Welcome to the April issue of the Heavyweight with developments in this month's banking and insolvency law.
Some items to note this month:
- The International Chamber of Commerce have published a statement on the volcanic eruption delaying delivery of documents. The statement looks at the effect of delay on the ICC rules, including UCP 600, URDG 458 and the Uniform Rules for Collections (URC 522).
- The Equality Act 2010 has been published. It will make it unlawful to discriminate against adults when providing financial (and other) services to the public.
- The Court of Appeal have overturned a decision and now opened the door for a bank in a syndicate to pursue a cause of action against valuers it alleges were negligent. (Helmsley Acceptances v Lambert Smith Hampton). The valuers had denied liability, both in tort and to the syndicate members because they had made no contract with them. The bank claimed to be acting as trustee of the cause of action in relation to the security of which they were security trustees. The Court of Appeal held they had an arguable claim which should be allowed to go to trial.
The Heavyweight: Coverage of this month's banking and insolvency law
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 06/05/2010.