HELP! Receivers Have Been Appointed

We are starting to see a trend of clients coming to us in desperation because either receivers have been appointed or the threat of receivership is hanging over them. Some of the smaller financial institutions appear to be adopting a bullish (some might even go so far as to say a brutish) approach to appointing…

Can I Re-open A Settlement Agreement?

The terms of a settlement agreement are nearly always hard fought and when the terms are agreed and the agreement signed, clients are always relieved as it invariably signals the end of a stressful dispute. But what if the terms of the settlement agreement are not what you thought they were? For example, something you…

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Limitation of Liability in Contracts

In commercial contracts and now increasingly in consumer clauses one of the standard clauses is to include a cap on liability in the event of a claim. Increasingly in commercial contracts there are multiple caps with separate financial limits applying to each claim rather than a single aggregate cap. In the case of multiple caps…

Football pitch - for sale sign

Does a Court Sanctioned Sale Give Receivers Immunity?

The Court of Appeal’s recent decision in Denaxe Limited v Cooper & Anor is an important one for insolvency office-holders and trustees seeking court approval for a significant transaction, typically a commercial decision to sell business assets as a going concern. In this case, receivers sought and obtained the court’s approval in June 2019 to sell…

Heads of Terms – A Binding Contract?

In the recent case of Pretoria Energy Company (Chittering) Ltd v Blankney Estates Ltd [2023], the Court of Appeal held that the Heads of Terms in this case did not constitute a binding contract. Facts of the case The appellant, Pretoria Energy Company (Pretoria) operate anaerobic digestion plants which produce biogas and electricity from organic…

Insolvency Practitioners and Cross-Undertakings

What are cross-undertakings? A cross-undertaking in damages is a legally binding promise to the court by the applicant to compensate the respondent to an injunction for any loss or damage it might suffer if the interim injunction is later discharged. The ‘default position’ Although the courts cannot force an applicant to give an undertaking, the court’s…