Insights: January 2016

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Executors: it’s time to turn detective or risk a penalty

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An essential part of any executor’s job is to work out the assets and liabilities of the estate that they are administering. An executor also owes a statutory duty to HMRC to correctly report the value of the estate to it so that, if any Inheritance Tax is due on the estate, the right amount […]


Fladgate advises on European Metal Holdings Limited admission to AIM

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Fladgate LLP advised Beaumont Cornish as Nomad and UK broker on the admission to AIM of European Metal Holdings Limited (European Metals). European Metals is a specialty lithium exploration and development company. The Company’s wholly-owned subsidiary, Geomet s.r.o., owns mineral exploration licences for the Cinovec Project in the north of the Czech Republic. Keith Coughlan, Managing […]


Deception in divorce: non-disclosure of assets

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Divorcing spouses in England and Wales have a legal duty to the court and to each other to provide full and frank disclosure of all capital assets, liabilities and income, not just in the UK but also on a worldwide basis. The duty is ongoing until the divorce is concluded, either by court order or […]


Secondary insolvency proceedings

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The Supreme Court has considered the meaning of “economic activity” and “establishment” for the purpose of deciding whether there can be secondary insolvency proceedings in the UK pursuant to European Regulation 1346/2000. In Trustees of Olympic Airways Pension and Life Assurance Scheme v Olympic Airlines SA [2015] UKSC 27, the court had to decide whether […]


Payment terms in construction contracts: Do they comply?

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Introduction A number of common law countries in the Asia Pacific region have introduced security of payment legislation for construction contracts.  Such legislation can present a number of pitfalls for the unwary, particularly where payment arrangements are concerned. There are two main approaches to payment terms in construction contracts.  These differing approaches are considered below. […]


Attaching debt due under letter of credit

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In Taurus Petroleum v State Oil Marketing Co [2015] EWCA Civ 835, the Court of Appeal rejected an appeal striking out a third party debt order made to enforce an arbitration award against State Oil. The London branch of a French bank had issued letters of credit which contained a promise to make payment in […]


Fladgate advises Privet Capital on acquisition of Pyser-SGI Group Limited

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Fladgate LLP advised the investment company Privet Capital on the acquisition of Pyser-SGI Group Limited. Pyser was acquired from its existing management team which has owned the business since 1994. Pyser-SGI is a Kent-based supplier of sophisticated optical technology products. The business manufactures products including night vision systems, weapon sights, compasses, small arms collimators and […]


Opposing a commercial lease renewal under the 1954 Act

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Article 5 in our series of articles on the Landlord and Tenant Act 1954 This is the last in the series of articles on the Landlord and Tenant Act 1954 and the grounds upon which a landlord can oppose a renewal under that Act.  This article looks at the ground in section 30(1)(g), known colloquially […]


Fladgate boosts AIM and life sciences practice with appointment of corporate team

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Fladgate is delighted to announce the appointment of corporate partners Nigel Gordon and Chris Chrysanthou, who join from Fasken Martineau LLP, together with senior associate Zehra Kofturcu. It is anticipated that the incoming practice of the team will add significantly to Fladgate’s already extensive M&A and AIM practice, taking the firm into the top 10 […]


New Stamp Duty Land Tax proposals – a market changer?

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In the Autumn Statement last month, the Government proposed that purchases of additional residential properties in England, Wales and Northern Ireland should be subject to an extra 3% Stamp Duty Land Tax (SDLT) on top of the standard SDLT rates. All types of residential property will be caught – second residences, buy-to-lets or furnished holiday […]


Multi-party litigation: the future for recoveries?

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For many years, group litigation and class actions have been synonymous with the United States: big claims, reams of claimants and damages measuring in the many millions. More recently, however, we are seeing litigation being brought in this jurisdiction by groups of claimants, borrowing in some respects from the US model but applying a very […]


Documents confidential in US ordered to be disclosed

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In Property Alliance Group Limited v The Royal Bank of Scotland [2015] EWHC 321 (Ch), the claimant alleged that it was induced to enter into interest rate derivatives on the basis of the bank’s misrepresentations concerning the setting of LIBOR. The bank was ordered to disclose internal reports and other documents in order to enable […]