Addleshaw Goddard
31 Experts
3 Contributions by Addleshaw Goddard
PRACTICE NOTES
This Practice Note aims to outline the principal distinctions between Scots law and English law concerning the creation of fixed security over land and buildings. These differences extend from the forms of security that can be taken over real property, to the ways in which such security is perfected and the significance of those perfection requirements. For broader guidance on taking security over land and, in particular, the position in England and Wales, see Practice Note: Taking security over land.
Land and buildings
A helpful place to begin is by considering what is meant by land and buildings for the purposes of fixed security. Under Scots law, a standard security can be taken as fixed security over property owned outright (heritable property) or property held under a lease. For leasehold property, a lease for a term of 20 years or less cannot be
Banking & Finance
PRACTICE NOTES
What is smart metering?
For an introduction to smart meters, see also Practice Note: What is a smart meter? In Great Britain, licensed electricity and gas suppliers are required under their supply licences to take all reasonable steps to roll out smart meters to domestic and small business customers. The programme is expected to lower customers’ energy bills, boost energy efficiency, and make it simpler to switch energy supplier. The UK government views smart metering as a crucial instrument for a low‑carbon economy, reaching net zero emissions by 2050, and realising ambitions for an affordable, secure and sustainable energy supply chain.
The smart meter roll‑out has been extended on several occasions since the Electricity Act 1989 and Gas Act 1986 were amended to place duties on licensed suppliers to complete it. There have also been multiple reviews and publications on progress, including National Audit Office
Energy
PRACTICE NOTES
Requirement to transfer offshore transmission assets
For further practical guidance on key legal issues in the wind sector, see also the following resources:
Wind: Projects and Transactions
Collinson and Hockman on Energy Law: Regulating, Consenting and Incentivising the Energy Transition (for detailed commentary on the regulation, consenting and incentivisation of the net zero energy transition under the laws of England and Wales)
That textbook offers in-depth analysis of matters discussed in this Practice Note.
Why are generators required to transfer offshore transmission assets?
An offshore wind farm depends on its link to the onshore electricity grid via offshore electricity transmission assets. Under the regime for projects in Britain’s territorial waters, generators may choose for a separate offshore transmission owner (OFTO) to build these transmission assets; nevertheless, to date, UK offshore wind generators have undertaken the construction themselves (commonly termed Generator Build). However,
Energy
44 Contributions by Addleshaw Goddard Experts
CHECKLISTS
Compulsory liquidation
Provide a certified court interlocutor ordering winding up and naming the liquidator, plus certified proof of appointment: creditors’ resolution, contributories’ resolution with the liquidator’s certificate on the creditors’ meeting, or a court order.
Creditors’ voluntary liquidation
Include a certified general meeting winding‑up resolution and either the creditors’ resolution appointing the liquidator or a court order.
If moving straight from administration, add a certified, administrator‑signed and Companies House‑stamped form 2.25B (Scotland).
Members' voluntary liquidation
Supply a liquidator/secretary certificate that a solvency declaration was filed, and a certified general meeting resolution appointing the liquidator.
Checking the appointment
Irregularities do not invalidate acts, but absence of appointment does—so verify appointment and any limits on Schedule 4 powers; in compulsory cases powers are court‑controlled and creditors or contributories may apply.
Joint liquidators
Confirm power to act severally; otherwise all must execute sale
Property
CHECKLISTS
Trustee in trust deed for creditors
Authority to sell or lease must be expressly stated within the trust deed for creditors. If absent, recourse is to statutory powers under:
section 4 of the Trusts (Scotland) Act 1921
section 2 of the Trusts (Scotland) Act 1961
Interim trustee in bankruptcy
An interim trustee in bankruptcy lacks authority to contract, sell, or lease unless the court has specifically granted that power...
Property
CHECKLISTS
When taking a lease or buying from a heritable creditor in possession, the title deeds should include:
the original instrument or a certified copy of the standard security by which the heritable creditor asserts title
proof that the right to enforce the standard security has crystallised (namely, that a default has occurred and calling-up procedures have been observed), see Practice Note: Enforcing standard security—Scotland
The standard security will be recorded against the property title; however, you should also confirm that it:
has been filed at Companies House
has been validly executed, see Practice Note: Execution of documents under Scots law and Registers of Scotland—guidance on execution of documents in counterpart
includes provisions enabling the heritable creditor to call up and sell or lease
In most instances, standard securities contain an express power to enforce upon the occurrence of...
Property
CHECKLISTS
A share incentive plan (SIP) enables employees to obtain shares in their employer, or a parent company of the employer, in a tax‑efficient manner, under a statutory scheme.
The legislative framework for SIPs is found primarily in the following provisions:
Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), which describes how a SIP can be run and the principal conditions that must be met for the SIP to be a ‘Schedule 2 SIP’;
ITEPA 2003, Pt 6 Ch 7 (ITEPA 2003, ss 488–515), which sets out the income tax treatment of shares obtained under a SIP.
For more general background and context on SIPs, see Practice Note: What is a SIP? Set out below is a checklist of the key matters to consider before establishing or operating a SIP. It proceeds on the basis that the SIP Trust Deed and
Share Incentives
If you expected to see yourself on this page, click here.
