Supreme Court unanimously decides 7-0 that the reflective loss rule does not bar claims made by unsecured creditors

July 15 2020

Sevilleja v Marex Financial Limited [2020] UKSC 31 In a landmark decision handed down on 15 July 2020, the Supreme Court significantly narrowed the scope of the so-called rule against the recovery of reflective loss.  The rule, which has existed since the 1981 decision in Prudential Assurance v Newman Industries (No 2) [1982] 1 Ch 204, prevents claims by shareholders of a company for loss suffered...

David Wolfson QC, Sebastian Isaac and Henry Hoskins successfully defended Mr Oleg Mkrtchan and related parties

July 14 2020

Avonwick Holdings Ltd v Azitio Holdings Ltd and others David Wolfson QC, Sebastian Isaac and Henry Hoskins successfully defended Mr Oleg Mkrtchan and related parties (the Mkrtchan Parties) against various claims for over US$2 billion, following an eight-week trial in the Commercial Court before Mr Justice Picken. In substance, this was a dispute between Mr Mkrtchan and his two former business-partners,...

Privy Council restates principles of contractual damages when remitting arbitral award

July 13 2020

The Privy Council has considered the basic principles on which damages are awarded for breach of contract and distilled five points of general application in Global Water Associated Limited v Attorney General of the British Virgin Islands [2020] UKPC 18.  The five points are: In principle the purpose of damages for breach of contract is to put the party whose rights have been breached in the same...

Three New Tenants at One Essex Court

July 10 2020

One Essex Court is delighted to announce that all three of the current pupils will join Chambers as tenants on 1st October 2020. Jade Fowler, Michael Kotrly and Matthew Hoyle all exceeded the high standard of excellence demanded of pupils at One Essex Court. Their success follows a rigorous period of training and evaluation, during which time they all demonstrated exceptional ability...