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NAV and Holdco back leverage facilities: balancing stakeholder interests to maximise value creation
The rapid evolution of fund finance has propelled Net Asset Value and Holdco back leverage facilities (that is, facilities in which one or more holding companies below the fund enter the financing) to the forefront of liquidity and portfolio management for funds across asset classes. These facilities, which allow funds to borrow against the value of their underlying investments, have become increasingly sophisticated and prevalent. As the market matures, both limited partners and lenders are sharpening their focus on transparency, risk management and enforceability. This article explores the practical realities of collateral enforcement, the legal guardrails being adopted, and the value these facilities can unlock; balancing the perspectives and interests of limited partners, general partners, and lenders.
10 January 2026Tackling fraud: a duty of inquiry or a duty if on inquiry?
In this article the author highlights the difference between on the one hand a bank owing a duty of investigation or inquiry to their customer, and on the other hand only being subject to any such duty when particular circumstances put the bank “on inquiry” that a payment instruction is an attempt to misappropriate the customer’s funds.
10 January 2026Legal liability of deploying artificial intelligence in banking and finance
Financial Institutions have embraced AI systems in many aspects of its operations. However, the deployment of AI systems is not without risks. This article will analyse from a technological starting point, the legal risks and challenges posed by the deployment of AI systems in the banking and finance sector.
10 January 2026Agency and declarations of trust
Agency and trust relationships are ubiquitous in modern finance, and it is therefore essential that any interactions between the two strands of law are properly understood. The recent judgment of the Court of Appeal in National Iranian Oil Company v Crescent Gas Corporation Limited [2025] EWCA Civ 1211 is an intriguing modern example of such an interaction, engaging in the context of s 53(1)(b) of the Law of Property Act 1925.
10 January 2026Should secured lenders be worried about the remediation provisions of the Building Safety Act 2022?
The Building Safety Act 2022 received Royal Assent on 28 April 2022, and in the subsequent three and a half years there have been numerous first instance and appellate decisions. One of these – Triathlon Homes LLP v Stratford Development Partnership Ltd & Ors [2025] EWCA Civ 846 – was handed down on 8 July 2025 and a further appeal is now due to be heard by the Supreme Court.
10 January 2026Unlocking the UK banking market: to buy or not to buy
The UK’s banking sector is widely recognised as a global benchmark for financial sophistication, underpinned by a regulatory framework that is both robust and complex. The UK’s regulatory environment sets a high bar for entry. Whether through direct authorisation or acquisition, new entrants must demonstrate a deep understanding of legal, capital and operational risks, engage proactively with regulators and build business models that are resilient, compliant and adaptable to future change. The strategic choices made at this juncture will determine not only the success of individual firms but also shape the future of the UK banking sector.
10 January 2026Losing privilege for iniquity short of fraud: implications of recent s 423 cases
Section 423 of the Insolvency Act 1986 allows courts to unwind transactions entered into to prejudice creditors without requiring proof of dishonesty or fraud. Recent case law has nevertheless treated such claims as inherently alleging “disreputable” conduct, with significant implications for privilege and pleading requirements. This article examines the iniquity exception to privilege in s 423 claims, with particular focus on the November 2024 decision in Invest Bank v El-Husseini [2024] EWHC 2976. That decision suggests that establishing a prima facie case of an undervalue transaction entered into for the statutory purpose engages stricter pleading rules and displaces privilege. However, uncertainty remains about the boundaries of this presumption of inherent iniquity and its practical implications for privilege loss across s 423 cases.
22 November 2025Supply chain finance in the EU: Part 1 – lessons from recent failures and the case for a targeted SCF Regulation?
Supply chain finance (SCF) is vital for EU working capital but operates within a fragmented and opaque regulatory framework. Recent high-profile failures in or otherwise affecting the SCF market have exposed critical structure weaknesses, including inconsistent private-law rules, insufficient transparency beyond securitisation and uneven operational safeguards. These issues obscure leverage, create liquidity risks and complicate cross-border enforceability, significantly impeding the Single Market.
This article advocates for a proportionate, targeted EU SCF Regulation. It proposes a framework encompassing harmonised definitions, calibrated data and disclosure standards via light-touch repositories and enhanced private-law certainty, including a uniform conflicts-of-law rule and an interoperable e-notice mechanism. These reforms would substantially improve legal certainty, transparency and market stability, ultimately lowering funding costs, increasing small and medium-sized enterprises access to finance and advancing the EU’s Savings and Investments Union objectives.
Challenging the status quo: designated counsel and sponsor blacklists
In this article Michelle Gilmore-Parry explores the recent adoption of sponsor blacklists in European leveraged financings and discusses some key considerations for lenders.
22 November 2025Payback time: when lending agreements are silent on key terms
This article considers a number of important principles relating to the repayment and prepayment of loans and how they are applied when a loan agreement fails expressly to cover them.
22 November 2025
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