Insights: September 2009

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Quarter Day - September 2009

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Legal updates for those involved in the real estate sector.


Certificate of completion

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“I am about to purchase a building that is close to being completed. The seller’s representative is about to issue the certificate of practical completion, but I do not think the building is ready. Do I have to complete?” You need to look carefully at the contract. The trigger for completion is often the employer’s […]


Victory for "pragmatic" lenders

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In the recently reported decision of Angel Solicitors v Jenkins, O’Dowd & Barth [2009] EWHC 46 (Ch), the High Court ruled in favour of Barclays Bank and Close Brothers on the question of the level of redemption monies they were entitled to. Fladgate LLP acted for Close Brothers in the matter. The case related to […]


Forged signature on debenture

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One director of a company was in the habit of allowing the other director to replicate his signature on financial documents, if he consented. One such document was a debenture pursuant to which the company’s bank appointed administrators. In the meantime, the relationship between the two directors became strained and the non signing director challenged […]


Fladgate advises Miba Gleitlager GmbH on acquisition of stake in UK company Teer Coatings

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Fladgate LLP has acted for Miba Gleitlager GmbH, a subsidiary of Vienna listed Miba AG who is a leading producer of engine bearings, sintered components and friction materials for the international engine and automotive industry, on the acquisition of a 24.9% stake in the share capital of Teer Coatings Limited, a worldwide leader in the […]


Guarantee or indemnity?

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The difference between a guarantee and an indemnity is that liability under a guarantee depends on a separate liability between a third party debtor and the creditor who holds the guarantee, whereas an indemnity is an independent obligation to compensate for a loss. In many cases, the wording leaves the nature of the obligation open […]


Companies Act 2006 – The final instalment

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The final provisions of the Companies Act 2006 come into force on 1 October 2009. This article summarises the main provisions: Memorandum of association The memorandum of association for companies incorporated after 1 October 2009 will become a simple statement of the initial subscribers for shares. The company’s objects will be unrestricted unless the articles […]