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On 5 October 2022, the UK Supreme Court confirmed that directors sometimes owe an extended duty to uphold the interests of a company’s creditors when solvency is in doubt.
In this edition of Logistics Bite-Size, we consider the climate related issues facing the industry, and steps to take to mitigate these risks.
The Adult Survivors Act (“ASA”), a law recently signed by New York Governor Kathy Hochul, will go into effect on November 24, 2022 and provide a one-year window for individuals who were 18 or older at the time of the offense to file suit for previously time-barred sexual offense claims, regardless of when the alleged act occurred. The ASA will impact any entity that regularly interacts with adults in any capacity; thus, a significant influx of claims and lawsuits is anticipated.
On 20 April 2022, the FCA introduced new Listing Rules (LR) (LR 9.8.6R(9) and LR 14.3.33R(1)) which set board diversity targets and require that, as part of their ongoing listing obligations, in scope companies include a statement in their annual financial report detailing whether they have met the specified targets.
November's publication of the 2022 Doyle's Guide directory covering all Australian states has seen Kennedys continue its ranking success.
The rise of international arbitration and a comparison of arbitration procedures in the USA, England and Wales, Bermuda and Canada
Arbitration as a means of resolving international commercial disputes has grown in popularity in recent years as reflected by the reported rise in arbitration filings of more than 3% a year from 2010 to 2019 and a spike of 9.9% in 2020, based on data from international arbitration institutions.
We are delighted to have bolstered our aviation team in Singapore with the promotion of Anita Quy to Head of Aviation, APAC and the appointment of new partner, Tristan Thompson.
Without adequate allowance for the impact of claims inflation, insurers will potentially be exposed to inaccurate reserves and additional challenges when adjusting claims.
New York federal court finds War Exclusion precludes coverage for lawsuit arising out of 2014 downing of Malaysia Flight 17
In a recent decision, the United States District Court for the Southern District of New York, applying Colorado substantive law, ruled that a War Exclusion in a commercial general liability insurance policy (“CGL”) issued by Hartford Fire Insurance Company (“Hartford”) to Western Union Company and Western Union Financial Services (together, “Western Union”) barred coverage for an underlying lawsuit claiming that Western Union and other financial institutions provided financial support to the Donetsk People’s Republic (the “DPR”), a Russian-backed separatist group in eastern Ukraine.
Case review 11/11/2022
The Commercial Court considered an arbitration tribunal decision that found that the time bar in Article III rule (6) of the Hague Visby Rules (HVR) does apply to misdelivery claims after the discharge of cargo.