In Practice

First Bankers Trust order against overseas cryptocurrency exchanges using new “gateway”

On 29 November 2022, Mr Justice Butcher handed down judgment in LMN v Bitflyer Holdings Inc. and others [2022] EWHC 2954 (Comm), which is the first successful Bankers Trust application against overseas cryptocurrency exchanges based on the new “disclosure gateway” for service out of the jurisdiction at CPR Practice Direction 6B §3.1(25).

The UK Financial Services and Markets Bill and UK Retained EU Law (Revocation and Reform) Bill: a comparison

Finding room for asset-backed financings alongside high yield and leveraged loan transactions

In the current environment of inflation and higher interest rates, securitisations may play an increasingly prominent role in offering access to cheaper and diversified funding. In this article, the authors explain why a corporate group may wish to consider exploring whether a securitisation would be available to it – and permitted under any existing high yield and/or leveraged loan documentation.

European CMBS and its new cousin, the CRE CLO

Iain Balkwill considers the differences between CRE CLOs and European CMBS and the rationale for their application.

Implications of proposed legislation in New York for sovereign debt restructuring

The New York legislature is currently considering three Bills that could substantially impact sovereign debt markets if enacted. The Bills would: (i) limit private creditors’ recovery in the event of sovereign default; (ii) block private parties from purchasing sovereign debt for the purpose of litigating a renegotiation of the debt; and (iii) create a binding, bankruptcy-like restructuring mechanism for sovereign debtors. This In Practice article looks at some of the potential implications of the New York Bills.

Coaching and the corporate witness

In this In Practice article, James Barrett considers several key practices which can help a corporate witness to prepare for giving evidence including to courts and public inquiries.

Consolidation in the CLO management industry: hampered by EU and UK risk retention requirements?

In this In Practice article, the authors consider the regulatory restrictions that hamper the transfer of risk retention where a collaterised loan obligation (CLO) manager wants to solely acquire a CLO management contract from the incumbent CLO manager.

De-banking: what next for payment service providers?

The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. This In Practice article considers what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators.

Lender diligence over IPR and taking security over domain names

This article considers the importance of lenders conducting due diligence over intellectual property rights and the issues for lenders when taking security over domain names.

Taking effective security over future acquired assets: the importance of contractual intention

Taking security over after acquired assets is often linked in case law to the equitable remedy of specific performance transforming a contractual right into a proprietary one to the charged property; an essential element to secured finance structures. A closer analysis illustrates contractual intention of the parties, rather than specific performance, is the key factor.