Ad hoc committee meaning

In this issue: Arbitration in England & Wales International Arbitration Investment treaty arbitration Institutional and ad hoc arbitration Daily and weekly news alerts New and updated content Arbitration in England & Wales Arbitration Bill reaches Committee Stage The Arbitration Bill entered the House of Lords’ Committee Stage on 11 September 2024. It has been scrutinised clause by clause, with potential changes capable of being adopted. A marshalled schedule of proposed amendments has also been compiled. See: LNB News 11/09/2024 53. Law Society publishes report hailing England and Wales as world's legal centre The Law Society’s International Data Insights Report concludes that England and Wales sit at the global heart of arbitration and commercial dispute resolution. Per the report, English law governs trillions of pounds in cross-border contracts and transactions. The London Commercial Court issues more written judgments annually than the leading commercial courts of other jurisdictions. See: LNB News 11/09/2024 40. International Arbitration ...

Kingdom of Spain v RWE Renewables GmbH and RWE Renewables Iberia, S.A.U. What are the practical implications of this case? The decision carries considerable importance for parties seeking to enforce intra‑EU ICSID awards beyond the EU. It should further reinforce investors’ position over the longer term. For investors, it is reassuring that German courts are unlikely to obstruct the execution of intra‑EU ICSID awards outside the EU. Moreover, the Court’s robust rebuke of the abusive reliance on the standstill clause in the context of EU State aid rules warrants particular attention and careful scrutiny. What was the background? The RWE Companies obtained an ICSID award against Spain for USD 28,080,000.00 plus interest, issued on 18 December 2020. Subsequent procedural steps included the following: April 2021: Spain commenced annulment proceedings before an ICSID ad hoc committee; on 20 March 2024 Spain’s application to annul the award was dismissed in its entirety. Status: final July 2021: Spain opened a State aid investigation with the...

In this issue: Arbitration in England & Wales Institutional and ad hoc arbitration Sector- and industry-specific arbitration Daily and weekly news alerts New and updated content Useful information Arbitration in England & Wales In Spain and France v London Steam-Ship Owners’ Mutual Insurance Association [2024] EWCA Civ 1536, the Court of Appeal, addressing several awards stemming from clean‑up costs after the MV Prestige’s sinking, held that those awards generated an issue estoppel, so a conflicting Spanish judgment could not be recognised in England. But the court found no available relief to restrain enforcement abroad. Although France and Spain were bound by an equitable obligation to arbitrate under the conditional benefit principle, the tribunal had no jurisdiction to grant injunctive relief against them because of state immunity, nor to award damages in lieu. Equitable compensation likewise could not be ordered as a fall‑back to neutralise the impact of the foreign judgment’s enforcement...

Informal creditors' committees In numerous restructurings, creditors often convene informal (ad hoc or unofficial) committees instead of formal ones (see Practice Note: Formal creditors' committee in a restructuring), which can significantly support discussions between the debtor company and its creditors. Since the 2007/8 credit crunch, the emergence of alternative finance providers, such as hedge funds and other investors, has amplified the influence of these informal groups. Typically assembled by bondholders, noteholders or unsecured creditors, they are playing a bigger part in the current surge of informal liability management exercises (LMEs) (see Practice Note: FAQs on Liability Management Exercises). There are no statutory provisions or best practice standards governing how such committees are set up, and their make-up and operation are even more flexible than for formal committees. Informal committees possess no defined powers, and their members owe no fiduciary obligations to fellow members or to other creditors. Members are not, by default, entitled to recover their expenses unless the finance documentation provides for it, or it is agreed as...

This Practice Note outlines the background and structure of the Hong Kong International Arbitration Centre (HKIAC). What is the Hong Kong International Arbitration Centre (HKIAC)? HKIAC is a leading dispute resolution provider in the Asia-Pacific and worldwide. Set up in 1985 by senior business figures to address growing demand for arbitration in Asia, especially Hong Kong, it started as a non-profit making body supported by the Hong Kong government and the business community. It now manages its own operations, is financially self-sufficient, and remains entirely free and independent of any influence or control. HKIAC promotes arbitration in the region, notably through the organisation of Hong Kong Arbitration Week. Founded to encourage arbitration as a dispute resolution method, its main role is to support and facilitate arbitrations conducted in Hong Kong. It supplies a range of services to arbitrators and parties, including: fund holding services, arbitration hearing facilities, tribunal secretary services, video-conferencing facilities, interpreters and translators, document storage services...

Rule 38—Setting the scene This Resource Note summarises the key provisions of Rule 38 of The City Code on Takeovers and Mergers (the Code), which governs dealings by connected exempt principal traders. It signposts pertinent materials, commentary and guidance from the Panel on Takeovers and Mergers (the Panel), alongside Lexis+® UK analysis and resources, to offer practical assistance on interpreting and applying Rule 38... Code and Lexis+® UK resources Materials referenced in this Resource Note include: Practice Statements issued by the Panel Executive (the team responsible for day-to-day takeover supervision and regulation) (Executive), giving informal guidance on how the Executive typically interprets and applies the Code Panel Statements (P/S) and Panel Instruments published by the Panel Public Consultation Papers (PCP) and Response Statements (RS) issued by the Code Committee Annual Reports from the Panel discussing broader issues (Annual Reports) Relevant Lexis+® UK resources What it covers Rule 38 concerns dealings carried out by connected exempt principal...