• Commercial Court construes GA security as “on-demand guarantee” triggered by issue of adjustment

    In a recent Commercial Court decision arising from the grounding of the MV “MAERSK NEUCHATEL”1 off Ghana in 2007, it was decided that a LOU issued by Maersk as security for cargo’s contribution in GA obliged Maersk to pay the full amount stated in the adjustment despite there being a dispute over the amount legally […]

  • Mediation: What are your expectations?

    We are all aware that litigation and arbitration can be costly, time-consuming and confrontational, with parties frequently going their separate ways never to do business with each other again. We also know that mediation offers an alternative, as a way to try and settle the dispute where control of the outcome is firmly in the […]

  • “Functus officio” and section 67 of the Arbitration Act 1996

    Sun United Maritime Ltd v Kasteli Marine Inc (The “Imme”) [2014] EWHC 1476 (Comm) Arbitration Act 1996, section 67 – Scope – Challenging an arbitral award for lack of substantive jurisdiction – Disputed settlement on costs. The Imme: The Facts Sun United (the charterers) and Kasteli (the owners) had been involved in an LMAA arbitration […]

  • Shipping & Trade Law “Functus officio” Case Update

    George Lambrou and Dimitris Anassis have co-written a Case Update on “Functus officio” and Section 67 of the Arbitration Act 1996 which is featured in the July/August 2014 issue of Shipping & Trade Law.

  • Trade & Commodity Specialist Alex Monk joins Thomas Cooper LLP

    International law firm, Thomas Cooper, is pleased to announce the appointment of Alex Monk to its Finance Group. Alex has a wide finance experience with a particular focus on trade and commodity finance acting for banks, financial institutions and corporates. Alex’s practice will cover European transactions and emerging markets, with emphasis on Africa and Latin […]

  • The Closure of Crimean Ports and its effect on Employment Orders

    A press release issued by the Ukranian Government on 7 July 2014 stipulates that the Crimean ports of Evpatoria, Kerch, Sevastopol, Theodosia and Yalta shall be closed to international shipping. The closure, ordered by Directive No. 255 “On Closure of Sea Ports”, will come into force when the Directive is officially published on the expected date […]

  • Companies Court rules on the interplay between cross-border insolvency and the English rules of private international law

    Thomas Cooper LLP wins case concerning the scope of relief that may be granted by the Companies Court upon recognition of foreign insolvency proceedings.

  • Commercial Reasonableness in Financial Transactions: Reasonable? Yes. Fair? Probably not.

    Barclays Bank v Unicredit [2014] EWCA Civ 302 In a recent decision of the Court of Appeal the meaning of an obligation to act in a “commercially reasonable” manner was considered in the context of credit default guarantees. This case has implications for the wider financial market and is a cautionary tale against using imprecise language, […]

  • FCA Update(s)

    Consumer Credit regulation and the FCA – On 1 April 2014, the responsibility for the regulation of consumer credit transferred from the Office of Fair Trading to the Financial Conduct Authority (“FCA”). According to FCA figures, this will bring around 50,000 consumer credit firms into the FCA’s regime, which effectively doubles the number of firms the […]

  • ISDA Update(s)

    ISDA 2014 Margin Survey Results – 90% of Non-Cleared Derivatives trades are now collateralised. Results released on 10th April, 2014 show that the estimated amount of collateral in circulation in the non-cleared over-the-counter (“OTC”) derivatives market decreased by 14% from USD3.7 trillion at the end of 2012 to approximately USD3.17 trillion by December 31, 2013. ISDA believes […]