Recent innovations such as insolvency express trials and the financial list have been successful, the new Chancellor of the High Court, Sir Geoffrey Vos has said. He also provided reassurance on the impact of Brexit.
Speaking to the Insolvency Lawyers’ Association this week, Sir Geoffrey paid tribute to the “inherent unbreakable strengths” of the English legal system and urged lawyers to be positive about the future of UK Plc.
One recent “huge success” for the courts was the introduction of the Financial List on 1 October 2015, which “uses the most highly qualified judges from both the Chancery Division and the Commercial Court and offers the twin advantages of speed and efficiency”, he said.
“So far some 22 cases have been started or transferred into the Financial List, and four judgments have been handed down. Four have been resolved in other ways and 14 are still ongoing.”
Another success has been the introduction of insolvency express trials (IETs) in April 2016, which are designed to speed up simple litigation valued at less than £75,000, curb costs and avoid the additional burdens of costs budgeting in appropriate cases.
“In insolvency cases in particular, there is often little need for interlocutory case management, because the case turns on evidence, not complex pleadings,” he said.
“Disclosure is usually confined, because both sides are largely dependent on common documentary sources originating from the company and in the hands of the officeholder.”
The shorter trials scheme, which has no financial limit, has also been successful in the Rolls Building jurisdictions. Uptake is growing rapidly both this and for IETs, he said.
On Brexit, Sir Geoffrey said the courts had to deal with the obvious problems of ensuring their judgments could be enforced within the EU when the UK is no longer a member, and with the fact that the UK will no longer be bound by the EU Insolvency Regulation so that its insolvency proceedings will no longer be automatically recognised in the EU Member States.
“But these and many other questions can be resolved and while no final determinations have yet been made, you may rest assured that these issues are being given careful and detailed consideration by the judiciary and by the government, who are looking for simple and practical solutions,” he said.
As for arbitration, he said he saw no reason why the UK’s position as world leader in the field should change provided commercial parties are still prepared to choose English law and English jurisdiction. This was because “the rule of law and the integrity of judges is a vital component for businessmen in all fields when choosing where to resolve their disputes”.
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