Guide to banking and insolvency law October 2007

United Kingdom
Download publication
Welcome to the October issue of The Heavyweight. You may like to note:

  • the case of Hill Street Services Co Ltd v NatWest, where the company's claim that the bank had transferred funds from its account to an account held by its director without authorisation was dismissed;
  • the extent of a personal guarantee where the original loans had been assigned, in Ing Lease v Harwood; and
  • the summaries of the articles on "Bank lending and the environment: not liability but responsibility" and "Past its prime – financial assistance is an old idea whose time has passed"

News on the Companies Act 2006 that came too late for publication is that all October 2008 changes relating to incorporation, share capital, etc, which need Companies House to update their procedures, will be postponed until October 2009. Provisions relating to directors' duties and the abolition of the prohibition on financial assistance and anything else that does not require Companies House to be ready, will be subject to a short consultation to establish whether they should also be delayed until October 2009 or introduced, as originally planned, in October 2008. There will be an announcement in December.