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Some updates on TMT finance
This article updates the series of articles published between March 2015 and November 2018 on the subject of financing businesses in the TMT sectors (Series 1). Since then, the type and value of intangible assets have increased, many banks have launched growth debt products, private credit firms have expanded their business both generally and in providing credit to technology businesses, and some legal developments relevant to intangible assets and credit finance have taken place.
Certainly, the value of the market has grown. According to the latest ONS figures (published in November 2024), in 2022 UK businesses invested £200bn (a record) into intangible assets. This statistic also illustrates one of the original points of Series 1: of the £200bn, only around half was invested in assets protected by intellectual property rights (IPR); the rest paid for assets such as know-how, trade secrets, business processes, and all the other intangible assets that are not covered by IPR.
We can view the lay of the land in 2025 by considering what has not changed, what has changed, and what is changing.
Drafting on the edge: ambiguity in hybrid jurisdiction clauses
In this article the authors consider the implications of asymmetric jurisdiction clauses drafted such that the non-exclusive limb of the provision is carved out of a blanket provision stating that the courts of England are to have exclusive jurisdiction. The article considers how, with this drafting, English courts are unlikely to refuse jurisdiction and that explicit drafting is required if a financial party wishes to compel an English court to discontinue proceedings in favour of a court of its choosing.
29 September 2025Resource-backed loans: a never-ending story?
In this article, Brad Pomfret KC, Asa Tolson and Rebecca Jones consider whether resource-backed loans secured by an ad infinitum pledge of the resources concerned risk creating irredeemable security as a matter of English law.
29 September 2025A risky business: giving and receiving “free” advice
This article considers when an investment bank might (or might not) be entitled to payment for work performed in the hope of winning a mandate, and the risk to a client of accepting such services whilst remaining silent about whether it intends to pay.
28 July 2025DeepSeek and the rise of financial AI: legal and regulatory perspectives from China
DeepSeek and artificial intelligence (AI) have been widely adopted in China’s financial markets, though their use also introduces significant technological risks. This article explores the financial application scenarios of DeepSeek, examines the gaps between China’s financial regulatory framework and emerging technological risks, and offers recommendations for improving financial regulation in the era of low-cost AI.
28 July 2025The case for paying the costs of insolvency from fixed as well as floating charge assets
This article proposes that insolvency costs should be paid from both fixed and floating charge assets from a percentage cap of their joint value. It argues that doing so would increase the pool of assets from which to satisfy insolvency costs, whilst retaining the utility of charges as a form of security.
28 July 2025The role of “administrative parties” in distressed and default scenarios
In this article, we consider the roles and duties of what are often described as “administrative parties” (namely, facility agents, bond/note trustees and security agents/trustees) in various distressed and default scenarios (including liability management exercises, enforcements and comprehensive financial restructurings). We focus on the intersection between the roles of such agents and trustees in the transaction, their contractual obligations and any applicable statutory, common law or equitable duties.
28 July 2025The Hamblin cases: a solution to a puzzle?
The Hamblin cases illustrate the potential to bring authorised push payment fraud claims despite the decision of the Supreme Court in Philipp. However, the cases should be treated with caution: potentially fundamental issues lie just beneath the surface. This article considers both the problem that the claimants were attempting to solve, and the coherence of the solution adopted.
28 July 2025Balancing acts: prudential regulation of money issuers
This article explores the regulatory capital requirements that apply to the issuers of two types of money: bank deposits and stablecoins. Where relevant it also considers issuers of e-money. Stablecoins are an increasingly popular form of digital money. They are bearer instruments that run on blockchains. As explained in the second half of the article, they are quite different to existing forms of money.
28 July 2025Novation of loan facilities: impact on guarantees and borrower declarations
In this article Lisa Lacob considers arguments run on the basis that novation of loan facilities extinguish the original contract and replace it with a new one. Much will depend on the precise terms of the loan facilities and associated guarantees, but prudent lenders will want to make sure that certain terms cover the possibility of novation.
28 July 2025
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