Caution (Scotland) meaning

In this issue: Lending Aviation finance Sustainable finance Real estate finance Debt capital markets Derivatives Technology in banking & finance transactions Scotland Daily and weekly news alerts New and updated content Useful information Lending DBT issues updated statutory guidance on PSC ‘significant influence or control’ for companies and LLPs The Department for Business and Trade has released two statutory guidance notes on what amounts to ‘significant influence or control’ for the purposes of Schedule 1A to the Companies Act 2006, issued separately for companies and for Limited Liability Partnerships. See: LNB News 05/03/2026 28. Sources: People with significant control: 2026 company statutory guidance and People with significant control: 2026 LLP statutory guidance. Aviation finance Gama Aviation FZC v Bin Otaiba Investment Group [2026] EWHC 258 (Comm) The court found in favour of Gama Aviation FZC (GAF) on its claim against Bin Otaiba Investment Group (BOIG), concerning unpaid sums under...

In this issue Key R&I developments Security review Special administration regimes Financial institutions Insolvency litigation Restructuring Personal Insolvency R&I in Scotland Daily and weekly news alerts Key dates for R&I professionals New content Latest Q&A Key R&I developments Insolvency Service publishes monthly insolvency statistics for February 2024 The Insolvency Service released its February 2024 monthly figures on corporate and individual insolvencies. The statistics record 2,102 company insolvencies, a 17% rise on February 2023, and higher than levels seen both during the government’s COVID-19 support period and pre-pandemic. Personal insolvencies totalled 10,136, which is 23% above February 2023. See: LNB News 15/03/2024 34. Security review Update for insolvency practitioners on Companies House filings Following the earlier news analysis, Additional caution required for insolvency practitioners relying on Companies House filings, which highlighted that entries concerning registered security at Companies House had been wrongly amended to show a discharge...

Briggs Marine Contractors Ltd v Bakkafrost Scotland Ltd [2024] CSOH 63 What are the practical implications of this case? This ruling matters for advisers handling disputes subject to arbitration agreements. The court reaffirmed that it retains control over its own rolls, notwithstanding statutory mechanisms such as A(S)A 2010, s 10. Although an arbitration agreement may compel a sist, the court is not obliged to let proceedings sit on the shelf forever without considering whether that course is sensible and worthwhile. Practitioners should caution clients that the existence of an arbitration clause does not secure a perpetual stay. This decision highlights the need to set out specific, tangible reasons for leaving an action sisted when a motion to dismiss is tabled. It follows that a mandatory sist arising from an arbitration agreement co-exists with the court’s ongoing responsibility to manage the rolls. Where dismissal is sought, the party resisting must identify clear, practical benefit in maintaining the sist. The message is that prompt and efficient dispute resolution, particularly in the...

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

FORTHCOMING CHANGE : The Trusts and Succession (Scotland) Act 2024 secured Royal Assent on 30 January 2024, heralding the first overhaul of Scottish trust law in more than a century since the cornerstone Trusts (Scotland) Act 1921. Provisions on trusts will only commence once Scottish Ministers introduce the necessary secondary legislation, while the succession measures took effect on 30 April 2024. Key updates designed to modernise the framework are outlined in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes across Scottish trusts and succession topics will be revised to reflect this new statute. This Practice Note addresses the steps for obtaining confirmation where there is no will (intestate estates). For wills-based estates, or elements of the confirmation process common to both testate and intestate cases, see Practice Note: Application for confirmation in Scotland—testate cases. Appointment of executor Order of succession The intestacy rules appear in the Succession (Scotland) Act 1964 (S(S)A 1964). These rules establish the order of entitlement to share in an...

The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (ISRWR 2018), SSI 2018/347, were presented to the Scottish Parliament on 14 November 2018 and took effect from 6 April 2019. As a result, these Rules altered the procedure for members’ voluntary liquidations (MVLs) in Scotland. Later, the Insolvency (Scotland) (Receivership and Winding Up) (Amendment) Rules 2021 (ISRWAR 2021), SI 2021/1025, were placed before the Scottish Parliament on 9 September 2021 and commenced on 1 October 2021. These subsequent Regulations amend the original Rules. Accordingly, this Practice Note addresses the law, procedures and practice governing Scottish MVLs from 6 April 2019 onwards, as contained in ISRWR 2018, SSI 2018/347, Part 3, and ISRWAR 2021, SI 2021/1025, Part 2. What is an MVL? An MVL is the procedure whereby a company’s members pass a special resolution to cease trading and appoint a liquidator to return the company’s capital to shareholders, culminating in the company’s dissolution. It is suited to solvent...