Legal updates: October 2020

摘要

In this month's round up of legal news, Gateley Legal's Sophie Brookes considers share purchase agreements, scheme of arrangements and Virgin Atlantic's restructuring under CIG2020 The recent case of Dodika Limited & Others v United Luck Group Holdings Limited [2020] EWHC 2101 (Comm) has highlighted the importance of ensuring that any notice of claim under a share purchase agreement complies with the specific requirements of that agreement.In 2016, United Luck paid $1bn (£773m) to acquire all the shares of Outfit7, a mobile app developer. Under the terms of the agreement, $100m was paid into a 'Claims Escrow Account'. Those funds were due to be released in two tranches of $50m but the release could be halted in certain circumstances, in particular where the buyer had given notice of a claim in accordance with the relevant provisions of the agreement.