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On 15 April 2014, the European Parliament adopted the Bank
Recovery & Resolution Directive (the "BRRD") which
sets out the rules applicable to EU banks and large investment
firms in distress. The rules require banks to prepare recovery
plans (note, that a lot of banks have already started this
exercise). National authorities will be able to intervene with a
failing bank and use powers to restructure banks or allocate losses
to creditors and shareholders. National authorities will also have
powers to resolve banks which have failed, avoiding taxpayer
bail-outs and ensuring continuity of critical functions. The BRRD
also provides for cross-border resolution of large banks, setting
out the cooperation arrangements between national authorities and
giving the EBA powers to mediate any disputes. The EBA will also be
responsible for preparing draft Level 2 legislation.
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The Court of Appeal has confirmed that a term could not be implied into a conditional fee agreement between a liquidator and solicitors, and that the solicitors would only be paid out of recoveries made.
The Court of Appeal has confirmed that a term could not be implied into a conditional fee agreement between a liquidator and solicitors, and that the solicitors would only be paid out of recoveries made.
Walker International Holdings Ltd v Republique Populaire du Congo and Others [2005] EWHC 2813 High Court, Queen's Bench Division (Commercial Court) (Morison J)
You could be forgiven for thinking that the Bills of Sale Acts of 1878 and 1882 would have been repealed by now, or could never apply to you, over 130 years after they were drafted.
It is true that there are statements of high judicial authority which can be cited to support the notion that a contractual claim can survive the payment in full of a proof based on that claim.
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