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Contract – Loan agreement. The defendant entered into a number of financing arrangements with a consortium of banks, including the Royal Bank of Scotland (RBS), concerning the purchase of a property in Madrid. The rights and obligations under a junior loan, an upside fee agreement (UFA) and a personal loan had been transferred from RBS to the claimants. The defendant defaulted on the personal loan. The claimants claimed the principal sum of €105,201,095.89, to which they claimed to be entitled as a fee due under the UFA, plus interest. The Commercial Court held that a 'payment event' had occurred, pursuant to the events of default under the agreement. Further, a clause in the agreement allowing for the fee, was not unenforceable as a penalty or disguised penalty.
Contract – Loan agreement. The defendant entered into a number of financing arrangements with a consortium of banks, including the Royal Bank of Scotland (RBS), concerning the purchase of a property in Madrid. The rights and obligations under a junior loan, an upside fee agreement (UFA) and a personal loan had been transferred from RBS to the claimants. The defendant defaulted on the personal loan. The claimants claimed the principal sum of €105,201,095.89, to which they claimed to be entitled as a fee due under the UFA, plus interest. The Commercial Court held that a 'payment event' had occurred, pursuant to the events of default under the agreement. Further, a clause in the agreement allowing for the fee, was not unenforceable as a penalty or disguised penalty.
The Chair of the Bar reports back
Susie Griffin on the admin that keeps barristers from billable work
Clement Cowley, Partner at The Penny Group, explains how global events can influence the performance of pensions and ISAs, and why taking a long-term approach to investing is often the most effective strategy
Mário Barroso, Head of R&D and Method Development at AlphaBiolabs, discusses what family law professionals need to know about hallucinogens, from the main hallucinogenic drugs encountered in family proceedings, to their effects and the testing options available
Harmony Christian Ministries is the latest charity to benefit from a £500 donation from AlphaBiolabs via the company’s Giving Back initiative
By David Green
The golden age of advocacy? David Langwallner pays homage to the filmic if contentious barrister Sir Edward Carson and some of his contemporaries
Leah Arthur, a pupil, and her second seat supervisor, John Goss, share their perspectives on building a productive pupil-supervisor relationship
Henry Fingerhut outlines what the Bar Standards Board AI guidance means for early career barristers
The Ministry of Justice will match-fund up to 100 criminal pupillages, with grants available to criminal chambers across England and Wales. Similar to the COIC scheme, the grants will match-fund pupillages additional to those otherwise offered without government funding
Not yet, says Jacob Turner. Regulation, unlike the technology itself, is a domain the legal profession can still control
