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Case review 10/29/2020
Come fly with me, let's fly, let's fly away - to ‘give possession’ does not include flying aircraft engines home
In VB Leaseco Pty Ltd (Administrators Appointed) v Wells Fargo Trust Company, National Association (trustee)  FCAFC 168, the Full Federal Court of Australia has overturned a first instance decision requiring Virgin’s Administrations to redeliver leased aircraft engines to Florida.
Tucked away at section 100 and Schedule 13 of the Finance Act 2020 (FA 2020) are some significant and wide ranging provisions that relate to circumstances in which directors (and others) can find themselves held personally liable for their company’s tax debts within an insolvency context. The provisions apply to LLPs as well as companies. This article considers the circumstances pursuant to which such liability can arise for those involved in company management with reference to the issue of repeated company insolvency.
This update includes a round-up of recent court decisions dealing with design obligations in supply contracts and a number of issues relevant to adjudication, including: insolvency, Part 8 declarations, the correction principle and the interplay between “true value” and “smash and grab”.
Case review 07/08/2020
On 17 June 2020, the Supreme Court handed down judgment in the case of Bresco Electrical Services Limited v Michael J Lonsdale (Electrical) Limited reversing the Court of Appeal’s decision and holding that the two regimes of insolvency and adjudication are compatible.
Case review 05/07/2020
The story continues: Debenhams and the application of furlough schemes to companies in administration
On 15 April 2020, the joint administrators of Debenhams Retail Ltd made an application for directions to Mr Justice Trower on the COVID-19 furlough scheme.
With Foreign Secretary Dominic Raab MP having confirmed that the UK’s lockdown will be extended for “at least” the next three weeks, we provide you with our latest thinking into the insurance impacts arising from the ongoing crisis.
Case review 04/15/2020
On 13 April 2020, Mr Justice Snowden released his judgment in the matter of Carluccio’s Limited (in administration) and handed down declarations and directions to the joint administrators of the company. The directions set out the legal basis upon which the joint administrators could place a large number of the company’s employees on furlough, pursuant to the government’s Coronavirus Job Retention Scheme.
The government has announced unprecedented measures to assist certain businesses through the inevitable difficulties they will face as a consequence of measures being adopted to slow the rate of infection amongst the population of COVID-19.
With the pace of change in the global insurance market showing no signs of slowing in 2020, we have underlined the London Market’s need to reassert its ability to adapt and manage the constant evolution of global risk. Releasing our annual London Market forecast for the year ahead, we have made predictions across 11 areas impacting the London Market, namely: aviation, casualty coverage, construction, cyber, energy, financial lines, marine, product liability and life sciences, professions, political risks and property damage.
Case review 12/05/2019
MacDonald v Carnbroe Estates Limited [4.12.19]. The Supreme Court has clarified the meaning of ‘adequate consideration’ but at the same time caused uncertainty in holding, for the first time, that the court’s remedy for a gratuitous alienation, may give credit for the price paid by the bona fide purchaser for the property.