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The Board of the Privy Council has allowed an appeal in relation to the application of the so-called “reflective loss” principle, confirming that the rule falls to be assessed as at the point in time when a claimant suffers loss and not at the time proceedings are brought Primeo Fund v Bank of Bermuda (Cayman) … Read more
The High Court has rejected efforts to rely on a public interest defence under section 4 of the Defamation Act 2013 in circumstances where the defendants failed to take proper steps to investigate seriously defamatory allegations prior to publication: Lachaux v Independent Print Ltd & Anor [2021] EWHC 1797 (QB). This long-running libel action is … Read more
In this ninth episode of our series of commercial litigation update podcasts, we give a brief update on developments relating to Brexit, and discuss some recent cases on factual witness and expert evidence. We also look at a recent Civil Justice Council report on compulsory ADR and finally we discuss an important Supreme Court decision … Read more
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
In a recent decision, the Court of Appeal has followed last year’s Privy Council decision in Ciban Management Corpn v Citco (BVI) Ltd [2020] UKPC 21 (noted here) and confirmed that the Duomatic principle applies to beneficial shareholders, provided they are taking all of the decisions in the relevant transaction: Satyam Enterprises Ltd v Burton … Read more
The High Court has held that the liability of directors and shareholders of a company in respect of a distribution exceeding the company’s distributable profits, as properly calculated, was limited to the amount of the excess: SSF Realisations Limited (In Liquidation) v Loch Fyne Oysters Limited [2020] EWHC 3521 (Ch). Previous authorities had suggested doubt … Read more
From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to apply in the UK. As a result: The EIR provides the rules for when the law of the place in which the insolvency proceedings have been opened can be supplanted by another law, but only that of a member state. The … Read more
In a recent decision concerning the scope of extraterritorial application of the SFO’s section 2 powers, the Supreme Court held that the SFO does not possess the power to compel a foreign company to produce documents held outside the UK: R (on the application of KBR, Inc) (Appellant) v Director of the Serious Fraud Office … Read more
The High Court has dismissed a strike out application in respect of a claim brought under section 423 of the Insolvency Act 1986 (“IA 1986”) in respect of an alleged transaction defrauding creditors, holding that it is not necessary to prove a freestanding connection between the defendant and England, separate from the litigation itself, in … Read more
