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Tips for minimising costs on Part VII transfers
The Covid-19 crisis might cause insurers to seek to free up capital by disposing of portfolios of legacy business. This blog sets out some tips for carrying out Part VII transfers whilst under increasing costs constraints.
Read moreFOS complaints and hindsight – categorical statement from the Chief Ombudsman
The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.
Read moreTax Bites - May 2020
Welcome to the first edition of RPC's Tax Bites providing monthly bitesized updates from the tax world.
Read moreThe ASA bites back – Burger King 'Rebel Whopper' ads ruled to be misleading and in breach of advertising rules
At the start of the year, Veganuary hit the headlines, with the British public challenged to ditch animal by-products in favour of a plant-based diet for the month of January.
Read moreThe ASA bites back – Burger King 'Rebel Whopper' ads ruled to be misleading and in breach of advertising rules
At the start of the year, Veganuary hit the headlines, with the British public challenged to ditch animal by-products in favour of a plant-based diet for the month of January.
Read moreSports Ticker 12 – F1 restart, virtual NFL Draft and RFL emergency loan
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreWhat are good grounds for appeal in insolvency applications?
Applying for permission to advance fresh evidence on appeal is a tricky application, which has had varying degrees of success in the courts. Zheng Yougxiong v Gate Ventures Plc(1) is a useful example of the application of the criteria, albeit in the context of insolvency proceedings.
Read moreA look at Lloyd's Lab
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are taking a look at Lloyd's lab, the renowned insure-tech startup programme. Our guest is Ed Gaze, who is the Lab Manager.
Read moreCoyle – Upper Tribunal refuses permission to appeal out of time
In Michael Coyle t/a Coyle Transport v HMRC [2020] UKUT 0113 (TCC), the Upper Tribunal (UT) set aside the decision of the First-tier Tribunal (FTT) for errors of law, but reached the same conclusion as the FTT and refused the taxpayer permission to appeal out of time.
Read moreRegulated Activities Order amendments for the new Bounce Back Loan Scheme
On 1 May 2020, the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 was published and came into force on 4 May 2020.
Read moreThe Solicitors Disciplinary Tribunal: new rules, new game?
There are few things that strike fear into the heart of a solicitor more than the prospect of being sent to the Solicitors Disciplinary Tribunal. This article looks at its new rules of procedure.
Read moreArbitrable disputes in the context of winding up proceedings
This note discusses two recent decisions of the Court of Appeal of Singapore that dealt with the standard of review to be applied in winding up proceedings where a debtor asserts that there is a dispute which parties agreed to resolve by way of arbitration.
Read moreGeneral liability newsletter - April 2020
Welcome to the latest edition of our general liability newsletter, rounding up some the key cases from the last few months.
Read moreNew 100% government-backed loan scheme for small and medium-sized businesses
The new 'Bounce Back Loans' scheme (the "Scheme") launches today. The Scheme provides small and medium-sized businesses with loans from between £2,000 and £50,000, such cash to be accessible within days.
Read moreInternational risk team - The Atlantik Confidence: precautions to take in respect dubious claims in the wake of economic crises
Insurers want to pay claims. However, insurance claims history shows that when certain businesses face an existential threat they are inclined to take a very aggressive attitude towards their insurance “assets” in a desperate attempt to generate liquidity.
Read moreRegulatory Roundup Q1 2020
Welcome to the Spring edition of the Regulatory Roundup, which aims to pull together the key developments across regulatory regimes – and help you to navigate the maze.
Read moreHigh Court provides a reminder against "over-lawyering" of witness statements
In a reminder not to "over-lawyer" witness statements, a High Court judge has ordered that statements be revised to remove inappropriate content(1).
Read moreVAT update - April 2020
In this month’s update we report on (1) the Value Added Tax (Finance) Order 2020 (SI 2020/209), which amends the fund management exemption; (2) HMRC’s guidance on the deferral of VAT payments due to COVID-19; and (3) HMRC’s guidance on how importers can pay no import duty and VAT on medical supplies, equipment and protective garments.
