The national lockdown in South Africa has left many companies financially distressed and unable to meet their contractual obligations. Looming on the landlord’s horizon may well be its approach to tenants who are placed under business rescue.
Introduction:
The Australian Federal Government announced temporary amendments, effective 24 March 2020, to insolvency and corporations law in response to the challenges that businesses are facing as a result of the COVID-19 crisis. These amendments provide a safety net to businesses in challenging times to foster survival for those businesses once the crisis has passed.
A summary of recent developments in insurance, reinsurance and litigation law.
Engelhart CTP v Lloyd's Syndicate 1221: Court holds that all risks cargo policy did not cover fraudulent documents for a non-existent cargo
High Court holds that an Insolvency Exclusion applies in respect of a claim under the Third Parties (Rights Against Insurers) Act 1930 (“1930 Act”) and awards summary judgment accordingly but declines to provide much-needed guidance on insurers’ liability in the case of claims partially settled by the Financial Services Compensation Scheme (“FSCS”).
The U.A.E and Republic of South Korea have not entered into a bi-lateral treaty under which they are obliged to recognise each other's court orders or judgments. The U.A.E rarely recognises/enforces the judgment of foreign courts where there is no such treaty in place
The Court of Appeal’s decision in the case of Heis v MF Global highlights the importance of documenting just who has responsibility for contributing to a defined benefit pension scheme.
EIS AND OTHERS V MF GLOBAL UK SERVICES LTD (IN ADMINISTRATION) [2016] EWCA CIV 569, [2016] ALL ER (D) 125 (JUN)
http://www.bailii.org/ew/cases/EWHC/Ch/2015/3721.html
Two insurance intermediaries entered into administration. Although heavily insolvent, they had significant funds held in client accounts. Those funds represented insurance premiums collected from customers but not yet paid on to the insurers. The issue therefore arose as to whether the insurers, the customers or the unsecured creditors of the intermediaries were entitled to those funds.
Court of Appeal orders disclosure in relation to freezing order and cross-undertaking from a liquidator
The High Court has given its blessing, in two recent cases, to ever more creative company restructuring – which will be a relief to occupational tenants as they look to emerge from COVID, but will likely give landlords cause for concern.
What happened in the New Look case? |
Days ago a lawyer's answer to these questions would have been the all too often heard "well, it depends". There would have been a serious risk of any such adjudication being stopped by the court granting a mandatory injunction to halt it. Ask the same questions again now and the response would be a resounding "yes and yes!"