How safe is the pound in your phone? Lessons from Wirecard
In June 2020, Wirecard AG, the substantial German fintech company, collapsed into insolvency. One consequence was that the payment processing services offered by its UK subsidiary were disrupted, exposing consumers (including vulnerable ones) to difficulties and delays in accessing their funds.
Richard Fowler considers how robust the regulation of payment processors and e-money institutions currently is in England and Wales and addresses possible reforms. He examines the FCA's new safeguarding guidance, identifying its strengths and weaknesses, and also asks what part the Financial Services Compensation Scheme and general insolvency law do (and should) play in protecting users of these services.
This article first appeared in the November 2020 issue of Butterworths Journal of International Banking and Financial Law, (2020) 10 JIBFL 676.
Break Clauses – Grey Areas and Unresolved Arguments
In this Seminar Paper (delivered in November 2019), Andrew Walker QC discusses problems with break clauses as regards vacant possession, reinstatement obligations, and the removal of tenant’s chattels and fixtures, and comments on the potential impact of the forthcoming RICS Code for Leasing Business Premises.
Beyond wrongful trading: remaining risks and responsibilities
Although the initial three-month suspension of wrongful trading provisions from 1 March 2020 was welcomed as introducing breathing space for boards of directors facing unprecedented uncertainty arising out of the COVID-19 pandemic, the majority of the insolvency legislation remains in force and unchanged.
While the government referred to the provisions relating to fraudulent trading and to disqualification orders as providing continuing checks and balances, neither is very likely to be at the forefront of the minds of directors or those advising them. By contrast, the need to consider creditors under s 172 of the 2006 Act gives rise to a duty of much broader and more uncertain parameters and represents a real and remaining risk of personal liability, particularly given the current financial climate.
Gabriella McNicholas discusses the uncertainties and remaining risks facing company directors in the June edition of Butterworths Journal of International Banking and Financial Law.
Source: Butterworths Journal of International Banking and Financial Law
On demand bonds
On demand bond and the ambit of the Marubeni presumption.
In the December 2019 edition of the Butterworths’ Journal of International Banking and Finance Law, (2019) 11 JIBFL 715, Adam Smith examines the ambit of the Marubeni presumption in the light of the decision in Rubicon Vantage International Pte Ltd v. Krisenergy Ltd [2019] EWHC 2012 (Comm), and in particular the application of the Marubeni presumption in determining the extent of an admitted on-demand liability
Source: Butterworths’ Journal of International Banking and Finance Law, (2019) 11 JIBFL 715
“The safety of mankind”: the civil consequences of bribery
This article reviews the English law on bribes with reference to the two recent cases of UBS AG v Kommunale Wasserwerke Leipzig Gmbh and Cedar Capital Partners LLC v FHR European Ventures LLP.
Source: Butterworths Journal of International Banking and Financial Law
Stash Cloud
As the authorities probe the bond dealings of JSC BTA Bank’s ex-chairman, Catherine Newman QC highlights some legal aspects of the saga that appear to add up to a near-reversal of the burden of proof.
Source: The Lawyer