Lawpoint
Article Abstract:
A recent court case has upheld the validity of title clauses in Scotland. The German steel manufacturer Thyssen supplied 70,000 pounds sterling of steel to Carron Co Ltd (Falkirk, Scotland), which went into receivership. The contract for delivering the steel had a retention clause which stated that the steel belonged to Thyssen until Carron retired its debt for the steel. The legal issue was whether the steel still belonged to Thyssen or was part of the assets of Carron to be divided among preferred or other creditors. The Court of Session held that the steel belonged to Carron, but the House of Lords in Oct 90 reversed the decision. The decision could have a major impact on the administration of receiverships by giving ordinary suppliers with retention clauses precedence over the claims or other creditors.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1991
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Lawpoint
Article Abstract:
Two UK court cases have improved the legal rights of employees enrolled in group pension trusts. One case involved Imperial Tobacco Ltd's Imperial Group Pension Trust. The court held that there was a difference between conventional private family trusts and pension scheme trusts. The case emphasized that firms must exercise their rights and powers regarding pension funds in good faith to their workers. The other case involved Barclays Bank. The court held that the bank had discriminated against a female employee by forcing her to retire at age 60, when male employees were allowed to work until age 65. The court held that 12 female bank employees would be allowed to return to their jobs, and the women were given a total of 160,000 pounds in compensation.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1991
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Lawpoint
Article Abstract:
Mass disasters, such as the Lockerbie air disaster, have prompted groups of attorneys in the UK to collaborate in pursuing mass disaster claims. This collaboration has provided clients with adequate settlements. Attorneys are also forming similar groups for pursuing claims related to pharmaceutical products. The advantages of this type of collaboration include that the group has a greater opportunity to obtain resources and expert advice from foreign attorneys, claimants acting as a group reduce the possibility of insurance attorneys' offerings of low settlements to individuals, and groups can use the media to put pressure on defenders.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1991
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