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On 27 June 2014, the High Court of Justice of England and Wales sanctioned the solvent scheme of arrangement made by J.K. Buckenham Limited and its Scheme Creditors pursuant to Part 26 of the Companies Act 2006 which was voted on and approved by the Scheme Creditors during the meeting held on 4 June 2014. …
Read More High Court sanctions J.K. Buckenham Limited’s scheme of arrangement

We previously reported on the Law Commission and Scottish Law Commissions’ (the Commissions) review of insurance contract law and the draft Insurance Contracts Bill (the Bill) published in May 2014 (see our blog here). The Commissions have published a further draft of the Bill and draft Explanatory Notes which will accompany the Bill if and when the Bill is enacted (to view the Bill click here and to view the draft Explanatory Notes click here). …
Read More UK: Law Commissions Publish Further Draft of the Insurance Contracts Bill

In Mitsui Sumitomo Insurance Co (Europe) Ltd and Anor v The Mayor’s Office For Policing And Crime [2014] EWCA Civ 682, the Court of Appeal has handed down a landmark decision on the recoverability of consequential losses under s2(1) of the Riot (Damages) Act 1886 (the “Act”). …
Read More UK: Court of Appeal Reverses Decision of High Court and Rules That Consequential Losses are Recoverable Under the Riot (Damages) Act 1886

Edwards Wildman have been instructed to act for J.K. Buckenham Limited (the Company) in relation to a scheme of arrangement which is the first of its kind (the Scheme). Under the Scheme, the Company will ask scheme creditors to give up their contractual rights against the Company, which has been in run off since 2007, in return for a replacement contract with its sister company, Howden Insurance Brokers Limited (HIBL). …
Read More UK: JK Buckenham Ltd Scheme of Arrangement

The case of Milton Furniture Ltd v Brit Insurance Ltd [2014] EWHC 965 (QB) concerned losses suffered by the claimant (Milton) arising out of a fire at its premises in 2005. Milton sought indemnity for these losses under a policy underwritten by the defendant (Brit). Brit denied cover on the basis of breaches of two conditions precedent in the policy. …
Read More UK: High Court Rules on Application of Conditions Precedent in Insurance Policy

In the case of (1) Mr Abraham Figurasin (2) Mrs Maricel Palo-Figurasin v Central Capital Ltd and Paragon Personal Finance Ltd [2014] EWCA Civ 504, the Court of Appeal dismissed Central Capital Limited’s appeal. …
Read More UK: Consumers’ Failure to Read Loan Documents Does Not Mitigate a Firm’s Obligation to be Clear, Fair and Not Misleading

The Association of British Insurers (ABI) has published guidance on the significance and potential implications of the Financial Conduct Authority’s (FCA) remit to promote effective competition and, from April 2015, enforce competition law under the Competition Act 1998. The guidance gives comments and recommendations to both the FCA and the insurance industry on the new regulatory objectives of the FCA and how these can be best achieved. …
Read More UK: The Association of British Insurers Publishes Recommendations for the Financial Conduct Authority on its Competition Remit

The Financial Conduct Authority (FCA) published yesterday, the results of its market study into general insurance ‘add-on’ products. Add-ons are sold alongside or on the back of ‘primary products’ such as travel insurance sold with a flight, or mobile phone insurance sold with a mobile phone. …
Read More UK: Financial Conduct Authority Finds Insurance ‘Add-On’ Market Is Not Competitive