Read moreLandmark case sees trade mark specifications cut down on grounds of bad faith.
Today, the High Court handed down judgment in Sky v SkyKick. The judgment follows the CJEU's 29 January 2020 decision, which answered various questions that the High Court had referred to it, back in June 2018.
Read moreNew virtual insurer for Hong Kong
This month saw the award of a further virtual insurer licence in Hong Kong – this time for OneDegree (on 15 April 2020). The start-up will focus, initially, on the burgeoning Hong Kong pet insurance market, before a proposed expansion into health and cyber risk.
Read moreImpact of COVID-19 on telecommunications apparatus
With COVID 19 keeping individuals and businesses in various states of lockdown around the world, the importance of telecommunications in keeping the country connected, both professionally and socially, has been thrown into sharp relief.
Read moreCOVID-19: What is the CMA's current approach to UK merger assessment?
The CMA has been adapting its working practices to react to the ongoing challenges of a change in working environment that has an impact on almost all businesses.
Read moreDavies – Taxpayers unable to benefit from motive exemption in TOAA or qualify for treaty relief
In Andrew Davies & Others v HMRC [2020] UKUT 67 (TCC), the Upper Tribunal (UT) held that the taxpayers did not satisfy the ‘motive exemption’ in the transfer of assets abroad (TOAA) legislation and could not benefit from treaty relief.
Read moreGeneral adjournment in Hong Kong does not extend duration of ex parte injunction
In Hong Kong, the courts have generally been closed, save for urgent and essential court business as a result of COVID-19.
Read moreCarluccio's serves up a rescue recipe
On Friday 24 April, RPC hosted a 30 minute webinar on the interaction of furloughing and insolvency law.
Read moreLease frustration and COVID-19
Frustration of a contract occurs due to a supervening event meaning the contract is no longer capable of performance. If frustration is found to have occurred, the contract is automatically terminated.
Read moreHigh Court interprets meaning of indemnity for damage caused "prior to completion"
In a recent decision, the High Court has interpreted an indemnity for damage caused to assets "prior to completion" to be limited to damage caused in the period between signing and completion. This blog examines the reasoning for the court's decision, and the lessons that can be learned for transactional lawyers.
Read moreRetailers: new government measures to provide further protection for tenants against aggressive rent collection.
When the Coronavirus Act 2020 (the "Act") received royal assent on 25 March 2020, commercial tenants across the country were afforded some relief.
Read moreSports Ticker 11 – 2.6 Challenge, Premier League furlough and #IsolationGames
Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.
Read moreCOVID-19: The suspension of wrongful trading provisions and a moratorium for businesses in restructuring: what is the likely impact on Insurers?
On 28 March 2020 the Business Secretary announced further new far-reaching measures to help businesses combat the financial impact of COVID-19.
Read moreRICS Guidance and Key Developments for Surveyors: #1 Changes to the RICS Minimum Terms
In this series of articles, we will be addressing a number of the key risks and challenges that face surveyors and valuers in the current climate.
Read moreFuture Fund
The Chancellor has announced the launch of a £500m co-investment fund for start-ups adversely impacted by the coronavirus. The 'Future Fund' operates through the government matching private sector money with state-backed loans that can convert into equity stakes in the start-up.
Read moreFuture Fund
The Chancellor has announced the launch of a £500m co-investment fund for start-ups adversely impacted by the coronavirus. The 'Future Fund' operates through the government matching private sector money with state-backed loans that can convert into equity stakes in the start-up.
Read moreInternational risk team: The Evolution of the Remedy of Avoidance
There used to be a side-splitting “joke” amongst the barrister authors of a particular insurance law textbook that its title ought to have been “How to Avoid”.
Read moreThe Financial Ombudsman Service's response to COVID-19
A few weeks ago, the FOS announced it was closing its office in response to government guidance but was continuing to receive and respond to complaints both old and new. The FOS' latest newsletter offers useful further insight into the FOS' response to the current crisis.
