Buy-back meaning

Scope of this Checklist This Checklist sets out the points to consider when a company is proposing to grant a mortgage. It proceeds on the basis that an English or Welsh company will be granting a mortgage to a lender situated in England or Wales. In this Checklist: the company granting the mortgage is the 'mortgagor' the party to whom the mortgage is granted is the 'mortgagee' the document recording the mortgage is the 'security document' Preliminary questions before taking security by way of a mortgage Is a mortgage the right method of taking security? A mortgage transfers title to the asset, while preserving the mortgagor's equity of redemption so that, once sums due have been paid in full, title can be transferred back to the mortgagor (note that some mortgages, such as over land, are statutory, meaning there is no transfer of title). The use and possession of the asset will remain with...

To bring a business tenancy to an end on the contractual expiry date or at any point thereafter, a tenant may rely on a notice given under section 27 of the Landlord and Tenant Act 1954 (LTA 1954). This Checklist sets out the circumstances and procedure for serving such a notice. For wider guidance on ending LTA 1954 tenancies, refer to Practice Note: LTA 1954 business lease renewal—termination. It outlines timing and the method of service in clear terms. Is the tenancy for a fixed term? A section 27 notice is available only where the tenancy is for a fixed term. It is not available for periodic tenancies. Nevertheless, a tenant may end a periodic tenancy by giving a common law notice to quit (see Practice Note: LTA 1954 business lease renewal—termination under the heading Termination of LTA 1954 tenancies). Have any other notices been served? Once a tenant has served a section 26 request, they cannot then serve a section 27 notice...

This Checklist sets out core topics for firms entering consumer credit, addressing essential management and compliance matters within the Financial Conduct Authority (FCA) framework. It organises themes such as authorisation, threshold conditions, the Senior Managers and Certification Regime (SM&CR), systems and controls, business planning, FCA Principles, the Consumer Duty and continuing regulatory duties, including adherence to the Consumer Credit sourcebook (CONC) and the Consumer Credit Act 1974 (CCA 1974). For fuller guidance, including how the application process works, see Practice Note: FCA authorisation of consumer credit firms. Scope and regulatory status Do the firm’s activities amount to regulated consumer credit activities under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)? See Practice Notes: The general prohibition and implications of its breach and Regulated activities relating to consumer credit Does the firm offer (or plan to offer) buy now pay later (BNPL)/deferred payment credit (DPC) style products?...

This Checklist supports the preparation of terms and conditions for the sale of goods. It highlights key points when producing standard B2B terms or a goods sale agreement. It covers legal, regulatory and practical aspects of selling and supplying goods and is written from a seller/supplier perspective. For general guidance on contracts for the sale of goods, see Practice Notes: Contracts for the sale and supply of goods—business to business and Implied terms in contracts for goods and services. For broader guidance on key provisions in commercial contracts, see Practice Note: Key terms and conditions in commercial contracts. General considerations Engage with departmental stakeholders to identify concerns and gather customer feedback that should be addressed in the terms. Map how goods will be provided and any back-end processes, eg delivery or returns, that need to be reflected in the terms. Check for pre-existing commitments, such as restrictive covenants or exclusive sale or purchasing arrangements, that could prevent a bespoke supply contract...

Purpose of the CBTL flowchart The aim of this flowchart is to support firms in deciding whether they are required to register to carry on regulated activities in connection with consumer buy-to-let (CBTL) mortgages under the Mortgage Credit Directive Order 2015, SI 2015/910 (MCD Order 2015). That Order transposed the EU Mortgage Credit Directive (Directive 2014/17/EU) (the EU MCD) into the UK regulatory framework ahead of the UK’s decision to leave the EU. It should also be read alongside Practice Note: Regulation of consumer buy-to-let lending in the UK. The CBTL flowchart...

Businesses involved in cartel conduct may come forward as whistleblowers to secure reduced penalties. This means co-operating with the Competition and Markets Authority (CMA), supplying information on the cartel and those taking part, and setting out full details of the business’s own role in the arrangement...

