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Down in Flame(s)
What is the value of money? In a recent Commercial Court decision, it was held that the right to redirect the payment of money (or to give it away) is as valuable as the right to have the money paid into one's own bank account.
Read moreKeep your word! Hong Kong Court enforces indemnity for delivery of cargo without original bills
Shipowners are well aware of the perils of releasing cargo without production of an original bill of lading. In particular, they are likely to lose P&I cover in the event of a misdelivery claim.
Read moreArbitrations and anti-suit injunctions – a Hong Kong perspective
In some jurisdictions (notably Mainland China and Australia), local law does not give effect to the incorporation of arbitration clauses into bills of lading.
Read moreThe "NEW FLAMENCO" – back in step
Court of Appeal overturns High Court and holds that a 'capital' benefit obtained following the sale of a vessel on her early redelivery can reduce a damages claim for repudiatory breach of charterparty.
Read moreSpeed & Consumption – good weather daze?
The High Court of England & Wales has overturned an arbitration Award in a rare appeal on a performance dispute[1].
Read moreAnti-suit injunctions – do not delay
The recent judgment of the English Commercial Court in Essar Shipping Ltd v Bank of China Ltd[1] has highlighted the importance of applying for anti-suit injunctions swiftly once the dispute arises.
Read moreBallast Water Management Convention likely to come in 2016
Three countries, Monaco, Indonesia and Ghana, ratified the IMO Ballast Water Management (BWM) Convention, during the recent IMO Biennial Assembly Meeting, in London.
Read moreThe "RES COGITANS" – still no relief for shipowners in OW Bunker saga
In an eagerly-awaited decision, the English Court of Appeal has unanimously upheld the conclusion of the Commercial Court (itself affirming a decision of London maritime arbitrators) that a bunker supply contract on the OW Bunker terms is not a "contract of sale of goods" to which the Sale of Goods 1979 Act applies[1].
Read moreDamages for repudiation of a voyage charter
The compensatory principle explored The High Court of England & Wales has reviewed the application of the standard compensatory principle in common law to voyage charters repudiated by their charterers, in an appeal from an arbitral Award[1].
Read moreMarine Insurance: Current Good Faith Rules Continue To Cause Blot On The Landscape?
We have less than twelve months until insurance contracts written under English law will be subject to the new provisions of the English Insurance Act 2015.
Read moreNo relief for late commencement of arbitration
Once upon a time, if one was unfortunate enough to miss a contractual, as opposed to statutory, time limit for commencing arbitration, relief could be sought and often obtained from the High Court under Section 27 of the Arbitration Act 1950.
Read moreWhen is a sale contract not a sale contract?
Most people reading this article would probably say that, even if they could not define a sale contract, they would know one when they saw it.
Read moreNot just a question of timing – Supreme Court rules on the assessment of damages for premature cancellation
The Supreme Court has held that a party could only recover nominal damages for premature cancellation (repudiation) of a sales contract on GAFTA Form 49[1].
Read morePushing the (tonnage) limits
This update highlights two recent changes in tonnage limits – one international, the other in Hong Kong.
Read moreCharterparty arbitration clauses: too much of a good thing?
It is a fact of commercial life that, at least with the benefit of hindsight, contracts are not always drafted clearly.
Read moreEnforcing jurisdiction agreements in the EU – Brussels casts out "abusive litigation tactics"
Disputes over jurisdiction (i.e. where a claim is heard and determined) are commonplace in shipping and international trade.
Read moreNew Compulsory Marine Liability Insurance Gives Shipowners and their Insurers the Blues
The Nairobi International Convention on the Removal of Wrecks 2007 comes into force later this month (18 April 2015 and 17 May 2015 for Malta and Tuvalu respectively, but 14 April 2015 for all other contracting states, including the UK).
Read moreHong Kong expected to introduce mandatory low-sulphur fuel regulations
Many vessels currently calling to Hong Kong voluntarily burn low-sulphur fuel, in return for financial incentives under a scheme introduced by the Government in 2012.
Read moreAn uncharacteristic appeal: Ocean Victory decision reversed
Charterers (and their insurers) concerned by the first instance decision in The "Ocean Victory" may rest a little easier following the successful appeal which saw Daiichi Chuo overturn a judgment of over US$130 million against them.
