Financial assistance meaning

Section 678(1) of the Companies Act 2006 (CA 2006) provides: When someone is purchasing, or planning to purchase, shares in a public company, it is unlawful for the company itself, or for any company that...

STOP PRESS: A major, wide-ranging overhaul of the UK listing framework took effect on 29 July 2024, abolishing the premium and standard listing segments and introducing a unified category for equity shares of commercial companies. That commercial companies category is strongly disclosure-led and sits alongside other listing categories, including the shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms, and the previous Listing Rules sourcebook was withdrawn at the same time. For more detail, see Practice Note: Reform of the UK listing regime—fundamentals for guidance. This Checklist represents the listing regime as it existed before 29 July 2024. A limited company may acquire its own shares if certain conditions set out in the Companies Act 2006 (CA 2006) are satisfied under that statute. This is commonly referred to as a share buyback or a purchase of own shares. In addition to the provisions of the CA 2006, further rules and guidelines are relevant to a listed company...

This Checklist This Checklist helps pinpoint typical recoverable historic financial outgoings and losses (special damages or historic pecuniary losses) arising before trial. It also aids in collating suitable evidence and highlights the questions that commonly emerge when valuing these losses, setting out recurring issues for consideration as appropriate in practice. For additional guidance, see: Past expenses and losses—overview...

DDR v BDR [2024] EWFC 278 What are the practical implications of this case? As well as offering a highly accessible distillation and application of the principles governing disputes over property between a sole legal proprietor and a non-legal claimant asserting a beneficial interest, this judgment underlines the truly basic distinction between the court’s declaratory function in property matters and its redistributive powers under the Matrimonial Causes Act 1973 (MCA 1973). It also offers a template for the clear, targeted presentation of financial remedy applications. Where questions arise about the scope of a party’s bankruptcy estate, the approach must be equally disciplined. Its structured reasoning demonstrates how to keep such issues sharply defined and tightly analysed throughout the conduct of the application, from start to finish. The judge’s careful, methodical analysis should not mask the 'somewhat unfocused and unproductive' progression of the litigation for a substantial period, a consequence in large measure of both parties acting in person for most of the case. Happily, at a comparatively late juncture,...

In this issue: Financial sanctions AML, CTF & counter-proliferation financing Other financial crime Data protection Cybersecurity Other Practice Compliance updates this week Daily and weekly news alerts New and updated content Latest Q&A Financial sanctions ECJU revises General Trade Licence Russia Sanctions - Vessels The Department for Business and Trade’s Export Control Joint Unit (ECJU) has issued ‘Notice to exporters 2024/02: General Trade Licence Russia Sanctions – Vessels’, indicating that an updated edition of this General Licence takes effect on 18 January 2024. The General Licence sets rules for supplying technical assistance, brokering services, financial services and funds in relation to vessels. See: LNB News 19/01/2024 14. FCDO and OFAC report sanction of Alexander Gennadievich Ermakov The Foreign, Commonwealth and Development Office (FCDO) and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) have announced that Alexander Gennadievich Ermakov is sanctioned. He played a part in the 2022...

In this issue: Governance Planning Social housing Children’s social care Social care Healthcare Education Environmental law and climate change Local government finance Daily and weekly news alerts New and updated content Governance Equality Act 2010 provisions refer to biological sex, regardless of gender recognition certificate (For Women Scotland v Scottish Ministers) The Supreme Court ruled that, within the Equality Act 2010 (EqA 2010), the words ‘man’, ‘woman’ and ‘sex’ denote biological sex. Treating the relevant provisions as embracing ‘certificated sex’ by virtue of a gender recognition certificate (GRC) would render them incoherent and unworkable, and thus cannot be done. For sex discrimination claims, an individual has the protected characteristic of biological sex only. The relevant parts of the EqA 2010 fall within section 9(3) of the Gender Recognition Act 2004 (GRA 2004), and so displace the section 9(1) rule that a person with a GRC is, for all purposes, of the acquired...

