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Virtual Closings and the Mercury Tax Case - Is a physical closing/completion meeting required now?

The Mercury Tax Case (more formally R (on the application of Mercury Tax Group and another) v HMRC [2008] EWHC 2721)) provides a salutary reminder that form is sometimes more important than substance.
 
Prior to Mercury it had become common and accepted practice for pre-signed signature pages to be circulated among the parties at a virtual, that is, non-physical closing where the signature pages were exchanged by email or fax.
 
But in Mercury the judge held that the signature on an incomplete draft deed (or contract) cannot be transferred to effectively execute a complete and amended final version. The final form of deed was found not to be valid.
 
So, will closings now require the physical attendance of all parties at a closing meeting with all the inconvenience that entails? Provided appropriate safeguards are followed, virtual closings remain permissible.

Please contact our Company Commercial team to guide you to ensure that the legal documents you sign are valid.