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In this briefing, we consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products. Issues covered include: heads of terms in mediation; Approved Inspectors’ duties; limitation periods; jurisdiction disputes; business transfer schemes; insolvency exclusions; Ponzi schemes; and solicitors’ duty to point out procedural irregularities.
Case review 11-07-2019
The recent decision of AIG Australia Limited v Kaboko Mining Limited [14.06.19] confirms that an insolvency exclusion in a directors’ and officers’ (D&O) policy will not automatically apply to claims against former directors of an insolvent company.
We are pleased to announce that financial lines specialists Maurice Pesso and Greg Steinberg have joined as partners in the US. The duo join from White and Williams LLP where they were partner and counsel respectively. Maurice Pesso will be based in our New Jersey office and Greg Steinberg in New York.
Case review 15-05-2019
On 26 March 2019, judgment was handed down in the above case. The outcome, in which Kennedys was instructed on behalf of the successful defendants, provides further clarity on how LPA receivers can fulfil their duties to act in good faith and to avoid conflicts of interest.
We are very pleased to announce that we have promoted ten lawyers to our partnership, with nine based in the UK and one in the US.
Currently the European Insolvency Regulation regulates European cross-border insolvencies by prescribing the jurisdiction in which to commence insolvency proceedings and for their automatic recognition across other Member States once opened. This system streamlines the administration of insolvent estates throughout Europe and does so by relying upon mutual application by Member States.
We have bolstered our Southeast Asia operation with the hire of partner Akramjeet Khaira and his team in Singapore and the promotion of Ian Johnston to partner in Bangkok.
A summary of recent developments and commercially impactful court decisions, raising issues in relation to the new disclosure pilot scheme for commercial disputes, the HMRCs reinstatement as a secondary preferential creditor, a voluntary capped costs pilot, vicarious liability of employers, a Scottish consultation on success fee costs in employment and commercial disputes, and the latest video hearings pilot scheme.
Tackling corporate insolvency was also on the agenda of the Autumn Budget 2017 and the Spring Budget 2018. We are on the cusp of significant changes to insolvency procedures and on 26 August 2018, we got an indication from the government as to what reforms are likely to be introduced.
Nestled amongst a raft of incentives to tackle tax evasion in Philip Hammond’s third Budget Report, was the announcement that Her Majesty’s Revenue and Customs will once more become a secondary preferential creditor in businesses insolvencies from 2020.