A problem often faced by creditors is how to recover unsecured judgment debts. If a debtor owns real property, there is a mechanism available through the Courts to have the debt registered against the property and the sheriff's office sell the property to satisfy the judgment debt.
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.
On 1 June 2016 the Victorian Court of Appeal delivered its judgment in Timbercorp Finance Pty Ltd (In Liquidation) (Timbercorp) v Collins (Collins) and Tomes (Tomes) [2016] VSCA 128, the latest in a string of Timbercorp cases.
The latest decision was preceded by a class action which went all the way to the High Court in which the investors lost their claim against Timbercorp for misleading representations.
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
Litigation
A referral to the financial list!
In GSO Credit v Barclays Bank plc, the Commercial Court has given guidance on the interpretation of terms in, but not directly defined by, standard Loan Market Association (LMA) documentation which was used in the context of secondary trading of a commitment under a surety bonds facility.
By its much anticipated yet hardly surprising judgment in Forge Group Power Pty Limited (in liquidation)(receivers and managers appointed) v General Electric International Inc [2016] NSWSC 52, the Supreme Court of New South Wales has again shone a bright light on the importance of perfection of security interests under the PPSA, and the dramatic consequences that follow for failing to do so by reason of the PPSA vesting rules. Indeed, the failure to register in this case has had multi-million dollar consequences.