Recent judgments in the UK consider Quincecare duty of care relevant to deposit holding financial institutions processing payment mandates

    The UK Supreme Court has recently upheld a claim for breach of the so-called Quincecare duty of care, which requires a financial institution to refrain from executing a customer’s payment mandate if (and so long as) it is “put on inquiry” that the payment order is an attempt to misappropriate its customer’s funds: Singularis Holdings … Read more

    CICC delivers first ruling, confirms arbitration agreements severable

    The First International Commercial Court of the Supreme People’s Court of China (“CICC“) has recently published its first rulings [1] on the validity of three arbitration agreements in relation to one same transaction. CICC recognised the principle of severability of arbitration agreement and held that although the underlying contracts had not been formally signed, the parties … Read more

    Test for rectifying terms of written contract for common mistake: England and Wales considers subjective while Hong Kong remains objective

    In an important recent decision (FSHC Group Holdings Ltd v GLAS Trust Corporation Ltd [2019] EWCA Civ 1361), the English Court of Appeal confirmed that the test for rectifying a contractual document on the grounds of common mistake is a subjective one – clarifying the previous uncertain state of the law on this point.  The court confirmed … Read more

    MALAYSIA’S HIGH COURT ALLOWS JUDICIAL INQUIRY OF DAMAGES FOR A WRONGFULLY GRANTED COURT-ORDERED INJUNCTION WITHOUT AWAITING THE OUTCOME OF THE ARBITRATION

    In Jaks Island Circle Sdn Bhd v Star Media Group Bhd and Another (Originating Summons No. WA-24C(ARB)-11-02/2018), the Malaysian High Court considered whether an inquiry of damages arising out of an undertaking by an applicant to pay damages for an injunction wrongly granted by a court in support of arbitration proceedings should await the outcome … Read more

    Hong Kong–Mainland interim relief arrangement takes effect today, 1 October

    The Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region takes effect today, 1 October 2019, in both Mainland China and Hong Kong.  The SPC has also released an explanatory memo setting out its understanding of key aspects … Read more

    The new Singapore Convention: some practical issues to consider now

    As has been well publicised, the new Singapore Convention seeks to establish a global enforcement regime for settlement agreements resulting from mediation in cross-border commercial disputes. Signed on 7 August 2019 by 46 countries, the Convention could feasibly be in operation as early as the first half of next year (it will enter into force … Read more