Legal succession of banksUkrainian legislation prescribes a special reorganisation procedure for banks that, among other things, requires banks to:• develop a reorganisation plan;• obtain approval for internal statute changes from the National Bank of Ukraine; and• conduct an audit to ensure the correctness of transfers (for mergers and acquisitions) or the demerger balance sheet (for spin-offs and transfers) ...
While arbitration offers an excellent means for parties to get their disputes settled faster than in traditional courts, how you draft the arbitration clause in a document is critically important for a positive outcome – should a dispute arise. Legal agreements often have a clause indicating that parties agree to settle any disputes arising from the arrangement in arbitration. The text for this clause is frequently supplied by a local arbitration institute ...
Statute of limitations for appeal of public auction contractsThe Higher Commercial Court recently clarified several issues relating to the statute of limitations for appeals of public auction contracts. (Higher Commercial Court of Ukraine Resolution 10 ("On Certain Practical Issues of Statute of Limitation Application"), May 29 2013 ...
Internal investigations are a central part of the crisis management response, and whilst the form and structure of the investigation will depend on the type of crisis, investigations will generally focus on identifying root causes and those with responsibility for the crisis ...
The insolvency of one or other of the parties to a dispute has become commonplace in recent times, particularly in construction related disputes. Practitioners are becoming increasingly knowledgeable about the implications of insolvency on procedure and the potential remedies available ...
Guarantees are a common feature in commercial leases. A guarantor will guarantee a tenant’s obligations under a lease, for example the payment of rent. This provides security to the landlord and can help to maintain continuity of rental income regardless of the default or insolvency of the tenant. However, problems can arise with enforcement of guarantees where the obligations being guaranteed have been changed without the guarantor’s consent ...
On March 1, the Fifth Circuit Court of Appeals ruled that $750 million of primary and excess coverage issued to Transocean Holdings, Inc. (“Transocean”) “imposes no relevant limitations upon the extent to which BP [BP American Production Company] is covered” as an additional insured in connection with the Deepwater Horizon incident in April 2010 ...
In commercial contracts there is often a ‘waterfall’ clause, which provides for a dispute escalation process prior to the commencement of formal legal proceedings, leaving litigation as the last resort. Such clauses were determined to be legally binding in Cable & Wireless Plc v IBM United Kingdom Ltd [2002] EWHC 2059 (Comm) ...
In recent years, NASA has spent millions, if not billions, of dollars developing what they call “US commercial crew space capabilities” – in ordinary terms they want to make it easier to access the International Space Station from Earth. In trying to achieve this aim they have entered into various commercial agreements under the National Aeronatics and Space Act, known as Space Act Agreements (SAAs), instead of using more traditional form commercial contracts ...
Gareth Bale has been in the news last week for transferring to Real Madrid in a record £85m deal. Less well known is that at the beginning of August he successfully registered as a UK trade mark a logo based on his signature goal celebration. His Eleven of Hearts logo is registered against several classes of goods including precious metals, jewellery, clothing, footwear and even parasols and walking sticks ...
A Q&A guide to dispute resolution law in the United Arab Emirates.The country-specific Q&A gives a structured overview of the key practical issues concerning dispute resolution in this jurisdiction, including court procedures; fees and funding; interim remedies (including attachment orders); disclosure; expert evidence; appeals; class actions; enforcement; cross-border issues; the use of ADR; and any reform proposals. Main dispute resolution methods1 ...
Player power, loyalty and respect of contracts has increasingly made media headlines, demonstrated predominantly this summer with Luis Suarez of Liverpool FC and Manchester United's Wayne Rooney. As widely reported, Arsenal FC made an infamous bid of £40,000,001.00 to Liverpool for the transfer of the registration of Suarez to Arsenal ...
John Grimes Partnership Ltd v Gubbins [2013] EWCA Civ 37 involved a dispute about a property development. Mr Gubbins engaged the John Grimes Partnership Ltd to design a road over land on which he intended to develop residential properties. An express term of the contract between the parties was that the works would be completed by March 2007. However, in February 2008 there was still work to be done so Mr Gubbins engaged an alternative engineer to complete the work ...
Cadbury has lost a five-year legal battle with Swiss rival Nestlé. This week the Court of Appeal overturned a previous decision of the High Court that gave Cadbury an exclusive right to the famous purple colour it uses for its chocolate wrappers. Cadbury began marketing Dairy Milk in a pale mauve colour in 1905 but it wasn’t until 1920 that its full range of Dairy Milk became purple ...
Whether you call it a “shutdown” or a “slowdown,” the lack of a fully-funded federal government is impacting more than the 800,000 federal workers furloughed since October 1.1 According to economic consulting firm, IHS Global Insight, the federal budget debacle will cost $1.6 billion per week in lost gross domestic product ...
In a recent First-tier Tribunal Tax Chamber case it was held that HMRC regulations which require the electronic filing of VAT returns were discriminatory. The full decision (which runs to some 154 pages) can be found here.The electronic filing of VAT returns was made compulsory for all businesses with a turnover of over £100,000, and any newly registered business, with effect from 1 April 2010 and for all businesses with effect from 1 April 2012 ...
Background Following a recent YouGov survey's finding that 85 per cent of SMEs in the UK have been affected by late payments over the past two years, Prime Minister David Cameron has announced that the UK government is to launch a consultation this year to examine ways of reducing this problem, and find solutions to ensure payments are made more timeously to SMEs by larger companies ...
On December 2, 2013 the US Supreme Court will hear oral arguments in BG Group v. Argentina, addressing for the first time the applicable rules when a US court reviews an international arbitral award made under a bilateral investment treaty. This case has earned the attention of the international arbitration community, given its potential impact on future arbitral practice in the United States and abroad ...
In 2010, the New York State Bar Association’s (NYSBA) Task Force on New York Law in International Matters (Task Force) recommended the creation of a permanent center for international dispute resolution in New York.1 And on June 17, 2013, the New York International Arbitration Center (NYIAC), a non-profit providing world-class arbitration facilities and educational programs about international arbitration, opened its doors ...
Institutional Shareholder Services ("ISS") recently announced its updated voting policies for the 2014 proxy season. The policies will become effective for shareholder meetings held on or after February 1, 2014. We have summarized below four policy updates relating to corporate governance matters that may be of particular interest to US corporations. Simplified Pay-for-Performance Executive Evaluation ISS revised its policy relating to executive pay-for-performance evaluations ...
A Pennsylvania appellate court in Indalex, Inc. v. National Union Fire Ins. Co., No. 612 WDA 2012 (Dec. 3, 2013), found that a general liability insurer must defend a window and door manufacturer against claims alleging that defects in the manufacturer’s windows and doors caused damage to property and bodily injuries ...
On 22 November 2011, the Court of Justice of the European Union (CJEU) rendered two very important rulings in the Medeva (C-322/10) and Georgetown (C-422/10) cases. Those rulings however raised new issues that national patent courts quickly referred back to the Court. Yesterday, the CJEU decided on three Medeva follow-up cases. The new rulings brought more clarity about the conditions under which an SPC may be granted ...
A recently unsealed decision from the United States District Court for the District of Maryland demonstrates that insurers cannot hide behind the attorney-client privilege and work-product doctrine to shield claim files from discovery. The court made clear that involving counsel in claim handling does not operate to make either doctrine automatically apply. Charter Oak Fire Ins. Co. v. Am. Capital Ltd., No. 8:09-cv-100 (D. Md. Nov. 6, 2013) ...
