United Kingdom

Subscribe to United Kingdom via RSS

On 22 August 2008, Aon Corporation (Aon) and Benfield Group Limited (Benfield) announced that the boards of both companies had unanimously approved an agreement under which Aon will acquire Benfield for £3.50 per share in cash and assume approximately £91 million of Benfield’s net debt, representing an enterprise value of £935 million ($1.75 billion) on a fully diluted basis. …
Read More UK/US: Aon to Acquire Benfield Group Limited

The provisions of the Act are coming into force in stages, with all provisions expected to be in force by 1 October 2009. GC100 has published an information pack to help companies prepare for the requirements of the Act that will come into force on 1 October 2008. Changes coming into effect on 1 October 2008 include: the introduction of new statutory duties for directors in relation to conflicts of interest; the abolition of the financial assistance prohibition for private companies; and the introduction of a new capital reduction procedure for private companies. …
Read More UK: The Association for General Counsel (GC100) Publishes Pack on Directors’ Conflicts of Interest to Help Companies Prepare for the Requirements of the Companies Act 2006 (the Act)

Syndicate 980 v. Sinco S.A. [2008] EWHC 1842 (Comm), concerned a jurisdiction dispute for claims made in England and in Greece. The Syndicates and Sinco were party to contracts which contained an exclusive jurisdiction clause in favour of the English courts. The Syndicates had commenced proceedings in England which concerned breaches of contract. 

…
Read More UK: Commercial Court Considers Aspects of the EC Regulation on Jurisdiction

The recent judgment in Ace Capital Ltd v CMS Energy Corp [2008] EWHC 1843 (Comm) has provided welcome clarification on the effect of a US service of suit clause in a policy that contains an English arbitration provision.

…
Read More UK: English High Court Examines the Interaction Between an English Arbitration Clause and a US Service of Suit Clause

The Mesothelioma Act (Northern Ireland) 2008 (the Act) was given Royal Assent on 2 July 2008.  The Act allows victims with diffuse mesothelioma or their dependants to claim a lump sum payment from the government. This new Act allows even those victims who did not have workplace exposure to asbestos to claim a payment under the Act. …
Read More UK: Legislation Extends Government Compensation for Mesothelioma Victims

The English High Court provided directions to the liquidators of Whiteley Insurance Consultants (WIC), an insurance intermediary, on how to deal with claims in the liquidation made by creditors to whom insurance policies had been sold by WIC in circumstances where either WIC had no authority from the insurers to place the policies or the insurers did not exist. …
Read More UK: Guidance on the remedies under FSMA – In the matter of Whiteley Insurance Consultants (2008)

The FSA has published a ‘quick and easy’ six-page guide to FSA regulation for small firms. (See: Quick Guide For Small Firms). The guide highlights key aspects of FSA regulation relevant to small firms and provides links to further information on the FSA website. (Click here to review the highlights). …
Read More UK: The Financial Service Authority (FSA) has Published a ‘Quick and Easy’ Regulatory Guide for Small Firms