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If secured lenders (who fall within the definition of connected persons) and their advisers engage the evaluator prior to the commencement of administration and ensure open communication lines among themselves, the evaluator and the would-be administrator then the goal of increasing transparency in the pre-pack process would likely be advanced in a manner consistent with the efficient execution of a pre-pack sale.

In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as “bonds”). There are administrative problems that can arise when dealing with a large number of disparate bondholders and the complexities of dealing with material non-public information (MNPI) during restructuring negotiations. The authors consider the different parties involved in these restructurings and how advisors can assist these parties in navigating these hurdles.

Outside of the leveraged finance market however, financial covenants remain a key feature of a wide range of loan financings. This article discusses the financial covenant packages used on project financings, and on real estate and development financings, together with some of the common structuring and negotiation points that arise.

This article reviews some of the latest innovative structures in ESG derivatives, as described in ISDA’s recent paper Overview of ESG-related Derivatives Products and Transactions of January 2021 and considers some of the legal and drafting issues which those structures raise.

The 6AMLD has been introduced and implemented to provide stricter measures in the fight against money laundering. In particular, criminal sanctions both by way of imprisonment and fine are increased. Further, 6AMLD broadens the scope of financial crimes being dealt with. However, whilst 5AMLD has been incorporated into the UK’s domestic legislation, 6AMLD will not be implemented. This is because the UK has its own strict measures in place for AML offences.

This article discusses findings from a new book which examines secured transactions law in thirteen Asian countries. Special focus is given to the drivers, substance and process of law reform, and lessons are drawn from the Asian experience that could aid a broader understanding of the principles and policies shaping legal development in this area.

This article examines the problem of “liquidity mismatch” within certain categories of retail funds and assesses whether recent new rules and proposals from UK regulators adequately address that issue.

This article emerged in response to the onslaught of publicity generated by the insolvency of Greensill. For many this has been their first true introduction to supply chain finance and the coverage has not been very positive. Every few years the collapse of an industry stalwart or promising up-and-comer is held up as a cautionary tale, emblematic of underlying weaknesses or failings of its sector. However, it would be unfortunate to let Greensill’s legacy be the tarring of supply chain finance in general when it plays such an important role in facilitating global trade.

The effect upon private law contractual rights of public law illegality has long been a source of confusion and controversy, particularly in the context of disputes between banks and public bodies over complex derivatives. The issue divided the Court of Appeal in Credit Suisse v Allerdale [1997] QB 306 and although the view of Hobhouse LJ in that case has been endorsed in Charles Terence Estates Ltd v Cornwall Council [2012] EWCA Civ 1439, this was only obiter. Foxton J in School Facility Management Ltd v Governors of Body of Christ the King [2020] EWHC 1118 (Comm) has now decided how far public law illegality can provide a defence of incapacity but his logic when applied to a foreign entity is more consistent with Etherton LJ’s dissent in Haugesund v Depfa [2010] EWCA Civ 579 than with the majority decision.

This article examines the rules that now apply in relation to the enforcement of English court judgments in the EU and goes on to consider, by reference to Italy, Germany and Spain, what this means for enforcement of judgments in practice. We highlight that these are the rules that apply as at the date of this article but are potentially subject to change (for example if the UK joins the Lugano Convention 2007 (Lugano Convention), as discussed further below).