What Can We Learn From The Second Half Of 2017

Court decisions/impacts

Cases which consider the construction and use of standard form financial agreements almost always deserve reading. Most notable in this category is the judgment of the Court of Appeal in Dexia v. Comune di Prato, allowing an appeal by Dexia against a first instance decision that would have caused considerable uncertainty for parties using standard form agreements governed by English law (in this case, the 1992 ISDA Master Agreement) in other jurisdictions.

The Supreme Court has intervened to correct longstanding errors in relation to two areas of law: first, in overhauling the Ghosh test applied to criminal cases involving dishonesty, and second, in dealing with the question of where debts due pursuant to Letters of Credit are situated.