Related briefings

Time waits for no financial services institution

By Guy Wilkes Financial service firms cannot wait for the outcome of the leave negotiations before putting their restructuring plans into effect After the initial excitement and panic following the referendum result lawyers were quick to reassure their clients that nothing had changed overnight. The Financial Conduct Authority (FCA) similarly sought to reassure people that […]

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An apple a day keeps taxation away?

The General Court (GC) of the European Union ruled in favour of Apple in the state aid case regarding Apple’s Irish tax structure, annulling the 2016 decision of the European Commission (EC). As a result, Ireland is at present not obliged to reclaim the amount of EUR 13 billion from Apple. The decision is not yet final due to the EC’s right to appeal.

Service out: helpful rulings for claims involving international finance

In the recent related cases of Punjab National Bank International Limited v Vishal Cruises (Private) & others and Punjab National Bank International Limited v Passat Kreuzfahrten GmbH & others, the defendants’ challenges to jurisdiction were rejected. In so doing, the English Commercial Court provided helpful rulings for international banks in the context of applications to serve proceedings out of the jurisdiction, including the place for performance of guarantees, compliance with laws local to the finance obligors, and in relation to service under the Hague Convention.

Furloughed employees redundancy pay protected

The government has announced that it is introducing a new law which will require that redundancy pay for employees on furlough leave is based on their normal rate of pay.

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