Third Parties (Rights Against Insurers) Act 2010: in force from 1 August 2016

In August 2016 significant changes to English insurance law will take effect.

On 1 August 2016 the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) will come into force. The 2010 Act will be swiftly followed by the Insurance Act 2015, which will come into force on 12 August 2016.  

Third Parties (Rights Against Insurers Act) 2010

MPs' Report on the financial collapse of BHS: what are the key pensions implications?

MPs have published a report on the events leading to the financial collapse of BHS shortly after its sale by Sir Philip Green. As a consequence of BHS's insolvency, its defined benefit pension schemes will enter the PPF.

Litigation

Lender not obliged to advise borrower about onerous term

In Finch and another v Lloyds TSB Bank Plc and others,  the High Court considered whether a lender had a duty to advise a borrower about a clause in its loan agreement making it liable for the bank's hedging break costs if the borrower chose to repay a fixed rate loan early.

June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.

The Blakes Aviation group, representing the underwriters led by Morgan Stanley and Credit Suisse, is pleased to have assisted in the closing of the third Air Canada enhanced equipment trust certificate (EETC) transaction.

In April 2013, we assisted in the structuring and closing of Air Canada EETC 2013-1 for five new Boeing 777 300ERs, which was a historic transaction, including the following  features:

The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act).

The Court of Appeal has allowed an appeal against a limitation order (providing for the restoration to the register of a dissolved company, C,  and the suspension of the limitation period during dissolution) and provided guidance on how judicial discretion should be exercised when making such an order.

Shortly before being placed into administration C entered into a sale and leaseback arrangement.  C later went into liquidation; however, the purchase price in respect of the sale was not received before the company was dissolved, over four years later.

Tough trading conditions

On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts advanced by United States Steel Corporation (USS) to USSC (its indirect wholly-owned subsidiary) were properly characterized as debt obligations or “equity claims” under the Companies’ Creditors Arrangement Act (Canada) (CCAA).

Le 29 février 2016, la Cour supérieure de justice de l’Ontario (la « Cour ») a rendu une décision dans le cadre de la procédure d’insolvabilité en instance d’Acier U. S. Canada Inc. (« USSC »). Dans cette affaire, la Cour s’est penchée sur deux grandes questions.