Face value meaning

This checklist highlights the principal tax considerations when handling distressed corporate debt, addressing in turn: acquisitions of non-performing loans debt restructurings (ie waivers, debt/equity swaps and renegotiations) enforcement of debts For fuller analysis of the points signposted here, see Practice Notes: Tax and distressed debt—acquisitions of non-performing loans Tax and distressed debt—debt restructurings Tax and distressed debt—enforcement actions available to creditors Acquisitions of non-performing loans This part summarises the tax considerations when a buyer takes on existing UK debt at a discount to face value: Where should the purchaser be located? will interest paid by the borrower to the purchaser be subject to withholding tax? if the purchaser is non-UK resident, can relief be obtained under a double tax treaty? to what extent will amounts received from borrowers be chargeable on the purchaser? How will the debt...

The US Department of Justice (DOJ) under the Trump administration has signalled it will deploy every instrument at its disposal—including the FCPA and the Anti-Terrorism Act (ATA)—to go after such targets. What, then, should compliance professionals understand about where FCPA and ATA risks intersect? At face value, the FCPA and ATA seem to address separate exposures: the FCPA tackles bribery of overseas officials, whereas the ATA centres on, among other matters, supplying material support to, or aiding and abetting, foreign terrorist organisations (FTOs). In reality, though, these hazards can collide—especially in markets with significant FTO presence—producing concurrent exposure. Background On 20 January 2025, President Donald Trump signed Executive Order No 14157, directing, among other measures, that specified international cartels and other transnational criminal organisations (TCOs) be classified as FTOs. Since February 2025, the US State Department has designated 11 organisations—primarily in Latin America—as FTOs. These listings carry meaningful consequences: the ATA imposes broad civil and criminal liability for furnishing material support to FTOs, and permits asset forfeiture...

Project One London Ltd v VMA Services Ltd [2025] EWHC 3304 (TCC) What was the background? The parties contracted for the design and installation of mechanical services under their sub-contract, adopting the JCT Design and Build Sub-Contract Agreement Conditions 2016. The agreement included standard interim payment mechanisms, operating in the usual way. VMA lodged Application for Payment No. 8, stating £106,434.88 as the amount due (the Notified Sum). POL failed to issue either a payment notice or a pay less notice at any point. Project One Limited (POL) initiated a TVA. VMA relied on POL’s non-payment of the Notified Sum as a defence, contending on jurisdictional and/or substantive grounds that the TVA could not proceed in the face of that non-payment, and asking the adjudicator to require POL to pay the Notified Sum without delay. The adjudicator determined that VMA had made a valid Application for Payment and that POL had not served a valid Payment Notice and/or Pay Less Notice; it therefore followed that the Notified Sum...

High Court judge Robert Bright directed Tecnimont to disclose its communications with Italy’s sanctions authority, dismissing the contention that compliance would in any way contravene Italian law. Bright J observed that Italian law recognises “the necessity for confidential documents to be provided for litigation where significant rights are engaged”, which is both pertinent and material because, under English law, disclosure is required unless there is a genuine risk of prosecution. “I am satisfied there is no real risk that Tecnimont will face prosecution in Italy, and that the significance of the document to the issues at trial means it must be produced,” he said. Bright J also rejected Tecnimont’s claim that any material in the document would be of “limited value”, calling that “an invitation to conjecture”. “I cannot rule out that the messages exchanged might contain something important,” the judge added. “The only way to resolve that issue is to read them.” The underlying claim concerns fertiliser producer LLC EuroChem North-West-2 suing France’s Société...

PI & Clinical negligence horizon scanner—July 2025 [Archived] ARCHIVED: This Practice Note is archived and is not maintained. It summarises the principal legal developments relevant to personal injury and clinical negligence practitioners as at July 2025. For developments predating this horizon scanner, see PI and Clinical Negligence horizon scanning and key cases—overview. Key PI and clinical negligence developments The personal injury discount rate—a review In late 2024, the Lord Chancellor, Shabana Mahmood MP, revealed the outcome of her five‑month review of the discount rate, initiated in July 2024. One month after the new +0.5% discount rate took effect, Thea Wilson (barrister at 12 King’s Bench Walk) assesses its impact on cases, the responses from claimant and defendant representatives, and the consequences of the change for legal practitioners. See News Analysis: The personal injury discount rate—a review. MoJ announces reduction in CFO’s interest rates The Ministry of Justice (MoJ) has announced lower interest rates for the Courts Funds Office’s (CFO) special and basic accounts...

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...

This Practice Note focuses on how to identify, store and share the knowledge held by in-house legal teams, and how that insight, once surfaced, can be harnessed to create value. Key topics include: the importance of consolidating legal knowledge defining the in-house legal team’s value delivering benefit to the wider organisation spotting and disseminating knowledge challenges and practical solutions ways to communicate the information methods for recording and managing information The importance of consolidating legal knowledge Ambition often collides with reality when considering a business’s accessible knowledge. People want swift access to a compact, clear source, yet they face a sprawling, leaky sea of material that fails them. Too often, the team’s collective know-how sits in sprawling, unruly boxes, with little structure or logic. So what is the remedy? It is time to bring record management up from the basement. Paper should no longer be the dominant medium for storing information; this is the moment to innovate...

1 Pro bono vision 1.1 We accept our duties to clients, colleagues, suppliers and other stakeholders, alongside the broader community in which we work. Through our policies and day-to-day practices, we seek to uphold exemplary governance and client service, and to foster a constructive workplace that enables our people to grow while actively supporting our local community... 1.2 We recognise that many in our society face barriers to the justice system when seeking to resolve legal issues. As lawyers, we are uniquely placed to assist. Providing pro bono advice and representation to those in need is a core element of our commitment to the community... 1.3 We will endeavour to contribute [insert the amount of support the organisation will aim to provide for pro bono work, such as a defined number of hours per lawyer, the monetary value of otherwise chargeable time, or a percentage of annual billings] to deliver pro bono support to individuals and community organisations who struggle to obtain legal services...

1 Policy statement 1.1 The Company is dedicated to realising gender equality across our organisation and to putting in place sustained measures that will meaningfully advance progress in narrowing the gender pay gap. We acknowledge the value of building a more inclusive and supportive workplace and of assisting employees at varied life stages, including colleagues experiencing menopause. 2 Plan summary and scope 2.1 Plan period: [ insert period, eg April 2026–March 2027 ] 2.2 Executive sponsor: [ insert name ] 2.3 EDI lead/plan owner: [ insert name ] 2.4 Geographical scope: UK 2.5 Plan objectives: [ insert details ] 3 Legal and policy framework 3.1 Under the Employment Rights Act 2025, employers with more than 250 employees will face a statutory duty to develop an action plan addressing specified matters relating to gender equality, ie: 3.1.1 tackling the gender pay gap; and 3.1.2 offering menopause support. The duty becomes mandatory...

The answer on the contractual provisions in the tenancy agreement. On the face of it, the tenant must secure consent before commencing any works. Where that applies, the tenant cannot compel the landlord to grant consent after the fact for alterations, save where the landlord chooses to agree. Should the landlord decide to issue consent retrospectively for any alterations, the landlord will set out the conditions and requirements on which such consent is given. These may include timing, scope, reinstatement, and any associated costs...