Canada Square Operations Ltd v Potter [2023] UKSC 41 – New Square Chambers

‘In 2006 Mrs Potter entered into a credit agreement (under the Consumer Credit Act 1974) with Canada Square. She borrowed c.£21K, being a loan of £17K and a PPI premium of £4K (arranged for her by Canada Square). c.£200 was paid to the insurer, with 95% of the premium going to Canada Square, who did not tell Mrs Potter about the commission.’

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New Square Chambers, 16th November 2023

Source: www.newsquarechambers.co.uk

Alerter by Thomas Samuels & Thomas Mallon – Canada Square Operations v Potter [2023] UKSC 41 – Henderson Chambers

Posted December 20th, 2023 in appeals, chambers articles, compensation, disclosure, limitations, loans, news, time limits by sally

‘In upholding the Court of Appeal’s outcome, the Supreme Court has fundamentally reformulated the approach to s.32 of the Limitation Act 1980.’

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Henderson Chambers, 17th November 2023

Source: www.hendersonchambers.co.uk

High Court strikes out top footballer’s negligence claim against law firm – Legal Futures

Posted December 4th, 2023 in causation, company directors, damages, law firms, loans, negligence, news by tracey

‘The High Court has struck out a £6m negligence claim brought by a former Premier League footballer against City firm Charles Russell Speechleys (CRS).’

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Legal Futures, 4th December 2023

Source: www.legalfutures.co.uk

Firm wins £2.5m claim after client assigns loan to pay outstanding fees – Legal futures

Posted July 31st, 2023 in assignment, fees, law firms, loans, news by tracey

‘A London law firm that took an assignment of nearly £2.5m owed to a client to pay its fees has been granted summary judgment by the High Court.’

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Legal Futures, 31st July 2023

Source: www.legalfutures.co.uk

R (on the application of Wang and another) v Secretary of State for the Home Department [2023] UKSC 21 – EIN Blog

‘This appeal relates to the interpretation of the Immigration Rules, in particular the Tier 1 (Investor) Migrant regime (as in force in December 2017 – it has since been closed). This regime was designed to grant leave to remain to high-net-worth individuals making a substantial financial contribution to the UK. To qualify individuals were required to have £1 million (of either their own money or money borrowed from a UK-regulated financial institution) under their control in the UK. They must also have invested at least £750,000 of such sum in the UK through UK Government bonds or in shares in or loans to active and trading UK-registered companies (subject to certain further restrictions and exclusions).’

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EIN Blog, 21st June 2023

Source: www.ein.org.uk

Litigant denied relief after court confused by ‘XXXX’ name – Law Society’s Gazette

Posted June 16th, 2023 in appeals, delay, injunctions, loans, names, news, time limits by tracey

‘A litigant described as having a “relaxed and frankly reckless” approach to timely service of documents has been denied relief in the Court of Appeal.’

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Law Society's Gazette, 15th June 2023

Source: www.lawgazette.co.uk

Repayment prevented by sanctions – Law Society’s Gazette

Posted May 30th, 2023 in debts, interest, loans, news, repayment, Russia, sanctions by sally

‘In a novel application of the ancient equitable jurisdiction that protects a debtor’s right to redeem mortgaged property, after a short trial, Mr Justice Green granted Fortenova Grupa’s redemption action against LLC Shushary Holding – a subsidiary of VTB Bank PJSC, sanctioned in the UK, EU and US. The action concerned €1.157bn of senior secured floating rate notes issued by Fortenova and due to mature in September 2023; 38% of the notes were owned by Shushary.’

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Law Society's Gazette, 26th May 2023

Source: www.lawgazette.co.uk

New Judgment: The Law Debenture Trust Corporation plc v Ukraine (acting upon the instructions of the Cabinet Ministers of Ukraine) [2023] UKSC 11 – UKSC Blog

Posted March 16th, 2023 in banking, contracts, duress, international law, loans, news, Russia, Supreme Court, Ukraine by sally

‘This appeal arises out of a contractual dispute between Ukraine and the Law Debenture Trust Corporation plc (“the Trustee””), acting on behalf of the Russian Federation (“Russia”).’

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UKSC Blog, 15th March 2023

Source: ukscblog.com

Covid loans secrecy is in the public interest, tribunal rules – Law Society’s Gazette

‘The public interest in preventing prejudice to commercial interests trumps the public interest in publishing details of recipients of emergency Covid loans, the First Tier Tribunal has ruled. In Spotlight on Corrupton & Anor v The Information Commissioner & The British Business Bank, tribunal judge Sophie Buckley rejected two appeals against the information commissioner’s decision not to require the British Business Bank to identify all the businesses that had taken out loans under four government schemes during the pandemic.’

