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James MacDonald

James MacDonald is a leading commercial silk practising from One Essex Court chambers. He practises extensively in banking and finance law and has appeared in many major Commercial Court and Financial List banking cases. His experience extends to all fields of commercial work including fraud, technology, shareholder disputes, professional negligence, company, insolvency, jurisdiction, enforcement and arbitration

jmacdonald@oeclaw.co.uk

Articles by author

Covid, aircraft financing and the duty to mitigate

Covid placed severe stress on the aviation industry causing many lessees to default. This article considers whether security trustees acting on behalf of aircraft financing creditors need to enforce security in order to mitigate the creditors’ losses and maximise their claims.

31 MAR 2024

Shanghai v Reignwood: what makes a guarantee “on demand”?

Guarantees are essential features of commercial financing transactions. But the nature of the guarantor’s liability may vary significantly. Is the guarantor liable only when the underlying obligor has defaulted on its obligations (a “see to it” guarantee) – or as soon as the guarantee’s beneficiary makes a good faith demand (an “on demand” guarantee)? Shanghai v Reignwood [2021] EWCA 1147 (Court of Appeal) illustrates the importance of the distinction, and how it can turn on fine points of construction.

1 JAN 2022