An apology and some law

Bank Law Blogger’s loyal reader must think BLB spends too much time watching credit crunch and her shares plummet to write posts for the Blog.  It’s true.  That, combined with an enjoyable secondment to a client has distracted her a trifle.  But with the passing of a snowy Easter, BLB has pulled herself together and is back in action.

Grosvenor Casinos Ltd v National Bank of Abu Dhabi

This case last month shows that the Uniform Rules for Collection (URC) 522 did not create privity of contract between the principal and the collecting banks.   The claim based on breach of contract and fraud was dismissed.  It was brought by a London casino against a UAE bank and arose out of the bank failing to honour two cheques created by a customer of the casino.

Companies Act 2006 - 6 April 2008 implementation

Another stage of implementation of the Companies Act 2006 happened on 6 April 2008. Provisions now in force include:
Part 12: Company secretaries
Section 44: Execution of documents
Part 15: Accounts and reports, other than ss417 and 463.
Part 16: Audit, other than ss485-488
Part 19: Debentures
Parts 20: Private and public companies and 21: Certification and transfer of securities
Part 23: Distributions
Part 26: Arrangements and reconstructions

The biggie - changes to registration of charges - will come in on 1 October 2009.

Remaining commencement dates