Material Adverse Change (MAC) clauses and COVID-19

April 28 2020

As many businesses grind to a halt amid the COVID-19 outbreak, borrowers and lenders alike will be assessing the ability of companies to service loans and the position under existing and pending contractual arrangements. A pressing issue is likely to be the applicability of so-called ‘MAC’ clauses in financing agreements. Such clauses may be relied upon by lenders to seek further security,...

Extensions of time and adjournments in the era of COVID-19

April 22 2020

On 20 April 2020, the TCC (HHJ Eyre QC) gave judgment in Municipio de Mariana & ors v BHP Group Plc & anor [2020] EWHC 928. The Judgment may be of interest to those making, or facing, requests for extensions of time for the service of evidence, including where such extensions may result in adjournments of very substantial hearings, as a result of the COVID-19 pandemic. The underlying proceedings...

Remote Deposition for US Proceedings

April 17 2020

Clare Reffin recently sat as an Examiner under the Evidence (Proceedings in Other Jurisdictions) Act 1975 for a fully remote Examination.   As so often happens, an individual working in London was an essential witness for US proceedings. Before the lockdown, the case had proceeded in typical fashion. An order had been obtained through a paper application to the Senior Master, and subsequently the...

Commercial Court clarifies circumstances in which a written jurisdiction clause may extend to the contracting parties’ separate dealings

April 14 2020

In a recent (31 March 2020) decision of the Commercial Court in Terre Neuve SARL & Ors v Yewdale Ltd & Ors [2020] EWHC 772 (Comm), Mr Justice Bryan has given useful guidance on the circumstances in which a jurisdiction clause in a written agreement between parties A and B may apply to a dispute arising out of a separate oral agreement between those parties depending upon the extent of identity...