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Law Society’s Gazette, 6th January 2023

Source: www.lawgazette.co.uk

Names of UK Covid business loan borrowers to stay secret, tribunal rules – The Guardian

Posted January 6th, 2023 in anonymity, company law, coronavirus, fraud, government departments, loans, news by tracey

‘The British government has been given the go-ahead to keep concealing the names of companies that received in total more than £47bn in state-backed Covid loans, after a tribunal ruled in its favour.’

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The Guardian, 5th January 2023

Source: www.theguardian.com

Financial Services and Markets Act 2001 exemptions– the importance of when an agreement is entered for unregulated lenders – 33 Bedford Row

Posted August 18th, 2022 in chambers articles, deceit, estoppel, loans, mortgages, news by sally

‘This article will consider an interesting case involving deceit, when some defendants took out an unregulated loan, secured on a residential property, on the basis that the loan was wholly or predominantly for a business purpose.’

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33 Bedford Row, 11th August 2022

Source: www.33bedfordrow.co.uk

Lincoln Covid loan abuser gets 10-year business ban – BBC News

Posted August 8th, 2022 in company directors, coronavirus, insolvency, loans, news by tracey

‘A Lincoln student has been banned from running a company for 10 years after abusing a Covid recovery loan.’

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BBC News, 8th August 2022

Source: www.bbc.co.uk

Charity Commission opens compliance case into donor to the Prince’s Trust – The Guardian

Posted August 8th, 2022 in charities, Charity Commission, loans, news, royal family by tracey

‘The Charity Commission has opened a compliance case into one of the key donors to Prince Charles’s charity after it emerged it had been funded by unsecured loans.’

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The Guardian, 7th August 2022

Source: www.theguardian.com

High Court backs compensation for Provident customers – BBC News

Posted August 5th, 2021 in compensation, complaints, financial regulation, loans, news, ombudsmen by sally

‘Customers of doorstep lender Provident Financial can claim compensation for mis-sold loans after the High Court backed a partial repayment scheme.’

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BBC News, 4th August 2021

Source: www.bbc.co.uk

UK watchdog will not block Provident’s compensation scheme in court – The Guardian

Posted July 15th, 2021 in compensation, consumer credit, financial regulation, loans, news by tracey

‘The UK’s financial watchdog has announced that it will not formally oppose Provident Financial’s plans for its doorstep lending unit in court, even though it has said it does not support its compensation scheme for customers who were mis-sold loans.’

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The Guardian, 14th July 2021

Source: www.theguardian.com

Amigo Loans shares dive as high court rejects compensation cap – The Guardian

Posted May 25th, 2021 in compensation, financial regulation, loans, news, ombudsmen by sally

‘Shares in the UK sub-prime lender Amigo have plummeted on fears that the firm could collapse, after the high court refused to approve a controversial proposal to cap customer compensation claims.’

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The Guardian, 25th May 2021

Source: www.theguardian.com

Appeal dismissed despite ‘inexcusable’ 34-month wait for ruling – Law Society’s Gazette

Posted May 21st, 2021 in appeals, banking, delay, loans, news, retrials by tracey

‘The Court of Appeal has dismissed an appeal made on the basis that the ruling in question was handed down 34 months after the conclusion of the trial.’

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Law Society's Gazette, 21st May 2021

Source: www.lawgazette.co.uk

Grenfell survivors condemn ‘grave injustice’ as leaseholders left facing huge bills to remove cladding – The Independent

Posted April 30th, 2021 in accidents, bills, building law, fire, government departments, housing, leases, loans, news, victims by tracey

‘Survivors and bereaved relatives from the Grenfell Tower fire disaster say they are furious after parliament voted for measures that will leave householders facing huge bills for removing dangerous cladding from homes.’

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The Independent, 29th April 2021

Source: www.independent.co.uk

Boris Johnson flat inquiry: what sanctions can watchdog impose? – The Guardian

‘Boris Johnson is bracing for an investigation by the Electoral Commission into payments covering renovations to his Downing Street flat. What will the process will look like and what sanctions could the Conservative party face?’

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The Guardian, 28th April 2021

Source: www.theguardian.com

FCA urged to act as sub-prime lender bids to cap compensation payouts – The Guardian

Posted March 18th, 2021 in compensation, consumer protection, financial regulation, loans, news by sally

‘Consumer campaigners are urging the government and the City regulator to intervene in a rescue scheme proposed by the sub-prime lender Amigo, saying it could enrich the firm’s directors while some of Britain’s poorest borrowers miss out on up to £1bn in compensation.’

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The Guardian, 18th March 2021

Source: www.theguardian.com