Insights: Legal Updates - January 2011

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Ultra vires: restitution


Two Norwegian municipalities appealed to the Court of Appeal against a decision that they were liable to make restitution for monies advanced under swaps when they had lacked capacity. In Haugesund Kommune and Narvik Kommune v Depfa ACS Bank [2010] EWCA Civ 579, the swap contracts contained English law and jurisdiction clauses. The court adopted […]

Too much information

Gillian Birkby |

Freedom of information legislation can expose firms contracting with public bodies to commercial disadvantage. A recent appeal court ruling recognises this. Openness and transparency are on the government’s agenda. So how does this affect companies that contract with the government – do they also have to be open and transparent about their contracts? What about […]

Ultra vires: jurisdiction


In UBS v The Kommunale Wasserwerke Leipzig [2010] EWHC 2566 (Comm), the bank sued in England for sums due from the defendant under swap agreements. They were governed by ISDA master agreements and contained English law and jurisdiction clauses. The defendant raised various defences, including the potentially decisive issue of ultra vires or incapacity under […]

Old dog, new tricks? Varying lease terms through CVAs

Jeremy Whiteson |

Recessions always lead to innovations and developments in insolvency law, as tools designed during periods of economic stability are exposed to the stresses of a financial crisis. One of the interesting developments to come from the recent recession has been the use of Company Voluntary Arrangements (CVAs) to vary lease payment terms. While a CVA […]

Unexpected results - payment in construction contracts


Property is an industry that is well used to statutory regulation, so it should not necessarily come as a surprise to learn that contracts for construction work are also subject to legislation. The law makes significant changes to the rules relating to payment and dispute resolution to what might normally be expected. As a construction […]