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Ralli Brothers: a defence in flux?
A recent case has held that the rule in Ralli Brothers does not apply to unlawfulness arising from court orders rather than legislation or to unlawfulness in places that are not contractually specified but are necessarily involved in contractual performance. These holdings are suggested to be wrong, but they will generate further argument. Another recent case has developed the law on the place of performance of demand instruments.
22 May 2026Navigating German equitable subordination: implications and structuring options post-ECJ judgment
The European Court of Justice has provided critical clarification on the application and interpretation of European insolvency regulation provisions regarding German equitable subordination and claw-back of shareholder loans in cross-border insolvency cases. This decision reinforces the protective nature of German insolvency law, preventing shareholders from circumventing these rules through the choice of foreign law.
22 May 2026Entire agreement clauses: entirely unco-operative to void co-ops? Part 1
Is the use of an entire agreement clause to void anti-cooperation obligations in respect of a liability management exercise (LME) effective as a matter of English law? Will the borrower get more or less than they bargained for if the LME is not yet in contemplation? This article answers these questions by positing three key arguments.
22 May 2026Increasing use of AI in financial services: managing the regulatory and litigation risks
The financial services sector is at the forefront of the AI revolution. In this article, we examine: (i) the approach to AI regulation in the sector; (ii) regulatory risks arising; (iii) possible litigation risks; and (iv) the practical steps that firms can take to mitigate such risks.
22 May 2026Law firm financing: options and pointers to give you the best chance of securing the financing
There has been much discussion about law firm financing and ownership. There is an increasingly wide base of potential "lenders", who all have different drivers which dictate the terms they are able to offer. At Harbour, we have many approaches for law firm financing, for a multitude of purposes, not just litigation. What is clear, is just how relatively limited the levels of understanding are about the options, terms, terminology and impacts of different types of financing. Firms must put the necessary groundwork in place before soliciting financing, to maximise their chances of securing the lending. This article is intended to remove some of that mystery and also a checklist of information a firm should prepare before approaching a finance source.
05 May 2026The rise of anti-cooperation provisions in US credit documents
This article considers the emergence of “anti-cooperation” provisions in US credit documents. Anti-cooperation language is broader than an express ban on cooperation agreements and includes voting and concentration caps, disqualified counsel provisions and other tools designed to shape who may organise, advise and vote in anticipation of a liability management exercise. The market response has been mixed. Most formulations have met strong resistance in the broadly syndicated loan market, but narrower or more bespoke versions have begun to clear in edge cases. The result is a new documentation battleground centred on process control rather than only transaction mechanics.
05 May 2026Digital assets as collateral in England and the US: priority and super-priority of security interests
"Tokenisation ... could streamline collateral mobility by enabling near-instant movement of assets across firms and jurisdictions."1The increased use of digital assets as collateral is recognised by financial market regulators, as well as by industry participants, as an opportunity to enhance efficiency and reduce the risks associated with cross-border collateral exchanges between financial firms and with end-users. The borderless nature of the markets and infrastructure which enables transactions in digital assets also complicates the assessment of legal risk. One critical issue is that of priority, meaning the ability for providers of debt finance to obtain a security interest over a digital asset which ranks ahead of other claimants. This article compares the position in England and Wales with the US under Art 12 of the Uniform Commercial Code.
05 May 2026Cross-border security releases: navigating the patchwork of local law requirements
This article examines the principal considerations that ought to inform the chosen approach, with particular reference to the distinction between accessory and non-accessory security regimes. It gives close attention to French law – where the accessory nature of sûretés réelles means that a mainlevée (a formal release) serves primarily to update public registers and to render the discharge binding on and enforceable against third parties (as non-signatories) – and contrasts the position with that under English law. The article proposes a framework for deciding when a consolidated release is feasible, when it is not, and how to manage the interface between English law deeds and foreign law discharge formalities.
05 May 2026An analysis of the application of property and insolvency laws to DeFi lending structures
DeFi lending protocols now hold billions of dollars in digital assets, yet important questions remain about the legal architecture underpinning them. This article interrogates a deceptively simple question: when digital assets are deposited into a DeFi vault or market governed by autonomous smart contracts, who owns them and what are the depositor’s rights in respect of them? In a genuinely decentralised structure, there may be no insolvency process through which to distribute assets to creditors, leaving lenders to bear the full risk of a protocol’s collapse. Insolvency practitioners appointed over borrowers are also likely to face issues applying insolvency law to collateral deposited within markets. The practicalities of these structures and the way they interface with the law are still untested in England and are likely to continue to develop in line with the industry.
05 May 2026Digital property, digital claims and regulatory clarity: why legal structure must precede classification
In this article, the author examines why regulatory clarity in relation to digital assets cannot be achieved through classification alone. She argues that whether a digital asset functions as property or as a claim depends on legal structure, including control, transfer mechanics, custody and insolvency treatment, rather than on technological labels or market descriptions. By distinguishing asset-level characteristics from the separate questions of how intermediaries hold and administer digital assets in practice, the article highlights the implications for collateral regimes, regulatory perimeter design and private law accountability.
05 May 2026
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