Mergers The Commission approved Brookfield Corporation’s takeover of sole control of Oaktree Capital Group Holdings, LLC (M.12284) following a phase I review—see further, Midday Express The Commission received filings for: Clarios/Ecobat Germany/Ecobat Austria (M.12145) (ordinary merger procedure) JLL/PIF/FMTECH (M.12358) (simplified merger procedure) NOTE—For all active merger probes before the Commission, see further, EU mergers—ongoing cases tracker Competition policy The Commission stated that Executive Vice-President, Teresa Ribera, convened an implementation dialogue on the effects of mergers, productivity, sustainability, and the cost of living—see further, implementation dialogue and Midday Express NOTE—For all current EU competition law legislative, guidance and wider policy work, see further, EU competition horizon scanning—2026 and beyond State aid The Commission adopted a decision under the Clean Industrial Deal State Aid Framework (CISAF) authorising a Spanish measure (valued at €200m) to back strategic investments expanding manufacturing capacity across the electric...

In this issue: Key developments and materials Electricity and gas market regulation, licensing and taxation Networks and network connections Capacity Market, balancing services and energy system flexibility Nuclear energy Oil and gas International energy New and updated content Dates for your diary Trackers Energy resources on Lexis+® Daily and weekly news alerts Key developments and materials DESNZ announces 100 schools now have Great British Energy solar panels DESNZ confirmed that Great British Energy solar arrays are now fitted at 100 schools and colleges nationwide. By summer 2026, roughly 250 institutions will benefit through a focused deployment that gives precedence to deprived communities in the North East, West Midlands and North West, and guarantees a minimum of ten schools in each English region. Across their lifespan, these installations are expected to deliver around £220m in cumulative savings for the 250 schools and colleges, allowing funds to be redirected into teaching spaces. See:...

In this issue: Horizon scanning Status and worker categories Cross-border, international and jurisdictional issues Benefits Prohibited conduct (discrimination etc) TUPE and asset purchases Bribery, modern slavery, tax evasion and fraud Employment Tribunals Immigration IRLR Highlights—January 2025 Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Employment Highlights 2024/2025 Horizon scanning Employment Law—looking back at 2024 and ahead to 2025: The Lexis+® Employment team provide a concise overview of the standout employment law changes across 2024 and signpost what to watch in 2025, including movement on the Employment Rights Bill, the forthcoming employer duty to prevent sexual harassment, the Equality (Race and Disability) Bill, plus other impending legislation and significant cases. See News Analysis: Employment Law—looking back at 2024 and ahead to 2025. Status and worker categories MoD loses application to rehear army reservists pension bias case: In Milroy v...

For many years, virtually every disagreement about agricultural tenancies was sent to arbitration at the outset. The rationale was that questions concerning agricultural holdings often have a strong practical dimension, so arbitration was thought a more suitable forum than the courts. This reflected the earlier assumption that practical considerations predominated in such cases, making a court reference less apt back then. Over time, however, matters of considerable legal intricacy also came before arbitrators. With the enactment of the Agricultural Holdings (Scotland) Act 2003 (AH(S)A 2003), policy shifted, and the main route for resolving disputes about agricultural tenant issues is now referral to the Scottish Land Court. At the same time, arbitration procedures were streamlined, and alternative processes, eg mediation, were enabled. Although the Agricultural Holdings (Scotland) Act 1991 (AH(S)A 1991) still sets out distinct mechanisms for dispute resolution, AH(S)A 2003 has substantially reshaped them, so that the arrangements for resolving disputes under 1991 Act Tenancies are, in large part, aligned with those for 2003 Act Tenancies...

Family business culture Given the relatively high expense of sourcing and appointing senior staff, holding on to the right people with the right expertise is vital for any firm, and even more so for a family-run enterprise where hiring can be tougher than for rivals. Working in a family company brings upsides; research points to greater loyalty, satisfaction, flexibility and security. Yet drawbacks can appear, such as ambiguity, perceived unfairness, muddled accountability and family politics. The task is to bring in senior leaders who align with the culture and to ensure they are incentivised to remain and help grow the business. Therefore, a family business must shape recruitment and induction so they reflect its distinctive culture and complexity. Not every senior executive will thrive in a family setting, and cultural alignment may, in the end, matter as much as formal credentials. This must be weighed against the need to attract high-calibre people and keep them engaged for the long haul. Practical measures available to family firms include supporting new...

