling’ loan to pay for legal fight with husband – Daily Telegraph
‘A businesswoman who wrongly believed she would win a substantial divorce settlement from her wealthy husband is suing a top law firm after taking out a crippling loan to pay their fees.’
Daily Telegraph, 18th January 2020
Source: www.telegraph.co.uk
Solicitor duped by ‘fake’ wife fined for failing to check ID – Legal Futures
‘An experienced solicitor has been fined £20,000 for misconduct after being duped into accepting that a woman was who she said she was because he did not require documentary proof.’
Legal Futures, 16th January 2020
Source: www.legalfutures.co.uk
Secret Commissions: Wood v Commercial First Business – Case Analysis – Forum Chambers
‘This note is essential reading for mortgage providers, brokers and any practitioners with a practice or interest in civil fraud as the case constitutes perhaps the most detailed review of the law on secret commissions to date. In particular, it addresses the distinction between full secret commissions and so-called half-secret commissions where there is a partial disclosure. It clarifies the law in the area and solidifies the basis for a broker being held liable where a commission is only partially disclosed.’
Forum Chambers, 12th November 2019
Source: www.forumchambers.com
Can You Keep A Half Secret? (Wood v Commercial First) – New Square Chambers
‘The dispute centred around a mortgage broker receiving both a fee from the borrower and a commission from the lender. Mrs Wood obtained two mortgages and a further advance secured over her two farms from Commercial First Business Limited (“CF”), a provider of unregulated secured loans to commercial borrowers. CF only accepted applications via brokers. UK Mortgage and Financial Services Limited (“UKMFS”) acted as broker for Mrs Wood on all three transactions, receiving commissions of £30,600, £57,092.80 and £5,234.22 respectively. CF entered into securitisation agreements assigning the loans to various assignees prior to entering CVL.’
New Square Chambers, 5th November 2019
Source: www.newsquarechambers.co.uk
Follower notices invalid, says Court of Appeal – OUT-LAW.com
‘The Court of Appeal in England has quashed follower notices issued to a participant in a film partnership on the basis that tax authority HM Revenue & Customs (HMRC) could not have been of the opinion that the judicial ruling they were based on was relevant to the taxpayer’s case.’
OUT-LAW.com, 14th November 2019
Source: www.pinsentmasons.com
Court rejects debtor’s challenge to the validity of assignment of debt (Nicoll v Promontoria (Ram 2) Ltd) – Littleton Chambers
‘Restructuring & Insolvency analysis: James Bickford Smith, barrister at Littleton Chambers, examines the High Court’s decision in Nicoll v Promontoria (Ram 2) Ltd that the appellant debtor’s challenge to the validity of an assignment of his debt to the respondent should not have been entertained by the judge below because although the appellant had sought to put the effectiveness of the assignment in issue in his first witness statement, the point that he took was entirely different from that which he took before the judge.’
Littleton Chambers, 3rd October 2019
Source: www.littletonchambers.com
Wonga customers’ average compensation payout may be just £118 – The Guardian
‘Customers who were mis-sold loans by the collapsed payday lender Wonga are expected to receive less than 10% of what they are owed in compensation after administrators revealed that only £41m will be put aside for claimants.’
The Guardian, 9th October 2019
Source: www.theguardian.com
Couple must repay £10.4 million after ripping off struggling firms to live high life on yachts – Crown Prosecution Service
‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’
Crown Prosecution Service, 12th September 2019
Source: www.cps.gov.uk
Failure to attend trial “means more than turning up late” – Litigation Futures
‘The High Court has set aside an order made by a recorder striking out a claim because the claimants were two hours late for a trial in Cornwall.’
Litigation Futures, 5th September 2019
Source: www.litigationfutures.com
Defamation and church discipline: Otuo – Law and Religion UK
‘In Otuo v Watch Tower Bible and Tract Society of Britain [2019] EWHC 1349 (QB), Mr Otuo had been “disfellowshipped” by the Jehovah’s Witnesses and an announcement to that effect had been made at a meeting of the Wimbledon Congregation [1 & 2]. Further, during a meeting at which he sought to be reinstated, he had recorded surreptitiously one of those present making what he alleged to be a defamatory statement.’
Law and Religion UK, 20th June 2019
Source: www.lawandreligionuk.com
Payday lenders being ‘bombarded’ by spurious claims – The Guardian
‘Compensation claims management firms looking for the next big earner after the PPI scandal have been accused of bombarding the much-criticised payday lending sector with complaints that are often spurious and sometimes without the knowledge of borrowers.’
The Guardian, 10th June 2019
Source: www.theguardian.com
Tribunal confirms surcharge on pension liberation scheme user – OUT-LAW.com
‘An unauthorised payment surcharge imposed on an individual who participated in a pension liberation scheme was confirmed by the tax tribunal as it said the individual had not acted reasonably in entering into the scheme.’
OUT-LAW.com, 29th May 2019
Source: www.out-law.com
Solicitor’s “atrocious” conduct over child contact case condemned – Legal Futures
‘The Solicitors Disciplinary Tribunal (SDT) has struck off a solicitor whose conduct in a sensitive child contact case it described as “atrocious”.’
Legal Futures, 16th May 2019
Source: www.legalfutures.co.uk
