• The Gherkin

    Finance Focus – Winter 2014

    Welcome to the Winter 2014 edition of Finance Focus, the e-update from Thomas Cooper’s Finance Group, in which you can review the latest legal developments in your area of finance and keep up to date with Thomas Cooper’s news and forthcoming events…

  • The Gherkin

    Equator Principles

    On 21 July 2014, the Equator Principles Association (EPA) published an Implementation Note on the Equator Principles 2013. The document contains information to support the understanding of the requirements in, and implementation of, the Equator Principles (EPs). The EPs are a framework of voluntary social and environmental guidelines used to identify, assess and manage the […]

  • The Gherkin

    Recent Court of Appeal judgment on “the life blood of international commerce” – letters of credit

    by Alexandra Shipulina In October 2014 the Court of Appeal delivered judgement in Standard Chartered Bank v Dorchester LNG (2) Limited (“The Erin Shulte”) [2014] EWCA Civ 1382 in which significant issues relating to letters of credit (“LC”) and bills of lading (“BL”) were considered. Gunvor International B.V. (“Gunvor”) sold gasoil to United Infrastructure Development […]

  • Unfair relationship? – Follow the guidance

    by Kate Harrison With one in four people in the UK now expected to experience mental health problems at some time in their lives, a recently reported Court of Appeal decision highlights the need for lenders to follow best practice guidance when enforcing their security in order to avoid a claim of unfair relationship. In […]

  • The Gherkin

    Letters of Credit and the fraud exception

    The highly limited availability of fraud as a defence against payment under letters of credit has been re-emphasised by the Privy Council (“PC”) in an appeal case from the Mauritius Court of Appeal.

  • Lloyds Building external at night

    Inventory Finance and a View on Qingdao

    by Mark Sachs The investigation into falsified warehouse receipts, the warehouse lock-down and fraud investigation against Decheng Mining (and others) in the Chinese port of Qingdao has raised many questions over the robustness and confidence of warehouse finance in China, both among international banks and traders directly exposed in the affair and also with those […]

  • The Gherkin

    Continuing Sanctions

    by Grant Eldred Of the numerous domestic and international sanctions regimes currently in place all over the world, you will not be surprised to hear that, over the last few months, it is the regimes relating to Iran and Russia that have occupied us most. With Iran it is traders and businesses rather optimistically asking […]

  • Lloyds Building external black and white

    The English Law Pledge

    The English law pledge offers a well-rehearsed and flexible mechanism to confer security over goods in favour of lenders. Provided the lender has a valid pledge, he should be able to enforce his security by exercising a power of sale of the goods following the occurrence of a default under his credit facility. The Qingdao […]

  • 26 Nov 14

    ANEC Seminar – Wednesday 26 November 2014


    Head of Trade, Charles Williams, Madrid head, Juan Alegre and Sao Paulo resident Richard Hawkins were the speakers at the 2014 ANEC seminar.

  • Developments in Marine Insurance under the Spanish Navigation Act

    On September 25 2014, the Maritime Navigation Act (hereinafter, MNA) entered into force. The newly approved Act introduces the concept of marine liability insurance (Articles 463 to 467) into Spanish legislation for the first time. Such coverage is in some ways similar and hence comparable to that offered by P&I Clubs. Article 76 of the […]