Unliquidated claim meaning

All importers of record whose entries were subject to IEEPA duties are entitled to the benefit of the Learning Resources decision Judge Richard K Eaton, in an order in favour of Atmus Filtration Inc’s refund claim and referencing the Supreme Court’s 6–3 ruling that deemed the tariffs unlawful, affirmed this position. He directed that any entries currently unliquidated which were subject to IEEPA tariffs at the time of entry must be liquidated excluding those duties. He further ordered that entries for which liquidation is not yet final be reliquidated without applying the tariffs. The order did not specifically address entries that have already been liquidated. The judge added that Atmus’s import entries are among the “millions” eligible for repayment following the decision in Learning Resources Inc v Trump. In the wake of the Supreme Court’s ruling, companies have flooded the CIT with refund requests...

This Practice Note reviews set-off provisions in leases and whether, following an assignment, a tenant may rely on a claim against an incoming landlord. A tenant may, at law, set off liquidated damages and, in equity, unliquidated damages for the landlord’s breach of covenant against rent falling due under the lease. In most leases, this ability to set off or make deductions is excluded by clear express terms. The Practice Note also examines whether a tenant can withhold rent or service charge where the landlord is in breach of the lease. A tenant is entitled: in certain circumstances at law, to set off liquidated sums; and in equity, to set off, including unliquidated damages for breach of covenant by the landlord, against rent accruing under the lease. However, the right to set off is commonly removed by express language. It is particularly important to use unambiguous drafting when excluding this right, to counter the presumption that neither party intends to give up remedies...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...