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Re-imagining the phrase “pursuant to the Finance Document” and considering the ICA’s wide power to restrain junior challenge
In this article, the authors consider the judgment in Re Arboretum Devon (RLH) [2021] EWHC 1047 (Ch) and question the judge’s finding that the borrower’s obligation to “repay” arising by reason of a restitutionary claim in unjust enrichment constituted a “Secured Liability” arising “in accordance with” the transaction and was therefore secured.
13 June 20242020 vision: expanding the toolbox for European restructurings
Whilst 2020 will be remembered for less positive reasons, restructuring professionals may remember it for the creation of: (i) the “Restructuring Plan” under the UK’s Corporate Insolvency and Governance Act 2020 (CIGA 2020); (ii) the Dutch scheme under Wet homologatie onderhands akkoord (Dutch Scheme); and (iii) the German scheme under the StaRUG (German Scheme). Each bears similarities with the tried and tested English scheme of arrangement but has adopted certain features from the US Chapter 11 process. This article covers some of the important differences between each process that practitioners should be aware of.
13 June 2024Stamp Duty and stock transfer forms: the end is nigh?
On 21 July 2020, HM Revenue & Customs (HMRC) launched a consultation paper titled Modernisation of the Stamp Taxes on Shares Framework (consultation paper), recognising that “Stamp Duty, as a paper-based regime, is often regarded as an anachronistic feature of an otherwise high performing UK tax system”.
13 June 2024Moving towards digital capital markets: the EIB’s public blockchain bond
In April 2021, the European Investment Bank (EIB) issued its first ever notes in digital form on the Ethereum public blockchain. This was a milestone transaction in several respects: as a true financing using a blockchain register rather than a proof of concept; through the use of Central Bank Digital Currency at issue; and through the development of documentation to address the new technology. This article summarises the key features of the issuance and its relevance to future digital bond issuances.
13 June 2024Roll-up rescue financing in Singapore: giving old debt senior priority
At its introduction into Singapore’s restructuring laws in 2017, rescue financing was heralded as value enhancing and associated with a higher probability of successful recovery for distressed companies. This article discusses the application of the rescue financing regime, including the first instance of a roll-up, and the way forward for rescue financing in Singapore.
13 June 2024The European Commission’s Digital Finance Package from the perspective of private law
This article examines the interplay between national (private) law and the legislative measures subsumed under the European Commission’s Digital Financial Package (DFP or the Package). For the reasons explained in this article, the Package may not attain, in full, its harmonisation and single market policy objectives, to the extent that it leaves the question of the legal attributes of crypto-assets to the discretion of national legislators and to the different legal traditions of the EU member states in matters of private law, rather than settling them centrally, possibly by reference to a limited-purpose European private law.
13 June 2024Steaming away from Canada Steamship? The interpretation of exemption clauses in finance documents
Judicial statements over the years have led some commentators to detect a trend away from the use of anything other than general contractual principles in the interpretation of exclusion clauses. Of the special principles at risk, perhaps the best known is the three-stage framework formulated by the Privy Council in 1952 in Canada Steamship Lines Ltd v The King. This article examines recent case law and considers whether that trend may have run its course.
13 June 2024USD LIBOR succession legislation at home and abroad
In this article the authors review the current status of the various “legislative fixes” for dealing with agreements which refer to USD LIBOR but which cannot be actively amended to remove those references before the benchmark ceases to exist.
13 June 2024An introduction to the Business Banking Resolution Service
This article will discuss the new service and its eligibility criteria, the formalities of bringing a complaint, and also how complaints will be determined. Comparisons will be drawn against the Financial Ombudsman Service as we touch upon the relationship between the two schemes. We will finally consider the appeals procedure and the potentially litigious issues that may arise after a final appeal.
13 June 2024The Eurosystem PISA oversight framework: a novel approach for the oversight of electronic payment instruments, schemes and arrangements
The European payments ecosystem is currently undergoing significant changes, due to the emergence of new technologies, new market participants as well as an evolving regulatory environment. To keep abreast with these changes and their potential implications and challenges whilst ensuring a continued smooth functioning of the payment system, the Eurosystem had launched until end December 2020 a public consultation1 on a new holistic and forward-looking harmonised oversight framework for electronic payment instruments, schemes and arrangements (PISA).
13 June 2024
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