The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying dispute is with a creditor in its capacity as such.
The U.S. District Court for the Northern District of Illinois recently held that a title insurer may exclude coverage under the exception for defects “created, suffered, assumed, or agreed to by the insured claimant” without intentional or wrongful conduct by the insured.
In so ruling, the Court also held that the Illinois statute for bad faith denial of coverage by insurers did not apply to title insurers.
The financial crisis has brought significant regulatory changes for credit institutions, many of them aimed at strengthening their capital requirements and creating safety buffers to absorb losses and recapitalise unsound and failing institutions.
The latest is an instrument known as senior non-preferred debt, which is midway between senior debt and subordinated/Tier 2 debt. This instrument will not qualify as Tier 1 or Tier 2 capital, but will be eligible to compute for purposes of TLAC/MREL requirements and will be cheaper for banks than pure subordinated debt.
La regla de la que vamos a tratar se formula con diversos nombres, aunque es muy conocida la expresión nemo potest propriam turpitudinem allegareo la denominación de denegatio actionis.
The defence of illegality, enunciated in arts. 1305 and 1306 of the Civil Code (abbrev.
The High Court has set out the principles that apply to the construction of questions in an insurer’s automated online underwriting system and the circumstances in which an insurer’s questions may lead to waiver of the right to be told about certain information. In this case, the Court considered the construction and scope of the insurer’s standard question concerning previous insolvencies, and held that the wording used waived the insurer’s right to be told about other insolvency events not caught by the question.
Background
On Saturday (28 March 2020) the UK Government announced certain changes to insolvency laws in response to COVID-19, intended to help companies and directors.
There are two aspects to the changes:
Retrospective suspension or relaxation of wrongful trading
New restructuring procedure and new temporary moratorium
Overview
The High Court has held that insurers who had facilitated litigation proceedings by an insolvent company were not entitled to a lien akin to a solicitor’s common law or equitable lien over the proceeds of the litigation to recover the deferred premium.
Earlier today, the Court of Appeal handed down a significant judgment dealing with the adequacy of standard form after-the-event (“ATE”) insurance to defeat an application for security for costs.
In an unanimous ruling, the Court of Appeal overturned the High Court’s judgment on the defendants’ security for costs applications in Premier Motorauctions Limited (in liquidation), Premier Motorauctions Leeds Limited (in liquidation) v PricewaterhouseCoopers LLP and Lloyds Bank plc [2016] EWHC 2610 (Ch).
Court refuses application for pre-action disclosure of insurance policy
The High Court has refused an application for pre-action disclosure of the public liability insurance policy of a company that, if litigation were pursued against it, was likely to become insolvent.
Background