The UK Supreme Court has found in favour of policyholders in the Financial Conduct Authority’s test case on business interruption insurance cover for COVID-19 related losses. It is thought by the FCA that the decision will affect 370,000 policyholders and it is estimated that the judgment will result in approximately £1.8bn being paid out to businesses in Coronavirus-related claims.
It has recently been reported in the press that two so called “vulture funds” are looking to acquire non-performing loans from two UK banks.
Like most law firms we are seeing trends in certain types of litigation as a result of Covid-19. As expected, we have been asked to assist clients with disputes regarding rental premises, interruption to business and force majeure as a result of lockdown measures taken by the UK government.
In recent years we have seen an increase in investments made via SIPPs that were either entirely fraudulent or catastrophically failed, causing the investor to lose their entire investment and a significant chunk of their pension pot. Many have explained that they felt safe, making the investment in the first place because their SIPP operator allowed them to do so.
In Scotland, it is possible to convert an administration into creditors' voluntary liquidation.
