Annual Review of English Construction Law Developments May 2017 An international perspective CMS_LawTax_CMYK_28-100.eps Contents 3 Introduction 5 The interpretation of exclusion and limitation clauses: clarity restored 9 Good faith in the exercise of termination rights 13 Concurrent delay: recent developments and continued uncertainty 19 Contractual warranties and representations: telling the difference 23 On demand securities: the fraud exception in cases of legal uncertainty 31 On-demand securities: compliance with formalities and the doctrine of strict performance 37 Indirect and consequ
This article was first published in the LexisNexis Corporate Rescue and Insolvency Journal (2017) 2 CRI 45.
Key Issues
In the recent case of South Coast Construction v Iverson Road Limited [2017] EWHC 61 (TCC), South Coast Construction ("South Coast") had obtained an adjudicator’s decision against the employer, Iverson Road Limited (“Iverson Road”), in a sum approaching £900,000. Iverson Road refused to pay the award so South Coast commenced enforcement proceedings in the Technology and Construction Court (TCC).
First published on LexisPSL Restructuring and Insolvency
Barristers Stephen Atherton QC and Charlotte Tan of 20 Essex Street review Ronelp Marine Ltd and other companies v STX Offshore & Shipbuilding Co Ltd—in which the High Court considers whether, and the circumstances where, it should lift a stay made under the Cross-Border Insolvency Regulations SI 2006/1030 to allow litigation proceedings to be continued in England by a creditor with an unsecured monetary claim.
A summary of recent developments in insurance, reinsurance and litigation law.
This Week's Caselaw
Essar v Norscot: Court confirms that arbitrators can award the costs of litigation funding/time limits for challenging a corrected award
LITIGATION, ARBITRATION, INVESTIGATIONS AND FINANCIAL CRIME
QUARTERLY UPDATE
Welcome to the latest issue of our Quarterly Update, in which we look at some of the recent highlights and developments in banking and finance disputes and financial crime.
IN THIS ISSUE WE LOOK AT:
A salutary lesson: if you do not intend to be bound by a letter of commitment, say so clearly
Following an initial FINRA arbitration award holding Steven Singer liable to Hartford Financial Holdings for compensatory damages, Mr. Singer filed Chapter 7 bankruptcy. After a complicated procedural history, the Bankruptcy Court granted relief from the automatic stay and allowed Hartford to proceed with this action in US District Court for the Southern District of New York.
The question of what happens to an international arbitration when a party files for bankruptcy in the United States is arising with increasing frequency. In the United States, the public policy interests that underlie both bankruptcy and arbitration legislation sometimes clash on critical points. The federal courts have developed competing approaches to addressing these issues. This fractured caselaw introduces uncertainty at the intersection of arbitration and bankruptcy.
US Bankruptcy Code
On July 26, 2010, the Indiana Court of Appeals, in the published decision of Green Tree Servicing, LLC., v. Brian D. Brough, No. 88A01-0911-CV-550, addressed the issue raised by Appellant Green Tree as to whether the trial court erred by vacating its prior Order directing the parties to arbitrate their dispute, which involved a prior bankruptcy filing and a claim under the Fair Credit Reporting Act.
CENTRAL STATES SOUTHEAST AND SOUTHWEST AREAS PENSION FUND v. O'NEILL BROS. TRANSFER & STORAGE (August 31, 2010)