Contingent interest meaning

In this issue: Contract law Building safety Planning Construction industry news New and updated content Daily and weekly news alerts Construction trackers Contract law Recovering loss and expense—service of notice is a condition precedent under Scottish SBC contract (FES v HFD Construction) In FES Limited v HFD Construction Group Ltd [2024] CSOH 20, the Outer House of the Court of Session confirmed that, under the Standard Building Contract with Quantities for use in Scotland, 2016 edition (the Scottish SBC terms), a contractor’s right to recover loss and expense arising from a Relevant Matter is contingent on serving notice of that Relevant Matter on the Architect/Contract Administrator. This ruling will interest those advising on other agreements within the Scottish Building Contract Committee 2016 suite, and likewise advisers working with the Joint Contracts Tribunal 2016 suite, as the loss and expense provisions in those forms are materially similar to the Scottish SBC terms. See News Analysis: Recovering loss...

Getty Images (Us), Inc and other companies v Stability Al Ltd [2025] EWHC 38 (Ch) What are the practical implications of this case? The decision highlights three practical points when pursuing claims in a representative capacity. Parties must understand the criteria for representative actions (succinctly set out at paragraph [57] of the judgment). In particular: define the class under CPR 19.8 precisely so every member can be identified ensure the class definition is not contingent on the litigation outcome; avoid definitions tied to disputed issues all class members must share the same interest; beware framing issues at too general a level, which unravels on closer analysis Sensible case management is equally vital, especially in complex disputes. The court repeatedly indicated—adversely to the representative route—that permitting such a claim without clear, worked‑through proposals for how the claim(s) would be dealt with would not sit comfortably with the requirements of the overriding objective...

In this issue UK, EU and international regulators and bodies Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Regulation of benchmarks and IBOR reform Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies The City is grappling with compliance as post‑Brexit rules shift. Leaving the EU opened the door for the UK to rewrite the financial services...

Variation of Will or intestacy after death—Q&As An instrument of variation can be used to alter how a deceased person’s estate is distributed under a Will or on intestacy. It is commonly executed by deed. To secure effectiveness—typically to obtain favourable inheritance tax (IHT) and capital gains tax (CGT) treatment under section 142 of the Inheritance Tax Act 1984 (IHTA 1984) and section 62(6) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992)—certain formalities must be met. These include that the deed is in writing, contains the requisite statement applying the statutory provisions, is not made for any extraneous consideration, and is signed by all relevant parties, including the deceased’s personal representatives (PRs) where additional tax would otherwise arise. For guidance on deeds of variation, see Practice Note: Variation of Will or intestacy after death. See also Practice Note: Post-death rearrangements. Compliance with these requirements will usually deliver the intended IHT and CGT position. The formalities for execution of variation should be followed accordingly. Precedent deed of variation...

The properties held by a company can be obtained by two routes: an acquisition of assets owned by the company (an asset purchase), or an acquisition of the company’s shares (a share purchase) Asset purchase On an asset purchase: the buyer takes the undertaking as a going concern and may select which elements of the business, together with any assets and liabilities, it wishes to take on every property owned, used or occupied by the undertaking must be conveyed, assigned or transferred to the purchaser within the sale documents Properties may be sold outright, or the buyer may be granted a fresh lease. Where a leasehold interest is involved (whether already existing or newly created), particular issues arise. For more information, see Practice Note: Leasehold property issues arising on an asset purchase. The properties will be identified in the sale agreement and it is the property interests themselves that are transferred, rather than the company’s...

Banking regulation—Luxembourg—Q&A guide This Practice Note provides a jurisdiction-specific Q&A on banking regulation in Luxembourg, published in the Lexology Getting the Deal Through series by Law Business Research (law stated as at 7 February 2023). Authors: Loyens & Loeff—Adrien Pierre; Vanesa Gomez Pena. 1. What are the principal governmental and regulatory policies that govern the banking sector? Luxembourg is a leading financial centre, so nurturing the financial industry is a core policy aim. The Ministry of Finance partners with Luxembourg for Finance (the agency for the development of the financial centre) to promote, expand and diversify the Luxembourg financial centre, while identifying new opportunities. Digitalisation. Anti-money laundering and countering the financing of terrorism (AML/CFT). Sustainable finance. Financial education. Policies are being adapted as needed to respond to the covid-19 pandemic, to which the sector has shown strong resilience. 2. What are the defining characteristics of a bank to be caught by the banking laws and regulations? Is...

If [ insert full name of beneficiary ] of [ insert full address of beneficiary ] either dies before me or, though surviving me, does not acquire a vested interest in the said [ insert proportion of shares of residue ] share, I instruct my trustees to hold [ proportion of the predeceased beneficiary’s share, eg one-half ] of [ insert full name of predeceased beneficiary ]’s entitlement as an addition to the share(s) bequeathed to [ insert full name of substituted beneficiary ] of [ insert full address of substituted beneficiary ] and their issue, and to treat the balance being the other [ proportion of the predeceased beneficiary’s share, eg one-half, ] of [ name of predeceased beneficiary...