Debt management plan meaning

HMRC guidance on compromises using Part 26 schemes and Part 26A restructuring plans In corporate insolvencies, HMRC commonly ranks as a secondary preferential and/or unsecured creditor (see Practice Note: Waterfall of payments—a comparative guide), a status that often serves as the relevant comparator or alternative to a Part 26 scheme or a Part 26A restructuring plan. On 1 November 2023, HMRC issued guidance covering compromises under Part 26 schemes (see: Schemes of arrangement—overview) and Part 26A restructuring plans (see: Restructuring plan—overview) (see: HMRC publishes guidance on using debt management schemes to restructure finances—LNB News 15/11/2023 13). Practitioners should take account of this guidance whenever a proposed scheme/plan includes HMRC as a creditor. HMRC will only back a restructuring where it considers there is a realistic prospect of success. If HMRC does not consider success realistic, it will engage with the scheme/plan proponent to explore other means of repaying HMRC’s debt, which may involve a formal insolvency process. The debtor must have submitted all outstanding...

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In this issue: Key DR developments Claims and remedies Costs and funding Injunctions Enforcement Pre-action and limitation Case management Applications—specific New content Dates for your diary Useful information LexTalk® Dispute Resolution: a Lexis®Nexis community Daily and weekly news alerts Key DR developments Artificial intelligence MoJ releases policy paper outlining AI action plan for justice system The Ministry of Justice (MoJ) has issued a policy paper detailing its Artificial Intelligence (AI) action plan for justice throughout England and Wales. It explains how the MoJ will deploy AI to reshape the justice system by providing quicker, fairer and more accessible public services. For further information, see: LNB News 31/07/2025 58—MoJ releases policy paper outlining AI action plan for justice system. Law Society welcomes government's new AI action plan for justice system The Law Society of England and Wales has welcomed the UK Government’s new AI action plan for justice,...

In this issue: Advertising, marketing and sponsorship Consumer protection Contracts Data protection Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—21 January 2026 As part of a broader, continuing initiative assessing misleading and irresponsible claims in tanning product advertising, the Advertising Standards Authority (ASA) upheld several complaints about paid‑for social media and search promotions run by The Sun Company (Horsham) Ltd t/a The Sun Company, Tanbox Towcester Ltd, SFJ Group Ltd t/a SunShine Co, JD Tanning UK Ltd t/a Tan & Deliver Home Hire Sunbeds, and Byrokko. All five adverts were flagged by the ASA’s AI‑driven Active Ad Monitoring system, which proactively scans online advertising in higher‑risk sectors to spot potentially non‑compliant statements before they reach consumers, rather than relying solely on public complaints. See: LNB News 21/01/2026 44...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026. The new rules covering public offers of securities and admissions to trading activities in the UK are contained and set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs) and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The measures aim to streamline capital raising and materially cut the instances when a company is obliged to publish an FCA-approved prospectus for a subsequent share issue. For full information on the changes, see Practice Note: UK prospectus regime reform. This Practice Note reflects the prospectus regime in force prior to 19 January 2026...

FORTHCOMING CHANGE : On Tax Administration and Maintenance Day, 27 April 2023, the previous Conservative government issued a summary of responses to its 2021 call for evidence, ‘Modernising debt collection for non-paying businesses’. That summary indicates an initial consultation will concentrate on four of the six original proposals, including a plan to broaden direct recovery of tax debts (DRD) to cover digital wallets. Before consulting on these measures, HMRC will build an evidence base on the extent of serial non-payment and evaluate existing legal obstacles to widening these powers. The summary also notes the government will determine the most appropriate time to consult. For further details, see News Analysis: Tax Administration and Maintenance Day—27 April 2023. DRD refers to HMRC’s ability to direct banks and building societies (ie deposit-takers) to remove funds to settle taxpayers’ liabilities straight from their bank accounts, including balances in cash ISAs. HMRC has had authority to use DRD since 18 November 2015, the date on which the Finance (No 2) Act 2015 received Royal...

What does this Practice Note cover? This Practice Note outlines the drafting of an offering memorandum (OM) for offerings conducted in reliance on Rule 144A (17 CFR § 230.144A) and Regulation S under the Securities Act of 1933, as amended (the Securities Act). It provides an overview of the usual drafting workflow, disclosure obligations, and the sections commonly included in an OM. For a Rule 144A/Regulation S transaction, the offering document is generally called an 'offering memorandum' or 'offering circular' (rather than a 'prospectus', the term used for the offering document for a registered offering). As with other offering documents, a Rule 144A/Regulation S OM performs two principal roles: It serves as a disclosure document prepared to satisfy applicable securities law disclosure requirements and to lessen potential liability risk for offering participants under those laws. It also often functions as the primary marketing document for the offering. Drafting process The method for preparing a Rule 144A/Regulation S OM closely...