2023 proved once more to be a tumultuous year with economic instability remaining a key feature. The impact of global economic and political instability together with exponential technological advances and the climate crisis, are having profound social and financial impacts across all areas. But what does this mean for litigation in 2024?
pursue claims against landlords and developers. Notably, the extension of the limitation period for claims under the Defective Premises Act 1972 has amplified the potential for pursuing previously time- barred claims, contributing to the growing complexity of this area. Ongoing government consultations imply further changes should be anticipated.
Rising Fraud-Related Litigation
Economic pressures often give rise to greater instances of fraud, leading to more litigation associated with misappropriated funds. Tools for fraud-related litigation and cross-border disclosure have been enhanced with the publication of a recent government report with the aim of stopping scammers and an expanded duty of care applying to the way that banks handle payment instructions. However, enforcement remains challenging, especially in cases originating from the EU. The sheer volume of data generated, conflicts with data protection laws and jurisdictional differences regarding document disclosure make civil fraud litigation a complex and expensive process.
Continuation of Insolvency-Related Claims
The surge in corporate insolvencies is anticipated to persist, propelled by the withdrawal of Covid protections, surging energy costs, and inflationary pressures. This trajectory is likely to spur a parallel rise in insolvency-related litigation, ranging from challenges to CVAs and pre-pack administrations to disputes stemming from corporate mismanagement. Notably, this type of litigation often involves contested proceedings with conflicting creditor claims, exemplifying the complex and contentious nature of this area. You can listen to a podcast on the topic of re-structuring and investments with our head of insolvency here > Property Litigation in a Recessionary Environment: Rent Disputes and Safety Concerns In an economic downturn, we anticipate more litigation arising from non-payment of rent, service charges, disputes over break clauses, and dilapidations. Furthermore, the spotlight on fire safety defects in residential buildings has intensified in recent years, catalysed by the Building Safety Act 2022. The Act's provisions have empowered leaseholders to
The Surge in Crypto Asset Claims
Crypto asset claims continue to rise, with English courts demonstrating adaptability in this emerging field. As crypto assets become subject to a broader regulatory framework, an expansion of case law in this area is anticipated. Notably, tortious remedies have been applied to bitcoin developers, marking an interesting development, and it is thought that such claims could be expanded to encompass professional advisors.
THE LEGAL CORNER MAGAZINE | ISSUE 006 JANUARY '24 | KEEPING THINGS SIMPLE – WHAT TO EXPECT IN 2024 HB 18
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