On 11 July 2018, the All Party Parliamentary Group (“APPG”) on Fair Business Banking published its long awaited report entitled “Fair Business Banking for All – How to improve access to justice for business in financial services disputes”. In its report, the APPG highlight several, fundamental, problems that companies, particularly small to medium enterprises (“SMEs”),…
Court Of Appeal Clarifies Application Of UCTA Test Of Reasonableness To Non-Reliance Clauses In First Tower Trustees Limited and another v CDS (Superstores International) Limited[1] the Court of Appeal held that a non-reliance clause giving rise to a contractual estoppel amounted to an exclusion of liability for misrepresentation and was therefore subject to scrutiny under…
In the recent decision in Carlos Sevilleja Garcia v Marex Financial Limited [2018] EWCA Civ.1468, the Court of Appeal was asked to decide whether the rule against reflective loss applies to unsecured creditors who are not shareholders of the relevant company. What is the rule against reflective loss? The rule against reflective loss was best…
DS Law (formerly DaySparkes) has been instructed by multiple victims of the disgraceful and quite breath-taking fraud that was perpetrated by Lynden Scourfield, the former Head of the Impaired Assets division of HBOS in Reading, and other individuals connected with the now infamous turnaround consultancy, Quayside Corporate Services. On 30 January 2017, Mr Scourfield of…
Promontory and Mazars, the “skilled persons” appointed by the FCA to investigate the activities of RBS’s Global Restructuring Group (“GRG”), have completed their draft report into whether RBS mistreated small and medium-sized companies (“SMEs”). The FCA said initially that it would publish the results in late 2014, but it has moved the deadline several times,…
Mr Justice Snowden recently handed down his judgment in Hayfin Opal Luxco S.a.r.l & another v Windermere VIII CMBS p.l.c & others[1], which was one of the first cases to be heard in the newly established Financial List. The core issues to be determined in the Part 8 proceedings brought by the Class X noteholder were:…