Guarantee meaning

Individuals or entities that may be entered onto a PSC register: registrable individuals holding significant control registrable relevant legal entities subject to their own disclosure requirements: all UK companies limited by shares or by guarantee (including community interest companies (CICs)) and dormant companies UK unlimited companies UK limited liability partnerships (LLPs) unregistered companies subject to the Unregistered Companies Regulations 2009 (including some Royal Chartered bodies, such as City of London Livery Companies, Guilds and other societies and professional bodies) UK Societas...

This timeline shows key developments relating to the UK securitisation regime from January 2024 onwards For earlier milestones, see EU and UK Securitisation Regulations—timeline [Archived]. On 1 November 2024, Assimilated Regulation (EU) 2017/2402 (the UK Securitisation Regulation) no longer applied in the UK, and new securitisation rules issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) came into effect. For insight into the revised UK framework, see Practice Note: The UK securitisation regime. 2026 17 February 2026 — PRA/FCA CP2/26 – Reforms to securitisation requirements; CP26/6: Rules for reforming the UK Securitisation Framework; Applying the FSMA 2000 model of regulation to the Capital Requirements Regulation The PRA and FCA have opened consultations on changes to the UK securitisation framework. The FCA suggests simplifying reporting, disclosure and due diligence obligations. The PRA intends to lessen firms’ compliance load by making the regime less prescriptive and adjusting the capital treatment of loans under the Mortgage Guarantee...

What this checklist covers This checklist sets out the principal matters a solicitor guiding a first time issuer must verify and, where appropriate, propose changes to, when reviewing English law terms and conditions governing an issue of debt securities...

In this issue Key DR developments Claims and remedies Costs and funding Litigation Applications—general Evidence and disclosure Appeals New content Dates for your diary Useful information Daily and weekly news alerts Key DR developments CPR Committee minutes Minutes of the CPR Committee meeting—6 June 2025: The Civil Procedure Rule Committee met on 6 June 2025 in a hybrid session at The Rolls Building (Royal Courts of Justice) and via video conference. The minutes confirm a forthcoming CPR 51 pilot enabling non-parties to obtain court documents, arising from the Supreme Court ruling in Cape Intermediate Holdings Ltd v Dring [2019] UKSC 38. They also record approved amendments to the e‑working pilot, progressing towards a permanent electronic filing system as part of ongoing court modernisation. Further topics included summary assessment of costs, arbitration updates, disclosure, civil restraint orders, closed material procedures, judicial review reforms for infrastructure projects, whiplash reforms, digital services and other procedural...

Brown-Forman Beverages Europe Ltd v Bacardi UK Ltd [2021] EWHC 1259 (Comm) (19 May 2021) What are the practical implications of this case? The rule from Holme v Brunskill (1877) 3 QBD 495 provides that any material change to the contractual terms between the creditor and the principal debtor releases a guarantor. If a variation has been made, the creditor must demonstrate that the change can only operate to the surety’s advantage, or that by its very character it can never in any situation increase the surety’s exposure. Parties may exclude this rule by agreement, and prudent creditors routinely do so. It has been labelled a snare for the careless creditor. This judgment confirms two significant practical propositions concerning the rule and points to a specific hazard. First, the court reiterates that the rule is confined to guarantees and does not extend to contracts of indemnity. That offers yet another reason why those preparing instruments of suretyship should frame them as indemnities as well as guarantees. Secondly, it clarifies...

Foreign Subsidies Regulation ADNOC/Covestro referred to phase II under the FSR Under Regulation 2022/2560 on foreign subsidies distorting the internal market (the Foreign Subsidies Regulation (FSR)), the Commission has referred to Phase II its in-depth review of Abu Dhabi National Oil Company’s (ADNOC) proposed acquisition of Covestro (FS.100156). ADNOC is Abu Dhabi’s State‑owned national oil company. Covestro, formerly Bayer MaterialScience, is a German chemical producer and manufacturer focused on high‑performance polymers and components for such polymers. At phase I, the Commission expressed concerns that ADNOC and Covestro may have received foreign subsidies distorting the EU internal market, including: (i) an unlimited guarantee from the United Arab Emirates; and (ii) a committed capital injection by ADNOC into Covestro...

This tracker monitors current Court of Justice appeals concerning State aid (Articles 107–109 TFEU) and other aid recovery actions. For concluded matters, consult Court of Justice State aid appeals—closed cases tracker. Note—closed appeals are transferred from this page to the closed trackers within seven days of the final ruling. For the Commission’s recent State aid decisions, see EU State aid decisions—ongoing cases tracker; for appeals pending before the General Court, see General Court State aid appeals—ongoing cases tracker; and for national references before the Court of Justice touching on State aid, see Court of Justice State aid national references—ongoing cases tracker. Appeals from the General Court Case C-306/26 P, LM v Commission — Appeal against the General Court’s order in Case T-261/25 declaring inadmissible an annulment action concerning parts of Commission decision SA.44944—Tax treatment of public casinos in Germany and SA.53552—Alleged guarantee for public casinos in Germany (Wirtschaftlichkeitsgarantie). Latest development: Lodged—07/04/2026. Case C-505/24 P, Condor Flugdienst v Ryanair —...

