Court of Appeal finds recipient’s prior knowledge should be taken into account when determining whether a claims notice contained “reasonable detail”

The Court of Appeal has held that a buyer’s notice of claim complied with the requirements set out in the tax covenant to an SPA, setting aside summary judgment which had been awarded to the sellers: Dodika Ltd v United Luck Group Holdings Ltd [2021] EWCA Civ 638. This decision overturns the first instance decision … Read more

Part 26A restructuring plans – most significant change in 20 years

The court ruling yesterday in Re Virgin Active Holdings Limited [2021] EWHC 1246 has paved the way for restructuring plans under Part 26A to the Companies Act 2006 (“RPs”) to be used to compromise the rights of landlords, financial creditors and other unsecured creditors provided the company shows that those creditors are “out of the … Read more

Commercial Court finds witness evidence less reliable where witnesses did not refresh memories from contemporaneous documents

In a recent decision, the Commercial Court has rejected a party’s witness evidence on a key issue, commenting that the fact the witnesses did not refresh their memories from contemporaneous documents meant their evidence was “far less likely to be reliable than it might otherwise have been”: Global Display Solutions Ltd v NCR Financial Solutions … Read more

High Court orders payment to sellers from escrow account, despite purchaser’s fraud claims, as claims had not been notified in accordance with the SPA

The High Court has granted the sellers of a company summary judgment on their claim for specific performance of a clause requiring payment of consideration from an escrow account, as the purchaser’s claims had not been properly notified in accordance with the relevant contractual provisions: Arani & Ors v Cordic Group Ltd [2021] EWHC 829. … Read more

European Commission recommends that EU reject UK bid to join Lugano Convention

The European Commission has today released its anticipated communication to the European Parliament and the Council confirming the Commission’s view that the EU should not consent to the UK’s application to accede to the Lugano Convention. If this position is reflected in the EU’s formal response to the UK’s application, the UK will not be … Read more