Hammersmith And Fulham London Borough Council V Hazell
O ''Hazell v Hammersmith and Fulham LBC'' [1992] 2 AC 1 is an English administrative law case, which declared that Local government in England, local authorities had no power to engage in Swap (finance)#Interest rate swaps, interest rate swap agreements because they were beyond the council's borrowing powers, and that all the contracts were void (law), void. Their actions were held to contravene the Local Government Act 1972. Prior to the judgment, a large number of local authorities had entered into such swap transactions. Accordingly, the decision of the Judicial functions of the House of Lords, House of Lords declaring such practices to be unlawful set off a local authorities swaps litigation, torrent of collateral litigation unwinding such swaps.In his judgment, in Re Interest Rate Swap Litigation' (unreported, 28 November 1991), David Hirst (judge), Hirst J recorded that "As at 30th October, 1991 there were 203 extant swap actions, 18 had been settled after the issue of proc ...
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Judicial Functions Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, it for many centuries had a judicial function. It functioned as a court of first instance for the trials of peers, for Impeachment in the United Kingdom, impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and in 1948, the use of special courts for such trials was abolished. The procedure of impeachment b ...
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