Court of Appeal rejects subjective interpretation of unilateral notice
August 02 2019Stobart Group sued Mr Tinkler under a tax indemnity he had given when he sold the shares in Stobart Rail. Stobart Group relied on a letter that it contended Mr Tinkler had understood to be a valid notice of the claim as required by the share sale agreement. Michael Fealy QC acted for Mr Tinkler in his application to strike out the proceedings for failure to give prior written notice. Michael was successful...
Court of Appeal sets out new test for rectification
July 31 2019Terra Firma has successfully upheld in the Court of Appeal the judgment it obtained from the High Court allowing rectification of the terms of a private equity financing transaction completed in 2012, concerning the Four Seasons care homes business. The Court of Appeal’s judgment is now the leading decision in this complex but important area of the law. The transaction required the Parent...
Supreme Court clarifies the scope of Article 24 of the Recast Regulation
July 29 2019On 29 July 2019, the Supreme Court handed down judgment in Akçil & ors v Koza Ltd & anr [2019] UKSC 40. The decision represents the culmination of almost three years of litigation on jurisdiction. In 2016, Koza Altin, a Turkish company, served notices under the Companies Act 2006 upon Koza Ltd, an English company and Koza Altin’s wholly-owned subsidiary. The purpose of the...
The Upper Tribunal has allowed HMRC’s appeal in Ingenious Games LLP & Others v HMRC and dismissed the LLPs’ appeals.
July 29 2019The First-tier Tribunal had concluded that the film LLPs (but not the Games’ LLP) were trading with a view to profit on the basis that the LLPs contributed 30% to the films’ budget to acquire a 30% share of the films’ distributable income. In a supplementary decision the FTT concluded, however, that the film LLPs could not claim loss relief for their 30% contribution because...
