CLOUT meaning

Isio reported the LGPS is currently now in surplus by £147bn, owing to unprecedented gains in funding. The government intends to combine the LGPS schemes into a handful of far larger mega-funds, equipping them with the financial clout to invest more heavily in infrastructure projects. When the reforms were unveiled in May 2025, the government assessed the LGPS as holding assets worth £392bn...

Concluding that the Bankruptcy Code bars non-consensual releases of third-party claims against non-debtors, the high court has stripped debtors of the means to compel settlements on objecting creditors where claims against non-debtors are involved. This refinement of the Chapter 11 rules introduces fresh obstacles for debtors in plan settlement discussions. For matters yet to be filed, or those not at the confirmation stage, the pursuit of ‘global peace’ has become more difficult. Jim Morgan of Howard & Howard LLP told Law360 that his first impression is that the ruling delivers significantly greater economic clout to claimants and creditors, and he believes its impact will extend beyond mass tort liabilities. The most pronounced effect, Morgan noted, is that claimants will enjoy enhanced leverage in Chapter 11 plan negotiations, since without their agreement any deal will fall short of the comprehensive resolution that non-debtor owners — including members of the Sackler family who own Purdue — had sought by placing the company into bankruptcy. He added that he is not certain...

Companies should take from the FCA’s action that compliance teams need to be empowered to challenge senior leaders and top earners, even when that risks ruffling feathers, according to legal specialists. The FCA’s provisional £5.9m sanction and industry ban imposed on the former fund manager on 5 August 2025 is weighty enough to prompt firms to reassess how much latitude they grant revenue generators. The regulator also issued a £40m penalty to Woodford Investment Management, Woodford’s firm. Both outcomes are provisional, awaiting a final determination by the Upper Tribunal, to which they have referred the FCA’s decision. Restraining star earners “The key message for firms across the sector is that a superstar culture cannot be permitted to override compliance frameworks designed to protect consumers,” said Karl Foster, a partner at Spencer West LLP. “FCA principles bind the fund manager at all times, and simply ticking compliance boxes without considering their claimability will not suffice.” Woodford’s Equity Income Fund was wound up in 2019 when it could no...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

Rationale for enforcing an interim costs order It is vital that the courts have practical means to secure compliance with interim costs orders; without such tools the sting of the sanction is blunted. The Court of Appeal in Crystal Decisions v Vedatech Corporation (2008) made the position plain: the court signals what it views as an irresponsible application by directing immediate payment of costs. That measure is designed to impress upon any party, when contemplating an application, that failure may carry an immediate price. If the court cannot enforce the immediate interlocutory costs orders it has properly made, the clout of that sanction is gravely reduced. In cases of this kind, the only sanction that truly works is to insist on payment of interlocutory costs as the price of being permitted to carry on contesting the proceedings. Unless the party against whom a costs order is made is willing to, or can be compelled to, comply...