On 17 May 2017, the Supreme Court handed down its judgment in the Lehman “Waterfall I” proceedings, following a 4-day appeal heard in October 2016. These proceedings raise a series of novel and important issues of insolvency law against the background of the administrations of entities within the Lehman group of companies. Lehman Brothers International (Europe) ('LBIE') entered administration...
In a judgment handed down on 25 April 2017, Mr Justice Knowles dismissed Mr Sevilleja’s challenge to the jurisdiction of the English Court. In 2013, Marex obtained judgment against Creative Finance Limited and Cosmorex Limited (together the “Companies”), the principal foreign exchange trading vehicles used by Mr Sevilleja [judgment here]. Marex alleges that between the draft judgment...
By its decision dated 13 March 2017, the Takeover Appeal Board (TAB) has refused the appeal of Mr Dave King, Chairman of Rangers International Football Club (RIFC), against the Ruling of the Hearings Committee of the Takeover Panel, which ruled that, for the purposes of Rule 9 of the Takeover Code, Mr King was “acting in concert” with Mr George Letham and others when he and they acquired...
SDI Retail Services, a company in the Sports Direct group, has been given permission to continue its derivative claim against Rangers Football Club. The claim relates to Rangers' purported termination of its contract with Rangers Retail Limited, a company owned by Rangers and SDI that produces and sells Rangers replica kit and other products featuring Rangers' brands. SDI's claim, brought...
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