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The Judicial Committee of the Privy Council has ruled that the corporate director and the agent of a BVI-based holding company did not owe the company a duty of care to ensure that the beneficial owner’s business associate, who had previously given instructions regarding the affairs of the company on the beneficial owner’s behalf, was … Read more
The High Court has dismissed a Part 8 claim against a bank for allegedly failing to provide an adequate response to the claimant’s Data Subject Access Requests (DSARs). The decision highlights the robust approach that the court is willing to take where it suspects the tactical deployment of DSARs: Lees v Lloyds Bank plc [2020] … Read more
The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited proceedings, the judgment … Read more
The new Corporate Insolvency and Governance Act 2020, which came into effect on 26 June 2020, could have a significant impact on companies in distress and their creditors, particularly landlords, suppliers, financial services providers and pension schemes. Our Restructuring, Turnaround and Insolvency team have produced a series of short, informative and user-friendly webcasts focusing on … Read more
The Supreme Court’s judgment in Sevilleja v Marex Financial Ltd [2020] UKSC 31 has been eagerly anticipated by financial institutions and brings much needed clarity in respect of the so-called “reflective loss” principle, first established in Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] Ch 204. By a majority of 4-3, the … Read more
The High Court has held that s.236 of the Insolvency Act 1986 (“IA 1986”) does not have extra-territorial effect, so that the court is not generally permitted to make an order requiring a person outside the UK to produce books and papers and give an account of their dealings with an insolvent company: Re Akkurate … Read more
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 Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during a period of unprecedented interruption and turmoil. … Read more
The High Court has held that a supplier of soft toys was entitled to restitution of the value of the services it had provided to a toy designer, in anticipation of a contract to mass produce the developed toy. The judge further found that a claim in restitution for services provided in anticipation of a … Read more
