An October 2021 decision of the Financial Services Tribunal upholding an administrative order, a directive, and a penalty by the Prudential Authority is worth noting. The Tribunal held there was no basis for successfully challenging the penalty for an intergroup
Continue Reading Tribunal upholds Prudential Authority penalty for unrecorded loan & dividends directive
Latest from Financial Institutions Legal Snapshot
Interpretation of Business Interruption insurance and Covid-19 USA style
In a September 2021 appeal judgment in Ohio USA, the court held that the State’s order to suspend all in-person dining operations at restaurants to slow the spread of the virus resulting in considerable loss of revenue for the insured
Continue Reading Interpretation of Business Interruption insurance and Covid-19 USA style
Liability of boom operator for personal injury
Some of our readers, like the author, will have experienced a near-miss from a descending boom at a carpark entrance. In an October 2021 judgment, the plaintiff successfully claimed for personal injuries sustained when the boom at the carpark operated
Continue Reading Liability of boom operator for personal injury
Covid-19 business interruption Australian judgment mostly favours insurers
In this, second, Australian test case for business interruption claims relating to Covid-19 the court said that “[A] policy of insurance is assumed to be an agreement which the parties intend to produce a … businesslike interpretation … …a construction
Continue Reading Covid-19 business interruption Australian judgment mostly favours insurers
Cancellation of a contract between private parties is not judicially reviewable
In this judgment the Supreme Court of Appeal confirmed as trite that a decision by a contracting party to cancel a contract concluded between two private parties cannot form the subject of review by the courts.
The power of the courts
Continue Reading Cancellation of a contract between private parties is not judicially reviewable
Companies Amendment Bill, 2021 – Securities and s45 Financial Assistance to subsidiaries
This blog was co-authored by James Donald, candidate attorney
The Ministry of Trade, Industry and Competition published the Companies Amendment Bill 2021 for public comment by 31 October 2021. The Bill proposes to amend the definition of “securities” and to
Continue Reading Companies Amendment Bill, 2021 – Securities and s45 Financial Assistance to subsidiaries
Parol evidence: what evidence outside the written contract can be used?
In a matter where there was a partly written and partly oral agreement, the court allowed evidence to be admitted regarding the terms of the oral agreement because it did not contradict nor vary the written agreements but rather supplemented
Continue Reading Parol evidence: what evidence outside the written contract can be used?
Cyber risks again
We have been mentioning for some time the pandemic-like risks associated with cyber events. According to a recent Airmic survey cyber rates have risen by as much as 400% for some insureds. Cyber risks are therefore said to be the
Continue Reading Cyber risks again
Companies Amendment Bill 2021 blog series – Amending the Memorandum of Incorporation
This blog was co-authored by Stacy Smit, candidate attorney
The Companies Amendment Bill, 2021 published on 1 October 2021 for public comment proposes amendments to section 16 of the Companies Act of 2008 and provides clarity as to when a
Continue Reading Companies Amendment Bill 2021 blog series – Amending the Memorandum of Incorporation
Companies Amendment Bill Blog Series – Access to more Information
This blog was co-authored by: Preshanta Poonan, candidate attorney
The Companies Amendment Bill, 2021 published on 1 October 2021 for public comment proposes amendments to section 26 of the Companies Act of 2008 which outlines the requirements for a company
Continue Reading Companies Amendment Bill Blog Series – Access to more Information