Mon, 10 April, 2017
Matthew Reeve reviews the repercussions for carriers and the remedies available to them, following the recent Hanjin litigation.
Please click here to view the full article, which was published in Volume 14, Issue 2 of International Corporate Rescue and appears here with the kind permission of the publishers, Chase Cambria.
Mon, 03 April, 2017
On 21st and 22nd March 2017, the Supreme Court heard oral argument in Taurus Petroleum Ltd v State Oil Marketing Company of the Republic of Iraq.
The principal issues in the appeal are (a) identification of the beneficiary and creditor of the issuing bank’s primary promise to pay under a letter of credit; (b) the situs of debts owed by issuing banks under letters of credit; (c) the extent of immunity from execution afforded to a State’s Central Bank by ss 13 and 14 of the State Immunity Act 1978; and (d) the principles to be applied when a court is exercising its discretion to make extraterritorial receivership orders, appointing a receiver by way of equitable execution.
Guy Blackwood QC (led by Gordon Pollock QC, Essex Court Chambers) acted for the appellant, Taurus, instructed by Holman Fenwick Willan (Jeremy Davies/Sarah Hunt).
The proceedings are recorded and can be found by following the attached link.
Fri, 31 March, 2017
We are delighted to announce the appointment of Sarah Longden to the newly established role of Business Development Director. Sarah brings with her a wealth of in-depth knowledge and experience, gathered from over 20 years in professional services marketing. She will be working closely with Chief Operating Officer Peter Blair, Senior Clerks Gary Ventura and Simon Slattery and with the marketing team, John Clements and Rebecca Ward in continuing to strengthen Quadrant’s leading presence in the legal market.
“Sarah was chosen in a competitive selection process from a strong field of high calibre applicants. She was the outstanding candidate and is a highly impressive talent, known for her experience and expertise in marketing and business development”, remarked Head of Chambers, Luke Parson QC. Peter Blair said “Sarah has an extensive background in marketing and business development and we are delighted that she is now part of the team. I am confident that her detailed knowledge and understanding of the market place will greatly assist in the further development of members’ practices and Chambers business as a whole”.
Wed, 29 March, 2017
Robert Thomas QC and Benjamin Coffer appeared for the successful claimants in The Maersk Tangier, the first English case to consider package limitation for containerised cargoes under the Hague-Visby Rules. The Judge declined to follow El Greco v. Mediterranean Shipping  2 Lloyd’s Rep 537, in which the Federal Court of Australia held that Article IV Rule 5(c) of the Hague-Visby Rules requires cargo to be enumerated in the bill of lading “as packed”. The judgment also holds that the Hague-Visby Rules can be compulsorily applicable, even where waybills rather than bills of lading are issued.
A copy of the judgment is available here.
Mon, 27 March, 2017
In this article for the Butterworths Journal of International Banking and Financial Law, Liisa Lahti (co-author) considers the legal and regulatory consequences of a cyber-attack in which customer credit balances have been misappropriated and the bank is no longer able to access computer records including archives of accounts held by it.
A copy of the article as published in the March 2017 edition of the JIBFL can be found here.
Thu, 09 March, 2017
Guy Blackwood QC and Siddharth Dhar (of Essex Court Chambers), instructed by Costas Frangeskides and Adam Strong of Holman Fenwick Willan LLP, act on behalf of the Respondent state, the Hellenic Republic (the “Republic”) in ICSID arbitration reference 16/20 (the “Greek Submarines” dispute).
As is reported in the lead article of Global Arbitration Review for 8th March 2017, the claimants’ attempt to unseat Professor Brigitte Stern, the Republic’s appointee to the Tribunal, was successfully defeated by the Republic’s team.
Further details are available from the article in Global Arbitration Review, which can be accessed here.
Thu, 09 March, 2017
Guy Blackwood QC and Simon Bryan QC (of Essex Court Chambers) appeared on behalf of the successful respondent, Arab Insurance Group, in the Court of Appeal case of Axa Versicherung AG v Arab Insurance Group in which the Court of Appeal has upheld the first instance judgment of Males J, and dismissed the appeal of Axa Versicherung AG ("Axa").
Axa had sought to avoid two first loss energy reinsurance treaties written by a predecessor of Axa, Albingia Verischerungs AG ("Albingia"), but was unsuccessful. Although Axa was able to demonstrate material non-disclosure of previous loss statistics, Axa had failed to prove that Albingia's underwriter, a Mr Thomas Holzapfel, was induced to write the treaties by reason of that non-disclosure.
Christopher Clarke LJ gave important guidance on the test for inducement, and what needs to be pleaded, or put in evidence, in inducement cases where the content of a fair presentation, and what would have been said to an underwriter on a hypothetical broke, is in issue, recording that: “If the matter is raised for the first time in cross examination (“If this statistic had been revealed and you had been told this, you would have written the risk, wouldn’t you?)” it may provide a good example of cross examination as an art form. But it involves the insurer/reinsurer coming to trial without notice of the hypothetical factual case that he has to meet and being required to answer on the hoof a question which on a presentation in the real world would not require so instant a response.”
In the circumstances, the customary means of pleading to inducement, by way of a “non-admission”, may no longer suffice.
Guy and Simon were instructed by Costas Frangeskides and Paul Wordley of Holman Fenwick Willan LLP.
The judgment can be accessed here.
Tue, 07 March, 2017
Fri, 03 March, 2017
Michael McParland QC was recently interviewed by The Chartered Institute of Arbitrators.
To view the full interview please click here.
Fri, 03 February, 2017
The Commercial Court handed down judgment on 3 February 2017 in the above matter, in which Poonam Melwani QC of Quadrant Chambers instructed by Stephenson Harwood LLP on behalf of the Claimant Bank successfully argued that asymmetric clauses are indeed valid exclusive jurisdiction clauses for the purposes of Brussels 1 Recast so that the usual lis alibi pendens rules do not apply and potentially abusive litigation tactics cannot prevail
Brussels 1 Recast was introduced to give greater efficacy to exclusive jurisdiction clauses but since its enactment in 2015 practitioners and academics have sought confirmation that asymmetric jurisdiction clauses, common in many contracts including especially banking documentation, qualify as valid exclusive jurisdiction clauses for the purposes of Brussels 1 Recast.