Read moreCocaine Haul Leads to Limitations on War Risk Exclusion
It is a sad fact that drug traffickers like to use ocean-going vessels to help them move their product.
Read moreSingapore High Court allows extension of time in collision case despite multiple opportunities to arrest.
Following a collision between ORINOCO STAR and MELODY in Nigerian waters on 20 June 2011 and subsequent unsuccessful settlement negotiations between the parties, owners of the vessel MELODY issued a writ and proceeded to arrest ORINOCO STAR on 6 December 2013.
Read moreOW Bunker update – Hong Kong company applies for winding-up
Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).
Read moreBunker disputes – Bankruptcy of OW Bunker A/S and associated companies
We are receiving numerous enquiries regarding the fallout from the bankruptcy of OW Bunker A/S and certain associated companies.
Read moreContainer weight fraud
Container weights is a hot topic at the moment, with the IMO set to introduce new requirements for the verification of container gross mass.
Read moreCourt rejects "capital" punishment
Appeal considers relevance of ship sale following early redelivery
Read moreNew Safety and Health Guidelines to Protect Seafarers
The International Labour Organisation has agreed guidelines to assist governments in implementing occupational safety and health provisions previously set down in the Maritime Labour Convention 2006.
Read moreHong Kong's top court confirms loss of cover
The importance of complying with insurance warranties
Read moreThe High Court continues interim anti-harassment injunction
At a return date hearing on 12 July 2024, Aidan Eardley KC (sitting as a Deputy High Court Judge) continued until trial or further order an anti-harassment injunction granted to prevent the Defendant from, amongst other things, approaching or contacting the Claimant.
Read moreThe Supreme Court clarifies the law on the recovery of damages for non-pecuniary damage arising out of a maliciously false statement
The Claimant was an employee of the second defendant, LCA, a recruitment agency owned and operated by the first defendant. After leaving LCA, the Claimant was employed by another recruitment agency and began targeting LCA's clients. LCA's owner told two third parties, one of whom was the Claimant’s new line manager and the other a client of LCA, that by doing this the Claimant was in breach of her contract of employment with LCA. In fact, there was no term of that contract (as the owner of LCA knew) which prohibited the claimant from soliciting business from LCA’s clients.
Read moreParliamentary 'wash up' – which Bills made it through?
On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.
Read moreOfcom's 'Roadmap to Regulation' underway with its consultation on illegal harms duties under the Online Safety Act
In November, Ofcom, as new online safety regulator, published the first of four major consultations under the Online Safety Act ("OSA"), which sets out its proposals for how "user-to-user" ("U2U") services (essentially any online website or app that allows users to interact with each other) and online search services (i.e. Google, Bing and similar) should approach their illegal content duties under the new legislation. The consultation provides guidance in a number of areas including governance, content moderation, reporting and complaints mechanisms, terms of service, supporting child users, and user empowerment.
Read moreThe Online Safety Bill is set to become law
The Online Safety Bill will shortly become law in the UK as soon as it receives Royal Assent. The legislation will introduce a new regulatory regime for online platforms and search engines which target the UK, imposing wide-ranging obligations on in-scope services with serious consequences for non-compliance.
Read moreThe Online Safety Bill and the risk of unintended consequences
The Online Safety Bill was reintroduced to Parliament late last year, with new amendments receiving scrutiny in the House of Commons in December, before the bill entered the House of Lords in January. The bill continues to evolve, most notably with the government removing the requirement for user-to-user platforms and search engines to prevent adult users from encountering "legal but harmful" content, instead requiring online platforms to provide users with enhanced content controls (i.e., choice as to what content is seen), and imposing further obligations around transparency and enforcement of online platforms' terms and conditions. "Legal but harmful" obligations remain in place for under 18s. The government has recently agreed to introduce criminal sanctions for senior managers who fail to take proportionate measures to protect children from potentially harmful content.
Read moreThe Model Anti-SLAPP Law: an overview
Following the Government's response to the SLAPP consultation in the summer, the UK Anti-SLAPP coalition (a working group that includes English PEN, the Foreign Policy Centre and Index on Censorship, "the Coalition") has this week published a model Anti-SLAPP law, which has been endorsed by a collection of free speech and anti-corruption organisations, journalists, editors and lawyers.
Read moreInterim injunctions and competing public interests (Attorney General v BBC)
In Her Majesty's Attorney General for England and Wales v British Broadcasting Corporation [2022] EWHC 826 (QB), an interim injunction has been granted in favour of the Attorney General (AG) to restrain the BBC from broadcasting the identity and image of an alleged covert human intelligence source for MI5 (known only as ‘X’) who is accused of being abusive to two former partners and using his position with MI5 to terrorise and control one of the women. The injunction was granted on the basis that, while it "represented a very significant interference with the right of the BBC to freedom of expression and the correlative right of the public to receive the information the BBC wishes to publish" [23], such a measure was necessary in order to prevent a real and immediate risk to X’s life or safety, as well as the potential wider impact of publication on national security.
Read moreUK government updates NSIA market guidance and statement on call-in powers
Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.
Read moreUK listing regime reforms: impact on standard listed issuers
Following the FCA's May 2023 consultation on major reforms to streamline and enhance the UK listing regime and its December 2023 publication of detailed proposals, the FCA has now published a consolidated draft UK Listing Rules instrument (UKLR) to replace the current Listing Rules, together with proposed changes to its guidance.
Read moreReversal of recent changes to the Financial Promotions Order
A number of the provisions of the Economic Crime and Corporate Transparency Act 2023 came into force on 4 March 2024. This Act is intended to give UK Companies House greater powers to prevent UK companies from being used for economic crimes.
Read moreProvisions of Economic Crime and Corporate Transparency Act 2023 now in force
A number of the provisions of the Economic Crime and Corporate Transparency Act 2023 came into force on 4 March 2024. This Act is intended to give UK Companies House greater powers to prevent UK companies from being used for economic crimes.
Read moreSpring Budget 2024 – Main tax announcements
This blog discusses some of the key tax changes announced in last week's Spring Budget.
Read moreThinking of marketing a sale of unlisted shares?… There have been some changes to the Financial Promotions Order you need to know about
On 31 January 2024, changes made to the high net worth individual and self-certified sophisticated investor exemptions contained in the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO") came into effect.
Read moreWhat do your corporate governance leads need to know about tackling greenwashing?
The Chartered Governance Institute UK & Ireland (CGI) has published a helpful report, "Tackling greenwashing from a governance perspective", to assist corporate governance professionals in ensuring organisations are compliant with new expectations.
Read moreEconomic Crime and Corporate Transparency Act – what you need to know about the corporate transparency reforms
The Economic Crime and Corporate Transparency Act, which received Royal Assent on 26 October 2023, overhauls the role of Companies House and the corporate transparency obligations of UK companies.
Read moreUS to prohibit outbound investment in certain advanced technologies – a massive expansion of national security laws
On 9 August 2023, President Biden declared a US national emergency in relation to the national security threat posed by certain advanced technologies and issued an Executive Order directing that investment by US persons in such technologies be subject to prior notification or outright prohibition.
Read moreFinsbury Food v AXIS: what are the key takeaways for warranty and indemnity insurers and policyholders?
The Commercial Court recently handed down its judgment in the case of Finsbury Food Group Plc v AXIS Corporate Capital UK Ltd & Ors [2023] EWHC 1559 (Comm). This is the first time the court has considered a claim under a W&I insurance policy, and provides a helpful example of how key concepts, such as material adverse change and valuation, are considered by the court.
Read more10 Practical Tips for Navigating the W&I Underwriting Process
Warranty and indemnity (W&I) insurance provides cover for losses arising from a breach of warranty, or a tax deed claim, in connection with a merger or acquisition (M&A) transaction. The use of W&I insurance offers significant advantages (such as allowing the seller to make a clean exit, and helping to maintain the relationship between the parties), and as such, is becoming an increasingly common feature of M&A transactions.
Read moreAutomatic conversion of shares held invalid
The High Court has interpreted that a right for preferred shares to be converted to ordinary shares is subject to class right approval by the preferred shareholders.
Read moreTake notice: the importance of complying with formal notification requirements
A recent judgment of the High Court has highlighted the potential hurdles thrown up by notification clauses in share purchase agreements.
Read moreSustainability-Linked Bonds
The ESG finance market continues to develop and grow as interest and demand for environmentally and socially conscious investments becomes more and more important to investors around the world.
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