Construction lawyers are extremely familiar with contractual penalty clauses. Recently however contractual law and the issue of penalties in particular has again come under the judicial microscope in two reported cases:- Iman-Sadeque-v-Bluebay Asset Management (Services) Limited [2012] EWHC 3511 (QB) and Cavendish Square Holdings BV and another-v-El Makdessi [2012] EWHC 3582 (Comm) It is important […]
Red Card for a Penalty? Read More »
Summary This is an interesting decision heard on 17th June 2013 which caught our attention involving the purchase of shares and their valuation. In summary, at first instance the Judge carried out a determination of the valuation of the company for the purpose of allowing the respondents to purchase the petitioner’s minority shares with a finding that the petitioner
Valuation of Share Holding where there is a Dispute Read More »
Directors Disqualified. Daniel Alexander Witton and his father Roland Witton, both directors of stockbrokerage company Direct Sharedeal Limited (DSL), which traded in Glasgow and London, have been disqualified as directors by the Edinburgh Court of Session for a total of 10 years after clients apparently lost nearly £12m. The disqualifications, which run from 28 May
Brokerage Firm Directors Disqualified Read More »
If you are thinking about bringing a claim against a UK lender you should make sure that you are up to speed with a couple of fairly substantial developments. The first of these is the pending appeal in the Green-v-Royal Bank of Scotland case which is due to be heard by the Court of Appeal in late
Thinking about bringing a claim for interest rate swap mis-selling? Read More »
She’s got a Ticket to Ride… A director of five companies which sold tickets for music festivals and concerts, then failed to supply the tickets to customers or to pay any refunds, has been banned from acting as a director for 13 years. He had tried to blame the scam on his girlfriend, a co-director–who
Director banned for failing to supply tickets Read More »
We often get asked very similar questions by new clients with potential interest rate swop claims against lenders. In this article we try and tackle a few of the more common ones. What exactly is an interest rate swap or IRS? We have seen several definitions but essentially an interest rate swap (IRS) is a
What is an interest rate swap or IRS? Read More »
We often get asked by clients to explain the difference between a “Calderbank” offer and Part 36 offers.A Calderbank offer, named after the 1975 Court of Appeal case in which it featured, is a letter expressed to be an offer which is written ‘without prejudice save as to costs’. The effect of the letter is
When is a Calderbank offer not a Part 36 offer? Read More »
have no hesitation in recommending Jeremy Boyle (Solicitor) at Summit Law LLP. I was a Joint Liquidator of a nightclub business and Jeremy and his team recovered over half a million pounds in damages following a successful application under Section 423 of the Insolvency Act 1986. Would I use him again? Yes definitely” Ian Robert
Death of the Debtor: Insolvency Administration Orders Read More »
The recent decision in Certain Limited Partners In Henderson PFI Secondary Fund II LLP (A Firm) v (1) Henderson PFI Secondary Fund II LLP (A Firm) and others [2012] EWHC 3259 (Comm) provides guidance on the liability of a Limited Partner (“LP”Â) of an English Limited Partnership. The case in question involved the LPs of
PFI Test Case Provides Guidance on Limited Partners Liability Read More »
The High Court has ruled in favour of the Football League over the ‘football creditors rule’. However, the judge said the ruling was based solely on whether the provisions conflicted with two fundamental principles of insolvency law, rather than the nature of the rule itself.
Court Rules for Football League over Creditor Rule Read More »
