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Navigating 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 2026Preparing for a liberalised UK securitisation framework
In this article, the authors consider how buy- and sell-side parties to securitisation transactions can prepare for the next phase of UK reforms, as the Financial Conduct Authority and Prudential Regulation Authority consult on a more principles‑based, flexible regime intended to enhance UK market competitiveness.
22 May 2026Governance-by-design for private markets: from funds to platforms
In this article, the authors diagnose a governance paradox in private markets: as operating models shift from fund-by-fund deployment to platform-level management, decision-making authority is centralised while fiduciary obligations remain fragmented across legally separate vehicles. Governance frameworks designed for episodic, vehicle-level decisions are structurally exposed to ad hoc retrofits that may not reliably balance competing investor interests.
22 May 2026Ralli 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 2026Stablecoins and the emerging financial crime toolkit
This article compares anti-money laundering and financial crime risk and regulation in traditional financial systems and emerging stablecoin ecosystems, examining the trade-offs policymakers face when designing financial crime frameworks for digital money.
22 May 2026One size fits all? Default interest applicable to multiple events of default and the law of penalties
Recent caselaw has shown that a default rate clause in a finance agreement may be unenforceable as a penalty, particularly in cases where a single rate applies to multiple types of events of default. This article considers the recent caselaw and the approach adopted by the courts in assessing default rate clauses. It then considers the steps that can be taken by lenders to mitigate the risk that the default rate clause is struck down.
05 May 2026Agentic AI in the payments chain: regulatory challenges for financial institutions
AI “agents”, which combine the reasoning of generative AI with memory and execution capabilities, are the next frontier of AI risk and opportunity. One rapidly emerging application is agentic commerce, where agents autonomously execute tasks and make payments – whether operating alone or in multi-agent systems. For financial institutions, the question is not whether agentic commerce will arrive, but whether their existing compliance frameworks can absorb it. This article considers how firms can satisfy regulatory obligations, mitigate risks and allocate liability in this new landscape.
05 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 2026
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