On 1 July 2010 the European Commission published a Green Paper on policy options for progress towards a European Contract Law for consumers and businesses. Consultation on the Green Paper has now closed. In this e-bulletin we discuss some of the issues raised in responses to the Commission and set out the next steps. Click for more.

A recent High Court decision has important practical implications for the drafting and filing of Tomlin orders, which are commonly used to record agreed terms of settlement: ABC Ltd v Y [2010] EWHC 3176 (Ch). The judgment also helpfully reviews the applicable principles governing non-party access to documents on the court file. Click here for more.

The purpose of this consultation is, inter alia, to identify common legal principles on collective redress. The consultation should also help to examine how such common principles could fit into the EU legal system and into the legal orders of the 27 EU Member States. The consultation also explores in which fields different forms of collective redress (injunctive and /or compensatory) could have an added value for improving the enforcement of EU legislation or for better protecting the rights of victims.

The claimant sued the defendant for approximately €10 million under a sub-contract to conduct geological studies in the waters offshore Iran. The claimant had previously held negotiations with the purchaser under the main contract, IOOC, seeking payment of sums due from the defendant. In the negotiations, the claimant had offered to accept a reduced sum for the work done (€7.5 million and then €6.5 million), but no agreement was reached. Click here for more

Since Herbert Smith LLP announced in November that it was setting up an operation in Belfast, it has been full steam ahead with preparation for the opening of the office in April 2011. The Belfast office will focus principally on reviewing and analysing the large volumes of documents often found in major contentious work, notably in litigation, arbitration and regulatory investigations. Click here for more..

Anew set of Danish restructuring rules will come into force on 1 March or 1 June 2011, at the latest. The rules will be incorporated into the Danish Bankruptcy Act to improve the prospects of reorganising businesses being operated on a sound basis where such businesses have been thrown off the track.

Siv Sandvik looks at the benefits of using Norsk Tillitsmann ASA as an independent bond trustee

The restructuring practice often calls for creative solutions, especially when the stakes are high and the debtor is in serious financial distress.

The modern law governing insolvency assistance in Jersey begins with the enactment of Article 49 of the Bankruptcy (Désastre) (Jersey) Law 1990, which enables assistance to be given by Jersey courts to other courts in insolvency matters.

Does it matter if a defendant to foreign insolvency proceedings does not submit to the jurisdiction of the foreign courts seeking to enforce bankruptcy claims against him?