The following Dispute Resolution practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the rules of dealing with the recognition and enforcement of judgments as they will apply between the UK’s departure from the EU on 31 January 2020 and the end of the implementation period, referred to by the EU as the transition period. It considers whether the implementation period can be extended, whether the enforcement framework under the Brussels regime, including that set out in Regulation (EU) 1215/2012, Brussels I (recast), applies during the implementation period as well as potential issues that may arise at the end of the implementation period if the UK has not entered into a deal with the EU regarding enforcement.
For a quick reference Brexit research aid that answers key questions on Brexit and includes helpful Brexit updates, research tips and resources, see: Brexit Bulletin—key updates, research tips and resources.
This Practice Note using a number of definitions:
European Union (Withdrawal) Act 2018—EU(W)A 2018
European Union (Withdrawal Agreement) Act 2020—EU(WA)A 2020
exit day—is defined in EU(W)A 2018, s 20 as 31 January 202 at 11 pm
Hague Convention on Choice of Court Agreements—Hague Convention of 30 June 2005 on Choice of Court Agreements
implementation period—is defined in EU(WA)A 2020, s 1 as 'transition or implementation period provided for by Part 4 of the withdrawal agreement and beginning with exit day and ending on IP completion day'. ‘Implementation period’ is the UK’s preferred term, while the EU refers to this period as
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
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