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Table of Contents The heavyweight Comprehensive coverage of this month’s banking and insolvency law May 2006 Looking forward Developments scheduled for the month ahead Date Item Significance 1 June Insolvency (Amendment) Rules 2006 No Extends meaning of “debt” in Rule 13.12 to include tort 1272 claims. 1 June Consumer Credit (Exempt Agreements) CCA does not regulate debtor-creditor agreements (Amendment) Order 2006 No 1273 where creditor is credit union and the charge for credit is less than 26.9%. 6 June and 6 National Savings Bank (Amendment) Changes to operation of some National Savings and October Regulations 2006 Investments Accounts. 21 June Changes to FSMA 2000 Consultation ends on proposed changes. End June Finance Bill Publication after Commons Report Stage. 14 July Regulation of Mortgage Repossessions Provisional date for second reading Bill 25 July House of Lords rises for summer 7 August Land Registration Fee Order Changes to land registration fees. Autumn Powerhouse hearing Court decision may affect valuation of commercial property; rent, parental guarantees and CVA. 20 October Corruption Bill Provisional date for 2nd Reading Law-Now Bulletins published this month Law-Now is our free electronic information service. You can register yourself on www.law-now.com. Date Item Link 3 May 2006 Interpreting the meaning of Centre of To bulletin Main Interests 9 May 2006 Court considers whether a guarantee To bulletin by way of email has been signed 15 May 2006 A Bill to regulate mortgage To bulletin repossessions 22 May 2006 Bank defends itself against To bulletin misrepresentation claim Table of Contents Banking ..........................................................................................................................8 Cases ............................................................................................................................................. 8 Notice and valuation issues under Global Master Securities Lending Agreement........................ 8 Savings Bank of the Russian Federation v Refco Securities LLC.............................................. 8 Misrepresentation by bank on guarantee................................................................................... 9 National Westminster Bank plc v Kotonou............................................................................ 9 Misrepresentation against bank dismissed ............................................................................... 10 Patricia Mary Wright (as representative & next of kin of Kenneth William Wright; deceased) v HSBC Bank Plc (2006)......................................................................................................... 10 Fraudulent share certificates .................................................................................................... 11 Cadbury Schweppes Ltd and another v Halifax Share Dealing Ltd....................................... 11 Implied term re valuation in forward sale agreement ............................................................... 13 Socimer International Bank Ltd (In Liquidation) v Standard Bank London Ltd ...................... 13 Recoveries – pending land action............................................................................................. 15 Godfrey v Torpey & Ors ...................................................................................................... 15 Bank action against negligent environmental assessor ............................................................. 15 Royal Bank of Scotland v Waterman Environmental Ltd...................................................... 15 Court considers whether a guarantee by way of email has been signed .................................. 16 J Pereira Fernandes SA v Metha.......................................................................................... 16 Negligent advice on performance bond? ................................................................................. 17 Oxus Gold plc (formerly Oxus Mining plc) and another v Templeton Insurance Ltd ............. 17 Enforcement of undertaking as to damages ............................................................................ 18 Panos Eliades & Ors v Lennox Lewis.................................................................................... 18 Preliminary issue in argument over priority of a fixed and a floating charge ............................. 19 State Securities plc v Liquidity Ltd ....................................................................................... 19 Liability for Contaminated Land............................................................................................... 20 R (on the application of National Grid Gas plc) v Environment Agency................................ 20 Conflict of laws ....................................................................................................................... 21 Fonu v Demirel and another ............................................................................................... 21 Taxation of loan notes............................................................................................................. 21 Cadbury Schweppes plc and another v Williams (Inspector of Taxes) .................................. 21 Legislation .................................................................................................................................. 24 Climate Change ................................................................................................................. 24 Climate Change and Sustainable Energy Bill - Explanatory Notes ............................................. 24 Consumer Credit................................................................................................................ 24 The Consumer Credit (Exempt Agreements) (Amendment) Order 2006 No 1273 .................... 24 The Credit Unions (Maximum Interest Rate on Loans) Order 2006 No 1276 ............................ 24 Corruption ......................................................................................................................... 24 Corruption Bill ......................................................................................................................... 24 Customer ........................................................................................................................... 24 The National Savings Bank (Amendment) Regulations 2006 .................................................... 24 Land................................................................................................................................... 25 The Land Registration Fee Order 2006..................................................................................... 25 Articles........................................................................................................................................ 26 Banking.............................................................................................................................. 26 Understanding debt subordination and the rule in Cherry v Boultbee: Re SSSL Realisations ..... 26 Business Transfers ..............................................................................................................26 FSMA banking business transfers: choosing the right route ..................................................... 26 Capital markets .................................................................................................................. 26 Covered bonds ........................................................................................................................ 26 Block trades: an introduction..................................................................................................26 Contract............................................................................................................................. 27 Contract.................................................................................................................................. 27 Corruption ......................................................................................................................... 27 Strategic improvements in the fight against corruption in international business transactions.. 27 Customer ........................................................................................................................... 27 Financial Ombudsman News.................................................................................................... 27 E-commerce ....................................................................................................................... 27 Legal effects of input error in eContracting ............................................................................. 27 Europe ............................................................................................................................... 28 Current ECJ on the legal effects of cancellation of a loan contract negotiated by way of doorstep selling – a German perspective.................................................................................. 28 Hedge funds....................................................................................................................... 28 Growing hedges...................................................................................................................... 28 Hedge funds and systemic risk................................................................................................
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