Disposal Facility meaning

Banking & Finance—December 2024 and January 2025 case round-up R (on the application of LIT FM Holdings UK Ltd and another) v Chancellor of the Duchy of Lancaster in the Cabinet Office (formerly Secretary of State for Business, Energy and Industrial Strategy) [2024] EWHC 2963 (Admin) Challenge to an unwinding order under the National Security and Investment Act 2021 The claimants, companies within the LetterOne Group established to make long-term investments in other businesses across the energy, technology, health and retail sectors, pursued re-amended judicial review grounds seeking a quashing order, declarations and damages under sections 7 and 8 of the Human Rights Act 1998. Their challenge targeted a ‘Final Order’ (the Order) issued pursuant to section 26(3) of the National Security and Investment Act 2021 on national security grounds. The Order obliged the first claimant to divest 100% of its shares in Upp Corporation Limited, a fibre broadband start-up. Permission to seek judicial review was granted on two grounds, but those grounds were dismissed on the...

Macdonald Hotels Ltd v Bank of Scotland Plc [2025] EWHC 32 (Comm) Relevant facts The High Court examined allegations brought against Bank of Scotland Plc (BOS) by Macdonald Hotels Limited (MHL) arising from the compelled sale of three properties: the Randolph Hotel, the Old England Hotel and the Marine Hotel (the Hotels). MHL contended that disposals occurred when valuations were unusually depressed, contravening implied terms of a facility agreement and, in relation to the Randolph, express provisions in a shareholders agreement. MHL further maintained that BOS ought to have allowed repayment by alternative means (including third‑party refinancing) and/or over an extended timescale. Resolving the dispute required review of years of dialogue, intricate documentation, and numerous detailed amendments. Careful consideration was required to identify and fully determine the issues arising in the case. This note concentrates on the funding arrangements between BOS and MHL; accordingly, the key materials were a suite of loan facility agreements between BOS and MHL, first put in place in 2005 and subsequently amended and...

This Practice Note looks at Term Loan B (TLB) facilities, which often feature as a senior tranche within syndicated loans in leveraged financings. TLBs are long-established in the US market and are increasingly seen in the European lending market for institutional investors. It examines the structure of a typical TLB and how it diverges from traditional European leveraged loans, before setting out the key features. This Practice Note assumes some understanding of leveraged finance. For introductory information, see: Introductory guide to acquisition finance. For explanations of common terms, see Practice Note: Glossary of acquisition finance terms and jargon. What is a Term Loan B? In lending markets, ‘Term Loan B’ or ‘TLB’ (short for Term Loan Bullet) describes a tranche of senior secured credit facilities made available to a borrower and intended to be syndicated in the institutional loan market. They are usually floating-rate term facilities with an actual or implied non-investment grade rating, a five to seven year maturity and either nominal amortisation of 1% per annum...

Scope of this Practice Note This Practice Note sets out the main types of radioactive waste and examines disposal against the EU-defined waste hierarchy. It places contemporary management of radioactive waste within the historical development of the nuclear industry from a planning standpoint. Principal policy documents are reviewed to chart the evolution of government thinking over time. Geological disposal of Higher Activity Waste (HAW) under the Planning Act 2008 (PA 2008) is compared with alternative disposal routes under the Town and Country Planning Act 1990 (TCPA 1990) and the Planning (Wales) Act 2015. Consultation duties, application processes and required consents are identified for both regimes. Notable planning appeals and judicial review cases are highlighted before looking at international approaches to radioactive waste. What is radioactive waste? In the UK, radioactive waste arises—and will arise—from past, current and future programmes for electricity generation from nuclear fission, the reprocessing of nuclear fuel, the development of nuclear weapons, the nuclear submarine fleet and wastes from radioactive materials used for civil...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...