Supreme court clarifies scope of “Assets” covered by a Freezing Order

In a unanimous decision, the Supreme Court has confirmed that the right to draw down under loan agreements is caught by the expanded definition of “asset” contained in the current standard Commercial Court form of freezing order which includes “any asset which it (the respondent) has the power, directly or indirectly, to dispose of or … Read more

CBRE Loan Servicing v Gemini: High Court applies key principles of contractual interpretation to CMBS documentation

CBRE Loan Servicing Limited v Gemini (Eclipse 2006-3) plc & Ors [2015] EWHC 2769 (Ch) concerns the construction of contractual provisions in a complex commercial mortgage backed securities (“CMBS“) structure. The Court had to determine, looking at the suite of documentation, how funds were to be classified: as “principal” or “interest”, where those terms were not … Read more

Worthing v Lloyds: High Court finds no continuing contractual duty to correct investment advice

The recent decision of the High Court in Worthing and Another v Lloyds Bank plc [2015] EWHC 2836 (QB) provides helpful clarification for financial institutions as to their duties when providing regulated investment advice under the Financial Services and Markets Act 2000 (“FSMA“) and conducting subsequent reviews of that advice. In this case, the Court held that the … Read more

Wood v Sureterm: Court of Appeal considers limitations on the principle of business common sense as an aid to contractual interpretation

The recent Court of Appeal decision in Wood v Sureterm Direct Ltd & Capita Insurance Services Ltd [2015] EWCA Civ 839 gives further guidance on the use of business/commercial common sense as an aid to contractual construction. In reversing the decision at first instance, the Court of Appeal found that an indemnity given by a seller under … Read more

Broker breached fiduciary duty by not disclosing sum of commission received

The Court of Appeal has held that a credit broker was in a fiduciary relationship with borrowers, with the consequence that the broker breached its fiduciary duty when it failed to inform the borrowers of the size of commission it received from the loan and PPI providers involved. As a result, the credit provider had … Read more

Drafting contracts: key lessons from 2014

In this briefing we look at the lessons to be learnt from some of the key English contract law cases of 2014. We have given a brief summary of each case and some practical lessons for those drafting contracts. For more information, please read our full briefing here. Read more