12. Pure economic loss.

Pure economic loss refers to financial loss suffered by a claimant which does not flow from any damage to his own person or property1. Rather, the loss is caused through a web of economic relationships in which the claimant is involved. The preplanned nature of these relationships frequently provides the claimant with an opportunity to seek protection through such measures as contract2 and insurance3. The interlocking nature of the relationships means that the consequences of a single act of negligence may cause financial loss to numerous individuals. For both these reasons, recovery for economic loss has not generally been

Popular documents

LEXISNEXIS

Issue of redeemable shares

A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these to the company's or individual's creditors. Office-holders have various duties and powers in order to ensure that they do this. For

LEXISNEXIS

What is diversity and inclusion (D&I)—law firms

This Practice Note provides a high-level introduction to diversity and inclusion (D&I) and key reasons why it is important to law firms. Specific aspects of D&I are covered in more detail in Practice Notes:•The growing focus on diversity and inclusion (D&I) in law firms•Unconscious bias—law

LEXISNEXIS

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring