The Court of Appeal has recently overturned a High Court decision and limited the circumstances in which an After the Event (ATE) insurance policy can be used to defeat an application for security for costs. What should claimants and defendants consider when deciding whether to offer or accept such a policy?
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Interests of bankrupt's creditors remain paramount
In Pickard and another (Joint Trustees in Bankruptcy of Constable) v Constable, the question before the court was how exceptional the circumstances had to be to postpone an order for possession and sale of a property in which the bankrupt had a 50% share.
The recent decisions in Avonwick Holdings Ltd and others v Shlosberg and Leeds v Lemos have restricted the ability of trustees in bankruptcy to use privileged documents belonging to the bankrupt. What do these rulings mean for trustees?
The Trustee in Bankruptcy's purpose and powers
In a recent High Court decision, the court found that interim dividend payments made to a director were salary payments and not unlawful dividends/transactions at undervalue. This decision could make it more difficult for liquidators to recover sums from directors who do not have particular legal or accounting expertise.
Background
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Single signature bank mandate binding on partnership
The High Court has recently considered whether a one signature bank mandate was sufficient to bind a partnership to various loan agreements.
We recently reported on the first judgment handed down in relation to the Third Parties (Rights against Insurers) Act 2010 (the TP Act 2010). Hot on the heels of that decision another judgment has been delivered, this one providing guidance on the transitional provisions of the Act.
In the recent English case of Pick v Chief Land Registrar [2011] EWHC 206(Ch), the High Court held that a buyer was entitled to be registered at the Land Registry as the registered proprietor of a property sold by a bankrupt. This was the case, even though the buyer allowed the priority period in which to effect registration to lapse, and the entry of a bankruptcy restriction was made on the title after the date of the transfer, but before the application for registration.
Introduction
In the current economic climate, landlords are having to deal more frequently with tenants who are in administration. Where the administrators of the tenant are using the property for the purposes of the administration, the moratorium on forfeiture and irritancy proceedings that applies in administrations means that the landlords are unlikely to be able to recover the property in order to relet it.
In the case of William Hare Ltd v Shepherd Construction Ltd [2009] EWHC 1603 (TCC) (25 June 2009), the court declined to incorporate amendments made to an Act before the contract was signed which were not specifically referred to in the contract.
The facts