A recent Court of Appeal decision has examined the complex issues relating to the law applicable to the cross-border trusts in the context of the winding up of a substantial Middle Eastern investment vehicle. The case is of general application to cross-border trusts but is of particular interest in the context of insolvency where the validity of trusts over assets in civil law jurisdictions (which do not recognise trusts) is likely to become an increasingly important issue. Continue reading “The Court of Appeal lifts stay on liquidators’ claim to recover shares in Saad Group insolvency”
Fair Consideration Framework: one year on
In late 2013, the Singapore Government announced that the introduction of the Fair Consideration Framework (FCF) would be made mandatory on all employers of foreign nationals in Singapore with effect from 1 August 2014.
Since this date, all employers doing business in Singapore have been expected to consider Singaporeans fairly for job vacancies and to comply with the Tripartite Guidelines on Fair Employment Practices. The main objectives of the Framework are as follows: Continue reading “Fair Consideration Framework: one year on”
Developments in waste crime enforcement: what next for offenders, waste operators and landlords?
The consequences of small and large-scale waste crime reach far beyond the unpopular effects on local amenity. Indeed, rogue operators undercut legitimate waste businesses and expose landlords of industrial or commercial premises to regulatory action and financial risk. The environmental, commercial and financial threats posed by waste crime have been recognised by Defra. On 26 February this year, it published a consultation proposing to strengthen the powers of regulators to intervene against offenders. Continue reading “Developments in waste crime enforcement: what next for offenders, waste operators and landlords? ”
Mitigation: cynical defendants beware
An innocent party seeking to claim damages for breach of contract must take reasonable steps to mitigate its losses. This is a well-established principle of English law that has proved many a defendant’s ally. Continue reading “Mitigation: cynical defendants beware”
Excalibur and the global litigation market
The Excalibur Ventures LLC v Texas Keystone Inc & ors (Rev 2) [2014] case continues to generate excitement in all parts of the global litigation market. Various commentators have described the costs judgment by Lord Justice Christopher Clarke in that case as a ‘clear warning’, effectively ‘changing the playing field’ for the litigation funding industry. That’s not how I read it. Continue reading “Excalibur and the global litigation market”
Defamation and reputation management: differences between Scotland and England
A crucial factor in the success of any businesses is its reputation. Changes to the way people communicate, in particular using social media platforms, have made it easier than ever to express publicly an opinion about a person, organisation or state of affairs. This opinion can then potentially be shared to a worldwide readership at the click of a button. The speed at which information is created and shared and the volume of opinions expressed on the internet, has inevitably led to an increase in the risk that defamatory statements will be made. Continue reading “Defamation and reputation management: differences between Scotland and England”
The Immigration Rules and free movement of persons: preventing abuse of the borders
Immigration policy has become one of the primary tranches of political debate within the past few years. Following an increase in immigration to the United Kingdom from the European Union and the rest of the world, the government and politicians continue to promise a reduction in net migration. Such a stance appears to strike a chord with the British public, with the eurosceptic UK Independence Party securing two House of Commons seats in less than two months during 2014, and calls from the Prime Minister for an EU ‘in-out’ referendum in 2017. We can expect further tightening of the Immigration Rules in the run up to the general election in May, but control over migrants coming from other EU member states is at odds with the principle of freedom of movement. Continue reading “The Immigration Rules and free movement of persons: preventing abuse of the borders”
Enforcement undertakings for breaches of permit
New legislation currently before Parliament promises greater choice for businesses who find themselves out of compliance with the environmental permitting regime. If passed, operators can be proactive in offering remedies – in the form of a civil sanction known as an enforcement undertaking – rather than waiting for the outcome of the Environment Agency’s investigation. In-house lawyers should be alive to the opportunities these new powers present. Continue reading “Enforcement undertakings for breaches of permit”
Can noted mean accepted?
The High Court’s judgment in Raymond Bieber & ors v Teathers Ltd [2014] has made waves as a result of its interpretation by some as a recognition of a binding settlement agreement concluded with an e-mail that simply stated: ‘Noted, with thanks’. This interpretation ignores an inconsistency in the judgment as to the precise point at which the settlement became binding. However one interprets this issue, the judgment provides a helpful summary of the principles of interpretation in respect of the conclusion of settlement agreements and a reminder of the importance of clarifying both expressly and impliedly what one considers the status of the negotiations to be throughout the course of negotiations. Continue reading “Can noted mean accepted?”
Scottish contracts: key pointers for in-house counsel
In Scotland, we have had the benefit, and in some cases experienced the challenges, of more than a decade of market globalisation. On the whole this has been a very positive trend that has presented tremendous opportunities for those who have spotted the potential for business growth in new markets and have invested accordingly. Continue reading “Scottish contracts: key pointers for in-house counsel”
Beware the long reach of fiduciary obligations
Most people in the commercial world, even if not lawyers, are aware of what a contract is and may even have heard of a duty of care. Many may even appreciate that a breach of either can give rise to a legal liability. Fewer, however, are familiar with the concept of the fiduciary obligation and the rights and duties which flow from it. This is perhaps surprising given that fiduciary obligations can arise in a variety of everyday commercial situations and breach can give rise to drastic remedies. These may apply notwithstanding elements which may feel unfair, with the courts taking an almost moralistic tone, in turn giving rise to results which may seem harsh. Recent court decisions have highlighted the benefit of appreciating the importance of this slightly unusual area. Continue reading “Beware the long reach of fiduciary obligations”
Apcoa’s cross-border, contested, Schemes of Arrangement sanctioned by the English High Court
In April 2014, the pan-European car park operator, Apcoa, obtained the sanction of the High Court in England to a set of schemes of Arrangement under Part 26 of the Companies Act1. With the group’s finances under pressure, this step was taken purely in order to extend the term of its loan facilities. In September, Apcoa, by its German holding company and eight operating subsidiaries registered variously in Germany, Austria, Belgium, Denmark, the United Kingdom and Norway, returned to the High Court in London with separate applications for a further set of inter-conditional schemes, intended to facilitate the restructuring of the group’s finance facilities. Judgment was given by Hildyard J in the High Court. He gave detailed reasons for his decision to allow the companies to call meetings of creditors and for his subsequent decision (at the sanctions hearing in October) to make orders sanctioning the schemes2. Before the first set of schemes, Apcoa’s senior lenders had agreed to a change in the governing law of the group’s facilities from German law to English law for the specific purpose of creating ‘a sufficient connection’ with the English jurisdiction, allowing the English court to take jurisdiction and sanction the schemes. Continue reading “Apcoa’s cross-border, contested, Schemes of Arrangement sanctioned by the English High Court”