This Practice Note offers a beginner’s overview of construction disputes, intended for trainee solicitors and others unfamiliar with the area. It outlines what a construction disputes lawyer does, the disputes that frequently occur on projects, and gives a primer on adjudication, dispute boards, proceedings in the Technology and Construction Court (TCC), construction arbitration and alternative dispute resolution (ADR). It also considers the nature of disputes that routinely emerge on construction projects and the role undertaken by the disputes lawyer. We suggest reading Practice Note: Construction law—new starter guide, which sets out the core principles of construction law and the characteristics of construction projects, before tackling this note. The content of this Practice Note is also available as a PowerPoint deck with speaker notes—see: Introduction to construction disputes—training materials. You might also consider Practice Note: Dispute Resolution—new starter guide, which addresses dispute resolution more broadly. The work of a construction disputes lawyer Construction lawyers handling disputes (often described as contentious or back-end practice) are typically asked to support clients...

Variations can also push back the completion date, and may give the Claimant a right to extra time and to prolongation costs. These elements of a variation claim are commonly pursued separately, as an extension of time claim and a prolongation costs claim. By way of illustration, the principal JCT forms provide distinct procedures: one for pricing the changed work, and another for evaluating loss and expense arising from the variation’s effect on the progress of the works (see Practice Note: JCT contracts—variations — Valuing variations under JCT contracts). Accordingly, Claimants should take care not to ‘double dip’ across the separate elements of the claims. No. Description of Variation Claimant’s case Defendant’s response Judge/Tribunal comments The Claimant intended to adopt slab foundations for block A, as depicted on the Claimant’s drawing reference XX dated XX. By email dated XX, the Defendant directed the use of piled foundations for block A...

Before purchasing anything on our website, please read these important terms and conditions and ensure they include everything you expect and nothing you are unwilling to accept. Summary of some of your key rights: The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 state that, in most cases, you can change your mind within 14 days of receiving your goods and receive a full refund. The Consumer Rights Act 2015 requires goods to be as described, fit for purpose and of satisfactory quality. During the expected lifespan of your product, you are entitled to the following: up to 30 days: if your goods are faulty, you can get a refund; up to six months: if repair or replacement is not possible, you are entitled to a full refund in most cases; up to six years: if the goods do not last a reasonable length of time, you may be entitled to some money back. This is a summary...

Client details Client name [ Insert name ] What business are we tendering for? [ Provide a brief outline of the work your firm is tendering for ] Logistics and team Presentation date [ Insert date ] Venue [ Insert venue ] Presentation start/finish time [ Insert times ] Presentation team [ List the presenters, noting their roles and areas of expertise. Specify who will lead the presentation. Consider including a junior colleague, as clients often like to see this. ] Back-up team [ Who will cover if one of the presenters cannot attend? ] Has the presentation date and time been added to all team members’ diaries (including the back-up team)? ☐ Yes ☐ No Have all team members (including back-up) confirmed availability? ☐ Yes ☐ No Have travel plans been arranged for all team members, and has sufficient travel time been entered into all diaries (including back-up team)? ☐ Yes ☐...

Taking back possession of a garage When a landlord has rented out a dwelling, for example a house or flat, they cannot lawfully regain possession of the property while the tenant remains in residence except by initiating court proceedings. This requirement, in such circumstances, is expressly imposed by sections 2 and 3 of the Protection from Eviction Act 1977 (PEA 1977)...

First West Yorkshire Ltd t/a First Leeds v Haigh The EAT found that fairness means a reasonable employer must give genuine consideration to any ill‑health retirement scheme before dismissing for long‑term sickness, consistent with overall fairness. In particular, where an employer offers an enhanced pension on retirement due to ill health, it will be expected to take reasonable steps to determine whether the employee is eligible for the benefit of ill‑health retirement under the relevant scheme in question...

This Q&A considers whether This Q&A explores whether, when a company is planning multiple share buybacks, it must put in place distinct share buyback contracts, each addressing a single intended buyback, or whether a single, overarching share buyback contract may instead cover all the intended buybacks, with each completing on a separate date. It proceeds on the basis that the company concerned is a private company limited by shares proposing to buy back shares off-market and that the contemplated buyback is neither for the purposes of, nor pursuant to, an employees’ share scheme within the meaning of section 1166 of the Companies Act 2006 (CA 2006)...