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Rainy Sky (the Buyer) contracted to buy a vessel from a shipbuilding company (the Builder) and agreed to pay for the vessel in instalments before delivery
An aircraft leasing company, Global Knafaim Leasing Ltd (“GKL”) leased an aircraft to Zoom Inc (“Zoom”), a Canadian airline. In August 2008 Zoom fell into financial difficulties and soon after went into liquidation
In our Spring 2010 e-news we reported on the case of Kookmin Bank which dealt with the interpretation of a refund guarantee between Kookmin Bank (the "Bank") and the customer of an insolvent shipyard
The essence of hire that is required for a consumer hire agreement for the purposes of the Consumer Credit Act 1974 is that the hirer acquires the use and possession of goods from the owner of the goods in return for a rent, whether that rent is payable in cash or in kind
are the owners of and leased 2 Airbus A320-200 aircraft to an airline ("Mexicana") which got into financial difficulties and was unable to pay sums due under the leases
The recent case of The Trustees of Beardsley Theobalds Retirement Benefit Scheme v Yardley makes clear the importance for lenders to obtain confirmation that an individual signing a security document has received independent legal advice