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Beyond choosing between a share sale and an asset sale structure, a range of matters should be weighed at the outset of a private equity buyout (MBO), before due diligence begins and the principal transaction documents are negotiated. These matters can influence the core commercial and legal terms, so each side is well advised to address them before settling any headline terms (and before executing heads of terms for both the acquisition and equity elements) and before fixing the transaction timetable. The topics outlined below (and in the Practice Notes referenced in this sub‑phase) may remain relevant throughout the deal, particularly during negotiation of the formal documentation, but they are highlighted early because lawyers for all interested parties ought to consider them and brief their clients as soon as possible. Corporate issues to consider Selected corporate law points are outlined below; applicability will vary with the nature of the deal and the parties...

Meaning of ‘non-executive director’ The broad definition of ‘director’ is not closed. Under the Companies Act 2006 (CA 2006), a director is any person who occupies the office of director, whatever title they hold. Accordingly, this covers both executive and non-executive directors (NEDs). Executive directors are typically authorised, either by the company’s constitution or by authority delegated from the board, to manage the company’s day-to-day affairs, and they usually have a full-time service contract. NEDs generally: have no executive powers play a pivotal role in the company’s corporate governance are not employees of the company There are a number of challenges around granting shares to NEDs. This Practice Note considers the issues to assess when offering shares or share-based remuneration to NEDs, including: the potential impact on the NED’s independence the share dealing provisions of Assimilated Regulation (EU) 596/2014 for the UK, and the Market Abuse Regulation (Regulation (EU) 596/2014) previously and for the EU ...

FORTHCOMING CHANGE 1 : Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, except for members of the firefighters, police and armed forces public service pension schemes. This increase applies broadly across registered schemes, subject to the stated exemptions. The same Act will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to draw benefits, or were already engaged in a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before 4 November 2021. To rely on this new protection applying in 2028, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to take entitlement to scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. FORTHCOMING CHANGE 2 : The Pension...

[ insert name and address of client ] Private and confidential Dear [ insert name ] Military reservists Following your recent engagement of [ [ insert name ], who I understand is ] a member of the reserve forces, I am writing, as requested, to outline the respective rights, duties and responsibilities of both the Company and the reservist. I also attach the following documents, which you may find helpful: a sample Mobilisation letter to provide to the reservist if and when they are called up for military service, which outlines the employment arrangements that will apply before and during their period of mobilisation, and immediately upon their return; a Manager’s Checklist detailing action points for the Company; and a Reservist’s Checklist detailing action points for the reservist...

Please provide the fullest possible details regarding this suspected breach. If you need assistance completing this form, contact [ insert, eg your sanctions compliance representative ]. Submit or email this form, along with any related documents, to [ insert, eg your sanctions compliance representative ]... 1 General Job title [ insert job title ] Department/team [ insert department or team ] Contact number(s) [ insert contact number(s) ] Email address [ insert email address ] 2 Information about the suspected breach Your report should set out all known information concerning the suspected breach. Where relevant, attach additional supporting material to this form...

[ To be typed on headed notepaper ] [ insert date ] Dear [ insert name ] Re: Your mobilisation with the Reserve Forces: employment arrangements We have received a copy of the call-out notice from the Ministry of Defence (MOD) confirming the date of your mobilisation for service with the Reserve Forces ([ insert date ]) and the expected duration ([ insert number ] months). All timings are as set out in the MOD notice. I can confirm we will not be seeking a deferment or cancellation of your mobilisation, nor an exemption from your call-out liability. That said, please inform us if you choose to submit such an application yourself. Below we outline the employment arrangements that will apply before and throughout your whole-time service with the Reserve Forces, covering mobilisation, demobilisation and post-operational leave, and what will follow afterwards. This summary explains what applies immediately before duty starts, during service, and afterwards. I also encourage you to read thoroughly the call-out...

In this Q&A we have assumed: the deceased’s assessment was correctly calculated a typical financial profile (not, for instance, no recourse to public funds) no top-up was due or paid no deprivation the income-based assessment was up to date Charging for a resident assessed as full cost and availing themselves of a deferred payment agreement would normally be as follows: income contribution: income minus personal allowance, per charging cycle remainder (after 12-week disregard) deferred against property Confirm the first was paid. For the second, check overcharging against beneficial interest; the lower capital limit is £14,250, not £23,250. Assessable capital = beneficial interest − 10% − £14,250 (Care and Statutory Support Guidance 8.12). Example: £200,000 interest gives £165,750. Systems may overrun, exceeding assessed capital; if so, reassess and cap recovery at that, with any surplus proceeds kept by the estate. Deprivation or unpaid income are not protected by the lower limit. If the...