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As lawyers and bondholders wait to see if there has been a settlement between Argentina and holders of its defaulted bonds, Mary Gibbons examines the most recent proceedings ‘Like the Foreign Sovereign Immunities Act 1976, the UK’s State Immunity Act 1978 provides defined immunity from execution of a foreign central bank’s accounts, but the formula …
Continue reading "Banking: Strong bonds"
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Mark Lewis and Clare Arthurs report on the proposed changes to costs management ‘Probably the most important proposed change for lawyers (and their PI insurers) is the introduction of different deadlines for filing costs budgets, depending on the size of the claim.’ The Civil Procedure Rules Committee (CPRC) has been busy. Among other things, it …
Continue reading "Insights By Penningtons Manches: Counting the cost"
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Anna Pertoldi and Maura McIntosh look back at some of the key developments of 2015 from the perspective of the commercial litigator in England and Wales ‘2015 offered a welcome respite from the previous flood of case law considering applications for relief from sanctions for breaches of court rules and orders.’ As we move into …
Continue reading "Update: A litigation overview – 2015"
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Dov Ohrenstein investigates a recent case of implied terms ‘A term will only be implied (other than if required to be implied by statute) if it satisfies the test of business necessity or it is so obvious that it goes without saying.’ The decision of the Supreme Court in Marks & Spencer plc v BNP …
Continue reading "Contract: Buy one get one free"
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Martin Meredith provides a timely reminder on the signature of statements of truth ‘The foundation of any competent and healthy legal practice is a respect for, and understanding of, the lawyer-client relationship and the fundamental requirement for lawyers to always act on client instructions.’ The recent High Court decision of Bao Xiang International Garment Centre …
Continue reading "Practice: What goes up, must come down"
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Sandi Simons and Melanie Hart consider a recent judgment on commercial agency ‘Principals usually prefer to have the certainty of an indemnity election written into their contracts and many agreements will be drafted in such a way as to ensure this.’ A decision by the High Court in November 2015 has provided welcome clarification for …
Continue reading "Agency: Knit a problem"
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Gwendoline Davies and Andrew Beck explain the important principle of legal advice privilege and offer their practical advice ‘The judge emphasised that factual documents will not attract privilege simply because they were prepared by a lawyer who was present at a meeting – the key consideration will be whether the documents were created in connection …
Continue reading "Privilege: Practice makes privileged"
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Chris Syder outlines the requirements of slavery and human trafficking statements ‘While the requirement under the Act is for a company to prepare a statement, rather than to take any positive steps to eradicate slavery from its supply chain, the provision seeks to create a race to the top by encouraging businesses to be transparent …
Continue reading "Regulation: The Modern Slavery Act 2015 – what businesses need to know"
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David Niven and Elisabeth Mason look at aggregation clauses and the AIG Europe case ‘AIG’s case was that the claims brought by the 214 investors against TILP arose from “similar acts or omissions in a series of related matters or transactions”… and should therefore be aggregated, with the result of limiting AIG’s liability.’ The High …
Continue reading "Contract: Bit of an aggregation?"
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Gwendoline Davies and Andrew Beck review recent cases on freezing orders and provide some practical advice ‘Freezing orders are obviously highly restrictive, but they should not be used oppressively. Respondents should not be forced to cease trading and they should be allowed to meet reasonable expenses.’A freezing order is an interim injunction which restrains a …
Continue reading "Freezing Orders: Coming in from the cold"
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