A well-maintained register of people with significant control (PSC) should make publicly available who ultimately owns and controls companies and other entities. The PSC framework applies to UK-incorporated companies limited by shares or by guarantee (including unlimited companies, unregistered companies, community interest companies and dormant companies), limited liability partnerships (LLPs), and eligible Scottish partnerships, namely Scottish limited partnerships and Scottish qualifying general partnerships (ESPs). For clarity, this guide chiefly refers to companies. For information on the regime’s scope, including how a company might most effectively obtain relevant beneficial ownership details, see Practice Note: PSC register—the people with significant control regime. Corporate transparency reform—changes to the PSC regime The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023 and is being introduced in phases across multiple commencement dates. Many provisions will only commence once detailed secondary legislation and guidance are in place, while others require the rollout of new technical processes and tools before they can operate. ...

This Practice Note looks at the principal considerations and steps when establishing a company limited by shares or by guarantee. What is a company? A company is a business vehicle that exists as a separate legal entity, distinct from its members. It is owned by its members and run by its directors. It is governed by the Companies Act 2006 (CA 2006). Companies are widely used; more than 5 million are on the UK public register maintained by Companies House. Under the CA 2006, the following company types are available: Public or private companies limited by shares — see Practice Notes: Private companies limited by shares and Public companies limited by shares Private companies limited by guarantee (primarily used by charities and other not-for-profit organisations — see Practice Note: Companies limited by guarantee) Unlimited companies (comparatively uncommon — see Practice Note: Unlimited companies) For details on other business vehicles, see Practice Note: Forms of business vehicle — fundamentals....

This Agreement, dated [ • ] 20[ • ], is entered into between the following parties: Parties [ insert name of Borrower ], a company incorporated in England and Wales with registered number [ insert company number ], whose registered office is at [ insert address ] (the Borrower); and [ insert name of Lender ] of [ insert address ] (the Lender). Background (A) [ insert description of background to transaction ]. (B) The Lender has agreed to provide the Facility (as defined below) to the Borrower on the terms and conditions contained in this Agreement...

The Contract comprises the completed Standard Building Contract Without Quantities for use in Scotland 2016 published by the SBCC subject to the following amendments: Recitals and Articles updated: contractor to provide a master programme and Schedule of Information Requirements; CDP responsibility accepted; Principal Contractor duties priced; arbitration deleted; Schedule of Amendments prevails; Third Party Agreements duties. Contract Particulars: arbitration entries removed; Rectification Period set at 12 months; fluctuations and certain PII/guarantee entries deleted. Conditions: key definitions revised (Practical Completion, Copyright Material, Design sub‑contractors, Funder, Site); Scottish jurisdiction; approvals mean principles only; entire agreement; variations in writing. Design/materials/programming: contractor accepts ER/CP; quality and non‑deleterious materials; programme reporting; site risk; drawings/info supply; tighter discrepancy notices. Time/defects: mitigate and advise on delay; narrower Relevant Events; Practical Completion clarified; stronger rectification, consequential damage and indemnity; phased as‑built/occupation information. IP/confidentiality/BIM: broader licence, moral rights waivers and delivery; confidentiality reinforced; BIM where adopted. Management/sub‑contracting: access, approved Site Manager, meetings; prescribed sub‑contracts; collateral warranties/third‑party rights; CDM duties; insurance...

This DEED is executed on [ insert date ] Parties [ insert name ] [ of OR a company incorporated in [ England and Wales ] with registered number [ insert registered number ], and with its registered office at ] [ insert address ] ( Assignor ); and [ insert name ] [ of OR a company incorporated in [ England and Wales ] with registered number [ insert registered number ], and with its registered office at ] [ insert address ] ( Assignee ) (each of the Assignor and the Assignee is a party, and together the Assignor and the Assignee constitute the parties). BACKGROUND (A) The Assignor is the proprietor of particular intellectual property rights. (B) The Assignor has agreed to transfer those intellectual property rights to the Assignee, and the Assignee has agreed to receive that transfer in line with the terms of this Deed...

Section 17 of the Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995) provides that: (1) This provision applies where a person (“the former tenant”) has, as a consequence of an assignment, ceased to be the tenant under a tenancy, but either: namely that (a) in the context of a new tenancy, has, under an authorised guarantee agreement, guaranteed his assignee’s performance of a tenant covenant of that tenancy under which any fixed charge is payable; or (b) in relation to any tenancy, still remains obliged by that covenant under that tenancy, notwithstanding assignment...

Registration at the Charity Commission (CC) Most entities with a charitable character must register with the Charity Commission (CC), though some are exempt in specific cases. For further detailed guidance, see Practice Notes: Charity creation—legal points at Charity creation—legal points—Charity registration and Charity registration—when to register...

It is not evident from this Q&A whether the initial term of the Assured Shorthold Tenancies (AST) has lapsed, or whether the fresh tenancy agreement amounts to a renewal or an extension. The Q&A indicates that a replacement tenancy has been issued, at an increased rent compared with the original AST, and for another fixed duration period...