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Referring to legislation in finance documents: more than you bargained for?
This article explores the risks associated with the common practice in finance documents of including references to legislation.
19 March 2024Security over e-money and deposits with deposit aggregators: a new approach is required
Over the last decade, fintechs (including EMIs (see definition in the key points above)) have transformed the payments landscape and have driven and facilitated the rapid shift by individuals and businesses away from cash to e-money. This article sets out the practical and legal considerations under English law when taking security over e-money and deposits with Deposit Aggregators (see definition in the key points).
19 March 2024Illusory security of banks in trade finance
In this article, barrister Michael Collett KC considers the types of security commonly taken by banks providing trade finance and their potential weaknesses, in light of recent case-law arising from the collapse of oil traders such as Hin Leong, Zenrock and Gulf Petrochem.
19 March 2024Unsecured loans and ascertaining cash flow insolvency
This article examines whether the funds which a debtor company from a loan provided on an unsecured basis can be taken into account in determining whether it is solvent on a cash flow basis.
19 March 2024The impact of Pt 26A Restructuring Plans on intercreditor dynamics
The inclusion of a “cross-class cram-down” (CCCD) feature in Pt 26A Restructuring Plans was intended to prevent creditors with little or no economic interest in a company from blocking an otherwise well supported restructuring proposal. While this objective has been largely achieved, the wider impact of CCCD is now becoming better understood, with senior secured creditors gaining more influence and operational creditors being increasingly dragged into the restructuring process. This article examines why this is happening and then explores the potential long-term consequences of such changes which could eventually result in a significant reduction in the use of Pre-Pack sales by administrators.
19 March 2024Decrypting conflict of laws
In this article Sophia Hurst considers the various options open to the Law Commission on the issue of conflict of laws for cryptocurrency disputes in advance of its consultation paper to be published in the second half of 2023.
19 March 2024LMA Defaulting Lender provisions in today’s growing non-bank loan market
In this article the authors consider the relevance of the Loan Market Association’s (LMA) Defaulting Lender concept in non-traditional facilities such as those arranged by private credit funds and non-bank Lenders.
19 March 2024Smart contracts and the limits of the “rule of code”
This article considers a key potential value proposition of smart contracts, namely the elimination of performance risk, and the trade-offs required in order to fully realise that potential. On the other hand, it considers the limits of any attempt to utilise smart contracts to oust the applicability of the law and legal systems.
19 March 2024Repos used in LDI should be seen as either loans or derivatives, but not neither!
Defined benefit pension funds, having leveraged billions of pounds of their gilt positions using repos, were exposed to a fall in prices. This occurred in September 2022 and large losses were sustained. It is not permissible for pension funds to leverage their assets using loans or derivatives (other than for narrow specific purposes). The question then arises of whether repos are loans or derivatives, or something entirely different. Who bears the losses may well be dependent on the answer. The author’s conclusion is that repos are properly either loans or derivatives.
19 March 2024What is the effect on a transaction if the Pensions Regulator brings successful proceedings under the Pension Schemes Act 2021?
In this article, Raquel Agnello KC considers the enforceability of transactions involved in the act, course of conduct or failure to act which is relied upon by the Pensions Regulator when imposing a criminal sanction or civil penalty under the Pension Schemes Act 2021 (PSA 2021).
19 March 2024
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