A contract may be discharged on the ground of frustration when something occurs after the formation of the contract which renders it physically, legally or commercially impossible to fulfil the contract, or transforms the obligation to perform into a radically different obligation from that undertaken at the moment of entry into the contract. In National Carriers Ltd v Panalpina (Northern) Ltd [1981] A.C. 675, the test was set out as follows: " Frustration of a contract takes

The Supreme Court has held that claims in unfair prejudice petitions under section 994 of the Companies Act 2006 (CA 2006) are not subject to limitation periods under the Limitation Act 1980 (LA 1980). The appellant, a minority shareholder, sought to amend a section 994 petition to include an allegation that it had been wrongly excluded from a bonus share issue made more than six years earlier and claimed compensation for the alleged resulting loss. The Court of Appeal had he

The Commercial Court held that a lender was the valid assignee of receivables used as security for a loan even though the purported assignor did not have title to the receivables. The lender's right was limited to a claim for the receivables referred to in the assignment agreement but do not extend to additional monies that became due under the agreement under which the receivables arose. The receivables arose under a consultancy agreement between A and B. C, a company relate

The High Court has found that a contractual term allowing the lender to charge default interest was enforceable and not a penalty.  The test for the court to consider in penalty cases is whether charging a default rate protects a legitimate interest and, if such an interest exists, whether the sum payable is nevertheless extravagant, exorbitant or unconscionable.  In this case, a facility letter stated that any event of default, not only non-payment, switched the interest rat

The High Court has held that a claim made pursuant to the Contracts (Rights of Third Parties) Act 1999 (CRTPA) under a sale and purchase...

The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which introduces a new corporate criminal offence of ‘failure to prevent...

The Judicial Committee of the Privy Council held that the “shareholder rule”, whereby a company could not, in the course of litigation...

The Supreme Court handed down a significant decision in the context of negligence. C, a property developer, engaged D as a structural...

Companies House has published guidance on how to protect personal information on the register of overseas entities from the public....

On Monday 10th February 2024, President Donald Trump signed an executive order pausing the United States Department of Justice from...