The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company filing and administration procedures. For further information, see Practice Note: Coronavirus (COVID-19)—implications for lending transactions—Coronavirus (COVID-19)—impact on deal execution?
For wider information on key developments and related practical guidance on the implications of COVID-19 for lawyers, see: Coronavirus (COVID-19) toolkit and in relation to Banking & Finance specifically, see Practice Note: Coronavirus (COVID-19) implications for Banking & Finance lawyers.
There are situations where parties may consider amending security documents. Common examples include:
the parties want to make changes to the obligations being secured
the chargee wants to assign or novate its security following a transfer of the debt
the parties want to charge additional assets or change the nature of an existing charge (eg from a floating charge to a legal mortgage), and
the parties want to correct a mistake or document an amendment to what has been agreed
Parties may consider that amending a security document may be cheaper and easier than putting a new security document in place.
Depending on the type of amendment, there is a risk that a liquidator or administrator could argue that new security has been created risking the security being set aside (see Practice
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
This Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of mistake on the contract and
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