Read moreCOVID-19 – Hong Kong Courts set for phased reopening from May
On 22 April 2020, the Hong Kong Judiciary announced that the general adjourned period ("GAP") for court proceedings, which started on 29 January 2020, will end on 3 May 2020. Stressing that the health and safety of court users, the Judiciary's staff and Judges and Judicial Officers ("JJOs") remains paramount, the Judiciary will move to a phased reintroduction of general business.
Read moreJudicial guidance on listing of hearings remotely
Senior judges have issued guidance to the judiciary on listing hearings in light of the current coronavirus situation. This gives litigants some clues as to how the court will approach upcoming hearings.
Read moreInternational Risk Team: Arbitration in the time of Coronavirus - should Tribunals suspend proceedings?
The global pandemic has caused many of the ‘normal’ facets of life to come to an abrupt standstill. The legal world is, of course, not immune to the effects of coronavirus and dispute resolution has been impacted.
Read moreZipvit – Supreme Court considers deduction of input VAT on supplies mistakenly treated as VAT exempt
In Zipvit Ltd v HMRC [2020] UKSC 15, the Supreme Court referred questions to the Court of Justice of the European Union (CJEU) regarding the correct interpretation of Article 168 of the Principal VAT Directive, in connection with the question of whether a recipient of postal services may deduct input VAT in relation to those supplies, where both parties and HMRC had mistakenly treated the supplies as exempt from VAT.
Read moreCyber Bytes - Issue 12
Welcome to Cyber_Bytes, our bi-weekly roundup of key developments in cyber, tech and evolving risks.
Read moreWhat is covered by an indemnity for "liabilities"?
This blog examines the recent Court of Appeal decision relating to the acquisition of Nottingham Forest FC and asks what type of liabilities is a seller liable for under a liabilities indemnity?
Read moreRegulator urges lenders to carefully consider their responses to borrower's potential breaches of covenants owing to COVID-19
The PRA stressed in a 'Dear CEO Letter' that lenders should be flexible with regards to the breaches of covenants that might occur because of COVID-19. The PRA stated that breaches may arise owing to temporary changes to a borrowers' reported earnings, suspension of business or changes to the audit report attached to financial statements.
Read moreCOVID-19: the supply chain
Concerns regarding the strength of UK supply chains and the consequences which arise when links in the chain fail, are not new and were recently subject to significant scrutiny in the context of Brexit negotiations. But with COVID-19 causing a host of new problems for already stressed supply chains, what can businesses do to protect themselves?
Read moreInternational Risk Team: Practical briefing - marine products
The impact of the current COVID environment (and its longer-lasting effects) on marine insurance products falls, we believe, into three categories.
Read moreA Review in Confidence: Modernising the Law of Breach of Confidence in Singapore
The elements for a claim for breach of confidence were trite, having been established more than 50 years ago in the English case of Coco v. AN Clark (Engineers) Ltd (1) and affirmed in numerous Singapore decisions (2) .
Read moreInternational risk team: The impact of COVID-19 on existing business interruption claims
The global spread of COVID-19 and its impact on a wide range of businesses is unprecedented in its speed and scale.
Read moreCOVID-19 – Now is not the time for businesses to be complacent
On 31 March 2020, the Crown Prosecution Service (CPS) and National Police Chiefs' Council (NPCC) issued guidance(1) on how investigators and prosecutors are proposing to tackle the issuing of new criminal proceedings during 'an unprecedented crisis for the Criminal Justice System in the UK.
Read moreGive retailers a break, lawyers tell creditors
Lawyers have called for a break on winding-up petitions against retailers as they fail to pay creditors due to the outbreak. So far, retailers have been hit with 52 winding-up petitions since the beginning of the year, with the numbers accelerating since the coronavirus outbreak took hold, according to lawyers at RPC.
Read moreHong Kong Courts – In with the old and the new technology
In Re Cyberworks Audio Video Technology Ltd,(1) the High Court of Hong Kong decided that it can, as part of its case management powers and of its own volition, order that a directions hearing take place by means of a telephone conference without the physical presence in court of the parties or their legal representatives.
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