The following Dispute Resolution practice note provides comprehensive and up to date legal information covering:
As of 25 April 2017, CE-File electronic working is mandatory for all professional court users in certain jurisdictions of the Rolls Building in London, including the Commercial Court. For guidance on electronic working in the Commercial Court, see Practice Notes: CE-File—introduction to electronic filing in the Rolls Building and other courts and CE-File—electronic filing and case management in the Rolls Building and other courts. For general guidance on electronic working, see Practice Note: Electronic filing and communications.
Claims started on or after 1 October 2015 in the Business and Property Courts may be suitable for and/or subject to one or both of the schemes under CPR PD 57AB (the shorter trials scheme and the flexible trials scheme).
Where the claim is proceeding under the shorter trials scheme, specific provisions apply to interim applications, see Practice Note: Business and Property Courts—shorter trials scheme. For guidance on the flexible trials scheme, see Practice Note: Business and Property Courts—flexible trials scheme.
Applications in the Commercial Court are governed by CPR 23 and CPR PD 23A, as modified by CPR 58 and CPR PD 58. The Commercial Court Guide must also be read carefully for details of how applications should be prepared and will be heard.
You will need to use Form N244(CC) (application notice) when making an application in the Commercial Court.
The completed form should be
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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:
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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