Feature
800
The expanding role of back leverage: “loan-on-loan” for non-real estate assets
In this article, the authors examine the core structure of “loan-on-loan” transactions and consider how market practice may translate to financing lending and underlying asset classes beyond the real estate realm.
23 May 2026Covenant-invisible priming in leveraged finance: the hidden risk of monetisation structures
This article examines covenant-invisible priming where groups generate immediate liquidity by converting future economic value into present cash, either through asset transfers or by delaying payment obligations, without triggering traditional covenant protections. It identifies key risks, flags practical considerations and offers potential solutions for creditors and practitioners.
23 May 2026Flipping out: changing the governing law of sovereign debt instruments
In this article the authors posit that the inclusion of a Flip Clause in emerging market sovereign bonds is a bad idea for at least three reasons.
23 May 2026Application of statutory limitation periods to consumer credit unfair relationship claims
Harry Hatwell analyses the recent UK Supreme Court judgment in Zedra v THG concerning the interpretation of the Limitation Act 1980. He addresses the decision from a consumer credit angle, looking at the court’s obiter comments seeking to apply their Lordships’ reasoning to the unfair relationship regime under the Consumer Credit Act 1974.
23 May 2026State-issued stablecoins in the EU: fiscal innovation or monetary encroachment?
This article examines whether EU member states may issue euro-referenced stablecoins without infringing the EU’s exclusive competence for monetary policy. It argues that the legal assessment depends on objectives and effects rather than on technological form. Where a digital token is structured as a redeemable liability, lacks legal tender status, and avoids systemic monetary impact, it may well fall within national fiscal autonomy.
23 May 2026The sale-versus-loan problem of receivables financing from a US perspective
In this article the authors set out and explain a framework to assist practitioners and judges in distinguishing between transactions in which a receivable secures an obligation and those in which the receivable has been sold outright. The framework seeks to mitigate recharacterisation risk.
23 May 2026Licence to aid: the legal and compliance challenges of UNSCR 2664 for UK-connected financial institutions
This article explores the legal and compliance challenges surrounding United Nations Security Council Resolution 2664 (2022). This resolution introduces a standing humanitarian exemption to asset freeze measures across all United Nations sanctions regimes marking a significant evolution in international sanctions law. This exemption is intended to safeguard the delivery of humanitarian assistance in sanctioned jurisdictions. This article argues that while United Nations Security Council Resolution 2664 (2022) is a positive development in facilitating humanitarian activities within sanctioned jurisdictions, its effectiveness is limited by its exclusion from the UK’s autonomous sanctions regime. In practice, this means that UK-connected financial institutions are unable to operationalise the humanitarian exemption to facilitate humanitarian activities undertaken by humanitarian actors.
23 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 2026Navigating 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 2026
