Summary The UK subsidiary of a Luxembourg company was "solvent" for the purposes of a solvency condition in subordinated loan facility agreements between the companies. Accordingly, part repayments made, or expected to be made, by the subsidiary to the parent company were held by the parent company free from any...
Summary The purported protector of a trust was refused permission to re-amend his defence and bring a counterclaim in proceedings challenging the validity of his appointment. The application for re-amendment had been made very late, jeopardising the trial date, and raised significant new issues without any explanation for the delay....
Summary The purported protector of a trust was refused permission to re-amend his defence and bring a counterclaim in proceedings challenging the validity of his appointment. The application for re-amendment had been made very late, jeopardising the trial date, and raised significant new issues without any explanation for the delay....
Summary A confidentiality club was necessary to protect persons in Libya who were reported to have received sizeable sums of money from a source associated with the Gaddafi regime, even though that might to some extent inhibit the claimant's ability to prepare its case. Facts The claimant Libyan Investment Authority...
Summary The court examined the principles of tracing and determined that where a fiduciary had paid trust money into one account and its own money into another account held at the same bank, the funds could not be said to have been mixed. In such circumstances, the principles of tracing...
Summary "Transaction" in the Taxation of Chargeable Gains Act 1992 s.116 could not encompass more than one conversion of "securities" within the meaning of s.132. Facts HMRC appealed against a decision ([2014] UKFTT 695 (TC), [2014] S.F.T.D. 1163) that a disposal for cash by the respondent taxpayers of two loan notes did...
Summary The Privy Council considered the scope of the principle that a foreign default judgment was enforceable against a judgment debtor who had made a prior submission to the jurisdiction of the foreign court. In particular, it discussed the circumstances in which an agreement to submit to the jurisdiction of...
Summary A claim for breach of duty against solicitors for negligent drafting of documents was out of time and the claimant had insufficiently pleaded deliberate wrongdoing so as to postpone commencement of the limitation period. However, a claim raised in replies to further information that the solicitors had acted without...