Feature

Cross-border privilege

This article considers cross-border privilege issues that can arise in a number of different contexts.

The lucrative AI debt market – disrupting traditional debt lending: Part 2

In two parts, the first published in the March edition (2025) 3 JIBFL 183, we discuss how the unique nature of AI companies and AI-related assets could present distinct challenges to traditional lending frameworks if such frameworks are not properly considered in the context of such companies. Part 1 discussed how the unique nature of AI companies could present distinct challenges to financial covenants in traditional lending frameworks if not properly considered in the context of such companies.
This Part 2 discusses how the unique nature of AI-related assets could present similar challenges to the process of security enforcement in traditional lending frameworks if not properly considered in the context of such assets. 

Recognition and enforcement of Ukrainian judgments against the Russian Federation in the UK

This article examines the enforcement prospects of Ukrainian court judgments against the Russian Federation in the UK, following Ukraine’s 2022 Supreme Court ruling denying Russia immunity in tort claims related to its military aggression. It analyses key procedural obstacles under the Hague Convention 2019, the UK’s State Immunity Act 1978 and common law, including jurisdiction, service of process and public policy defences, highlighting the tension between sovereign immunity and international accountability.

Debt financing transactions in Northern Ireland: what practitioners need to know

In this article, Andrew McClurg identifies the key differences that practitioners should be aware of between English law and Northern Irish law, when entering into debt finance transactions.

Non-bank financial intermediaries (NBFIs): leverage, liquidity and interconnectedness

This article examines the evolving regulatory approach to non-bank financial intermediaries (NBFIs), focusing on the European Commission’s 2024 consultation on macroprudential tools. Using alternative investment funds (AIFs) as a case study, the article explores the extent to which existing regulatory frameworks mitigate potential systemic risks posed by NBFIs.

Considerations for lenders to infrastructure assets

Lenders continue to structure financing packages to minimise the risk of default. However, wider risks now need to be in focus as the pace of investment in infrastructure increases. There are many different estimates of the amount of investment required in global infrastructure and energy assets. Each country has a different starting point and a different need – but trillions of dollars of investment per year for a sustained period is anticipated, with a significant amount provided by debt. With the rise of private and institutional debt providers alongside active export credit agencies, development finance institutions, wealth funds and commercial debt, the sources of debt capital are expanding to meet demand. In light of that increased debt, this article considers key issues for lenders funding infrastructure projects.

Freezing the status quo: a critical analysis of 2024’s watershed moments in freezing injunction jurisprudence

Bank Resolution (Recapitalisation) Bill: good policy, bad politics?

The UK’s resolution authorities successfully handled the failure of Silicon Valley Bank in 2023. The Bank Resolution (Recapitalisation) Bill (the Bill) seeks to address a lacuna identified as part of that process. The Bill is framed as a technical amendment to the regime for handling bank failures but, as this article argues, also highlights tensions between that framework and the government’s plans to improve the competitiveness of the financial services sector.

Hedging: where is the dividing line?

Hedging is a risk management practice commonly adopted by financial institutions and corporations to manage their exposure to risks like movements in interest rates, currency fluctuations, or commodity price fluctuations. This article highlights the legal distinction between “internal” and “external” hedging, as discussed in Rhine Shipping DMCC v Vitol SA. ¹ It then considers the implications of this legal distinction and practical steps to mitigate any associated litigation risks.

Transfer restrictions in the age of synthetic credit risk transfer: time for a re-assessment?