Court of Appeal sets out new test for rectification

July 31 2019

Terra 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 2019

On 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 2019

The 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...

Enforcement of arbitration awards against States: issues of service

July 04 2019

General Dynamics United Kingdom Limited v The State of Libya [2019] EWCA Civ 1110 The Court of Appeal has allowed General Dynamics’ appeal in the above proceedings, holding that it need not serve any document on the State of Libya before it can enforce a New York Convention arbitral award. The decision upholds the public policy in favour of the speedy enforcement of arbitral awards.   ...