Dilutions meaning

The use of invoice discounting and factoring of receivables as business finance has expanded markedly in the UK over the past 25 years. Introduction to receivables purchase transactions Invoice discounting and factoring fall within receivables purchase arrangements under which a supplier of goods and/or services (often called the seller or the supplier) transfers, typically by way of assignment, debts owed to it by the purchaser of those goods and/or services (commonly referred to as the buyer or the account debtor), usually together with all associated rights. These receivables purchases are frequently completed at a discounted purchase price. That said, receivables can also be acquired for an amount equal to their face value, with the supplier paying the purchaser a purchase fee. For a variety of reasons, suppliers may opt to sell receivables (on a no recourse or limited recourse basis) in preference to borrowing...

Gratitude is extended to fellow contributors from Squire Patton Boggs’ offices across its worldwide network. Cross-border JVs Forming cross-border joint ventures (JVs) defies a universal template; that is, when one or more JV parties is located outside the UK and the vehicle is intended to be established overseas, bespoke structuring is essential. Ultimately, the agreement must capture the parties’ commercial bargain. That said, the legal themes flagged in this note and in the Practice Notes—Cross-border joint ventures—initial considerations; Cross-border joint ventures—management and control; and Cross-border joint ventures—taxation and funding issues—can steer the selection of jurisdiction for the JV vehicle and shape the deal, so they should be weighed at the outset to maximise the JV’s prospects. Even where a joint venture agreement (JVA) is governed by a familiar system, for example English law, setting up a cross-border JV can surface unforeseen and unfamiliar matters. The topics are addressed only at a high level, and definitive local legal advice should always be obtained when entering into, or handling, matters...