The UK Supreme Court: Reintroducing ‘flexibility’ or ‘uncertainty’ into the interpretation of aggregation clauses?
The UK Supreme Court has handed down its decision in AIG Europe Limited v Woodman and others  UKSC 18. In doing so, the Supreme Court reversed the decision of the Court of Appeal.
It found, broadly, for the insurer (AIG) in its interpretation of the meaning of the words “a series of related matters or transactions” in the relevant aggregation clause, but in practice this should not mean that policyholders should fear the worst.
While this dispute concerns a clause in a solicitors’ professional indemnity policy (the Policy), it has wider implications for other liability insurance contracts.
The current law regarding insolvency in the UAE is not a comprehensive regime, and the present framework is found across three different laws (mainly in the Commercial Companies Law, as well as the Commercial Transactions Law and the Civil Code). Additionally, companies faced harsh penalties in a bankruptcy scenario, and individuals could also face criminal sanctions and penal sentences. In the wake of low oil prices since 2015, and more companies facing distress, a new bankruptcy law drawing from international best practice will come into force in the UAE, from the beginning of 2017.
With the implementation of Federal Law No. 9 of 2016 (the ‘Bankruptcy Law’), the UAE government seeks to create a robust legal insolvency framework within which all businesses can operate and parties can be sufficiently protected. The Bankruptcy Law was promulgated by decree by His Highness Sheikh Khalifa bin Zayed Al Nahyan on 20 September 2016 and published in the Official Gazette on 29 September 2016. The framework under the Bankruptcy Law is based on “Chapter 11” bankruptcy legislation in the United States, and the bankruptcy practices in other countries.
Please note that any references below to articles in the Bankruptcy Law are to the articles as set out in the English translation of the Bankruptcy Law.
Data protection procedures will require an overhaul for any company that offers goods and services, or tracks individuals, in the EU under the European General Data Protection Regulation (GDPR) to take effect from 25 May 2018. Given the changes in compliance requirements that the GDPR entails, it is vital that you use 2017 to audit your current policies and processes and make any necessary changes in readiness for the GDPR.
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