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Cases on the anti-deprivation rule are coming with increasing frequency. In the latest case, reported as Folgate London Market Limited (formerly Towergate Stafford Knight Co Limited) v Chaucer Insurance PLC [2011] EWCA Civ 328, an insurance broker had agreed to indemnify a company against liability in respect of a personal injury claim where the insurers had declined cover on the basis of an exception in the policy. …
Read More UK: English Court of Appeal decision on the Anti-deprivation Rule

In the recent case of Phillips Roberts (Liquidator of Onslow Ditching Ltd) v (1) Peter Frohlich (2) Godfrey Spanner [2011] EWHC 257 (Ch), the High Court was asked to decide whether the respondent directors had breached their fiduciary duties by continuing with a land development project when it was not in the best interests of the company or its creditors. …
Read More UK: Directors Take Note – Always Act in Company’s and Creditors’ Best Interests

In BNY Corporate Trustee Services Limited v Eurosail–UK 2007–3BL Plc and others, the Court of Appeal ruled on the interpretation of the so-called “balance-sheet” test of insolvency under section 123(2) of the Insolvency Act 1986. This is essentially that a company is deemed unable to pay its debts if the value of its assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. …
Read More UK: Court of Appeal Case on the “Balance-Sheet” Test of Insolvency

AXA Seguros, S.A. De C.V. v Allianz Insurance plc (Allianz) and others [2011] EWHC 268 (Comm) concerned a claim for privilege in reports produced by an engineering firm in relation to damage to the Don Nogales highway in Mexico. AXA had insured a company which had responsibility for the Don Nogales highway. Allianz and others (the Reinsurers) reinsured AXA. The reinsurance policy only covered damage to highways constructed to “internationally acceptable standards“. …
Read More UK: Engineering Firm Reports Not Privileged

In Re Digital Satellites Warranty Cover Limited & ors [2011] EWHC 122 (Ch) the English Companies Court considered three “public interest” petitions brought by the UK Financial Services Authority (the FSA) for the winding-up of two companies and a partnership (the Respondents). The FSA alleged that the Respondents had carried on (either in succession or with some overlap) substantially the same business namely the selling of extended warranty cover for satellite TV equipment without the authorisation required under the Financial Services and Markets Act 2000 (the FSMA). …
Read More UK: FSA Succeeds in Winding-Up Unauthorised Companies

The Supreme Court has handed down its decision in Sienkiewicz v Greif. The UK’s highest appeal court was reviewing the application of the “Fairchild exception” to single rather than multiple exposure cases. We reported on the Court of Appeal decision here. …
Read More UK: Sienkiewicz: Another Decision About the UK’s “Special” Mesothelioma Jurisprudence

Masefield AG v Amlin Corporate Member [2011] EWCA Civ 24 concerned an appeal brought by Masefield against the High Court’s finding (previously reported in our June 2010 issue, which report also includes full facts of the case) that the capture of Masefield’s biodiesel on board the Bunga Melati Dua was not an ‘actual total loss’ under section 57 of the Marine Insurance Act 1906. …
Read More Court of Appeal: Capture of Ship and its Cargo by Somali Pirates Seeking Payment of Ransom Does Not Constitute “Actual Total Loss”