Ontario has introduced a series of significant amendments to the Personal Property Security Act (Ontario) (the PPSA). The last major amendments to the PPSA occurred in 1989. This Osler Update highlights amendments to the PPSA that are of particular interest to court officers of insolvent enterprises and others taking or enforcing security.
Flanagan & Anor -v- Crosby & Ors [2014] IEHC59
In the matter of Cognotec Ltd (in receivership)
Section 60(14) provides that a transaction in breach of section 60 is voidable against any person who had notice of the facts which constitute the breach.
The company sought to void the debenture which secured the loan on the basis that section 60 had not been complied with and the receiver appointed on foot of the debenture brought a motion for directions.
The court held that:
One of a business’s greatest concerns with data storage and backup is security, that is, how can you make sure your data is safe both internally and externally if using cloud solutions? Many businesses do not use cloud based solutions because of the perceived security risks.
The current position is that 8 players have been reported as having objected to their contracts of employment transferring to the "new Rangers". Charles Green has apparently threatened to litigate any departing players given that, in his view, they are in breach of contract.
An English rugby club (an unincorporated association of its members) engaged the services of Barnes Webster & Sons (BWS), a construction company. The club’s treasurer signed the contract, which was witnessed by Davies, the club’s president. The club agreed to pay BWS a fixed price plus additional amounts for certain variations in the work, should they arise. The variations were required, but the club did not pay the £147,000 bill for them that BWS presented. BWS made a demand on Davies personally, which he moved to set aside.
What happens if one party to a contract fails to perform? Can the innocent party get all of its losses back? What happens if the losses are difficult to prove?
Here, we look at what you can claim and how to protect your position.
The general rule
Damages for breach of contract are usually intended to compensate the injured party for its losses arising naturally from the breach or which were within the parties' contemplation when the contract was made.
Thor Maalouf, an Associate in the London Shipping Group, considers some of the issues which may arise where a party to a charterparty becomes insolvent.
INSOLVENCY ALONE IS NOT ENOUGH TO JUSTIFY TERMINATION
The liquidator of Onslow Ditching Ltd (ODL), sought a declaration against two directors (on three grounds), seeking damages/fines or a contribution of assets from each director for: