Update on FCA’s COVID-19 business interruption insurance test case

A “consequentials hearing” in the FCA’s COVID-19 test case (The Financial Conduct Authority v Arch and others [2020] EWHC 2448 (Comm)) took place on Friday 2 October 2020. The purpose of the hearing was to: determine the declarations to give effect to the findings of the Court as set out in its judgment dated 15 … Read more

When events intervene: Force majeure, frustration and material adverse change

When events take a dramatic turn, parties may be left unable to perform their contractual obligations, or may find that their counterparty is unable or unwilling to perform. In such circumstances, a party may be able to rely on contractual provisions, such as a force majeure or material adverse change (MAC) clause, to suspend its … Read more

Article published – Wasted breath? Insolvency reforms in response to Covid-19

The Corporate Insolvency and Governance Act 2020 introduces sweeping insolvency reforms in response to the business impacts of Covid-19, designed “to give companies breathing space and keep trading while they explore options for rescue”. Our UK Restructuring, Turnaround and Insolvency team have published an article in International Corporate Rescue which considers the key elements of … Read more

Our new publication: Covid-19 Contract Disputes Guide

The economic disruption caused by the Covid-19 pandemic inevitably exposes businesses to heightened legal risk. In particular, counterparties may seek to delay, avoid performance and/or terminate agreements. This may be either because Covid-19 has legitimately prevented them from performing their contractual obligations, or because they are seeking to use the pandemic as an excuse to … Read more

Proposed insolvency reforms: Impact on supply chains and their customers

As previously noted, the new Corporate Insolvency and Governance Bill, currently expected to be enacted in mid-June 2020, is likely significantly to impact many supplies of goods and services to companies that are or may be in financial distress. However, the effects are sufficiently far-reaching that they could impact the balance of rights in all … Read more

The impact of Covid-19 on civil justice in England and Wales

The Civil Justice Council (CJC) has published its report and recommendations following a “rapid review” of the impact of Covid-19 on the civil justice system. The review was undertaken in the first half of May 2020 at the request of the Master of the Rolls. Unsurprisingly, the report states that the measures put in place … Read more

COVID-19: Our new quick reference tool to help assess the availability of force majeure relief under English law

As a result of the COVID-19 pandemic, many commercial parties have been reviewing their contractual arrangements to consider whether there are grounds for excusing non-performance or suspending or terminating their contracts. Against that background we have developed a new interactive tool which is designed to assist clients and contacts of the firm in evaluating the … Read more