04.09.19
Brexit
In 2016, following the result of the EU Referendum, the Loan Market Association issued a note to members highlighting the main areas in industry-standard documentation which would be affected by the UK leaving the EU. The shape of that exit would impact on the changes required and given discussions around a withdrawal deal, the conclusion was to hold fire on making changes to English law LMA documentation until any proposed change to English law takes effect.
The position has been updated in 2018 and further supplemented this year. While there is still a sense that an industry-wide...
30.08.19
Construction update
A typical building contract or professional appointment can require notices to be issued covering many different circumstances. These can range from notices of commencement to notices of completion, and all manner of issues in between. It is, however, often the case that a notice can have serious consequences and that can lead to the recipient of the notice challenging whether or not it is valid.
In Stobart Group Ltd & Anor v William Stobart & Anor [2019] EWCA (Civ) 1376 a claim for payment of £3.8m under a share purchase agreement turned on the validity of a notice....
23.08.19
Brexit update
Whether hedging exposures associated with interest rates and currency exchange fluctuations or changes in commodity prices, most corporate and institutional businesses have entered into risk mitigant arrangements to manage these exposures. Many exposures are mitigated through hedging arrangements relying upon the international swaps and derivatives association (ISDA) documentation.
Most ISDA transactions are documented under English law governed or New York law governed ISDA Master Agreements with reference to a related ISDA Schedule and confirmations for individual...
22.08.19
Dispute Resolution update
A couple on the Isle of Lewis have had their claim for compensation dismissed following the impregnation of one of their accredited Highland cows by a neighbours’ bull.
Facts
For a number of years, Mr Allen (Pursuer, along with Mrs Allen) and Mr Hargreaves (Defender, along with Mrs Hargreaves) were tenants of neighbouring crofts on the Isle of Lewis. Mr Allen farmed sheep and Mr Hargreaves farmed cattle.
In 2005, Mr Allen purchased Highland cattle. By 2008, his cattle had become fully accredited under the Premium Cattle Health Scheme operated by the Cattle Health Certification...
