Summary Trustees often seek to limit their liability in the form of exoneration clauses in trust deeds. As such,  it is generally difficult for a beneficiary to challenge a trustee’s decision that falls within the scope of the exoneration clause. In Sofer v SwissIndependent Trustees SA [2019] EWHC 2071 (Ch), the England and Wales High … Read more

When will the courts find it necessary to imply terms into agreements?

The English High Court in Lehman Brothers International (Europe) (In Administration) v Exotix Partners LLP [2019] EWHC 2380 (Ch) found it necessary to imply a term to a debt security trade agreement that was otherwise unworkable. It is generally uncommon for a Court to imply terms into a commercially negotiated agreement given the restrictive nature of … Read more

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