Money debt meaning

When does a section 75 debt arise? An s 75 liability crystallises in respect of an occupational pension scheme that is underfunded on a buy-out basis and: an employment-cessation event happens for a relevant participating employer within a multi-employer scheme an insolvency event occurs in relation to a participating employer of the scheme, or the scheme formally goes into winding up In a multi-employer scheme, an employer’s s 75 debt is its allocated share of the scheme deficit, appropriately assessed on a buy-out basis. As an alternative to immediately paying the s 75 debt in full, an employer may enter into a deferred debt arrangement, an apportionment arrangement, or a withdrawal arrangement. Section 75 does not apply at all to money purchase schemes, unregistered pension schemes, unfunded public sector schemes, and a scheme with only one member. ...

Constitutional and other documents Scrutinise the borrower’s constitution and ancillary papers to confirm clearly, at the outset, that: the borrower holds adequate authority under its constitutional instruments and governance documents (ie articles of association or partnership deed, etc) to incur debt and grant security interests, and no separate contract currently binding the borrower prevents or otherwise limits fresh/further borrowing or the creation of security interests (check any negative pledge wording in other finance, leasing or security papers) Lessons learned After verifying both the borrower’s powers and authority, locate and examine any current loan files and documentation for lessons learned, to determine what succeeds (avoid reinventing the wheel!), what fails (do not repeat known issues), and what might be refined or strengthened. Hindsight invariably makes everyone wiser. Consult the COO and CFO (as a minimum). Pose the following: who are the current bankers to the business? What is the character of the relationship? ...

Procedural Guide This Procedural Guide explains the process for making an application under the Civil Procedure Rules 1998 (CPR), in line with CPR 72 and CPR PD 72, together with the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, to enforce a liability owed to the debtor by a third party within the jurisdiction (formerly described as a garnishee order). It also provides direction on interim third party debt orders, duties of third parties, hardship payment orders, the evidence required and the range of orders the court may make and grant where appropriate. A third party debt order is an enforcement route enabling a creditor to recover sums, for example arrears of maintenance or a lump sum, from money payable and owed to the debtor by a third party within the jurisdiction. This encompasses funds held in the debtor’s name with a bank or building society. Whether a third party debt order is granted lies within the court’s discretion and will depend upon the circumstances prevailing at the time...

It looks like no source content was included between your START and END markers. Please paste the text you’d like me to rework, and I’ll produce a UK English rewrite that mirrors your tone, messaging and length while preserving any subheadings...

In this issue: Enforcing security and property insolvency Service charges Disputes and remedies Repairing obligations and dilapidations Residential tenancies Rent and rates Contractual issues Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Latest Q&As Enforcing security and property insolvency Applications for possession and sale of the family home in bankruptcy (Armstrong v Temblett) The matter involved an application by Mr Armstrong, acting as trustee in bankruptcy (the trustee), seeking an order for possession and sale of Mrs Vanessa Temblett’s London property, jointly owned with her husband (the London property). The court determined that, under section 335A of the Insolvency Act 1986 (IA 1986), the trustee was entitled to possession and sale, as no exceptional circumstances were identified to rebut the statutory presumption that creditors’ interests prevail over other factors. The judgment highlights the need for practitioners...

Alongside the items reported in depth in the Financial Services news feed on 6 March 2024, subscribers may wish to note these further developments of potential interest: Treasury Committee: Correspondence from Money and Pensions Service following oral evidence...

In this issue: Cases and decisions UK Regulation EU Regulation Cases tracker Dates for your diary Daily and weekly news alerts LexTalk®Insurance: a Lexis®Nexis community Cases and decisions UniCredit Bank GmbH, London Branch v Constitution Aircraft Leasing (Ireland) 3 Ltd; UniCredit Bank GmbH, London Branch v Celestial Aviation Services Ltd. The Supreme Court unanimously rejected the appellants’ appeal and upheld the respondent’s cross‑appeal, deciding that reg 28(3)(c) of the Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855) prevented payments under the letters of credit until UK licences were secured; consequently, both the payment obligation and the accrual of statutory interest were paused. The court also concluded that section 44 of the Sanctions and Anti‑Money Laundering Act 2018 supplies a defence in civil proceedings, which would have protected the respondent from liability for debt, interest and related costs where it reasonably believed it was acting in line with the Regulations, underscoring the public aim of sanctions...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

Trading activities test The enterprise management incentives (EMI) framework is tightly defined and imposes various conditions that must be satisfied when options are issued, covering: the company issuing the options the employees receiving the options the shares subject to the option, and the terms of the options themselves This Practice Note examines the statutory requirements for the trading activities test that a company must meet to award EMI options. It clarifies the meaning of a qualifying trade, drawing attention to pertinent HMRC guidance and practical considerations. For the EMI eligibility tests concerning a company’s independence, qualifying subsidiaries, gross assets and headcount, see Practice Note: EMIs—qualifying companies. For a decision flowchart on a company’s ability to grant EMI options, see: EMI scheme—flowchart to determine company’s eligibility. For a checklist assessing whether a company and its workforce qualify for EMI purposes, see: EMI options—checklist to determine whether a company and its employees qualify. For the remaining EMI qualifying criteria, refer to...

ARCHIVED This archived Practice Note is not maintained and is provided solely for background purposes. Please note that some links may no longer point to the provisions as they stood when this guidance was issued and originally published. For details of earlier and later amendments to the CPR, see: CPR updates—overview and Procedure Rule Committee minutes—overview. Agenda and minutes The draft agenda for the CPR Committee (CPRC) open meeting on 11 May 2018 is available here: The agreed minutes can also be found here: The meeting was presided over by Mr Justice Coulson, while Sir Terence Etherton delivered the opening remarks, expressly noting the breadth of the CPRC’s work and the considerable success of its open meetings (which have been held since June 2006). Membership (Agenda item 3) It was noted that: District Judge Lethem will continue to serve a further term on the CPRC a new barrister member will be appointed to replace Mr Johnathan Klein Ms Kate Wellington,...

This Deed is made on [ insert day and month ] 20[ insert year ] Parties [ Insert name of Chargor ], being a company incorporated in England and Wales, with registered number [ insert company number ], and whose registered office is at [ insert address ] (the “ Chargor ”); and 1 [ Insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions set out in the [ Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed ] (the “ Security Agent ”). Recitals: (A) The Finance Parties have consented to provide loan facilities subject to the terms and conditions set out in the Facilities Agreement (as defined below). (B) As a condition precedent to the loan facilities becoming available, the Chargor must execute this Deed for the purpose of granting security in favour of the Security Agent in relation to the Secured Obligations (as defined below)...

This Deed is entered into on [ insert day and month ] 20[ insert year ], as of that date Parties [ insert name of Assignor ], a company incorporated in England and Wales with company number [ insert company number ], whose registered office is at [ insert address ] (the Assignor); and [ insert name of Security Agent ], acting as security agent and trustee for the Finance Parties pursuant to the terms and conditions contained in the [ [ Facilities Agreement ] OR [ Intercreditor Agreement ] OR [ Security Trust Deed ] ] (the Security Agent). Recitals: (A) The Finance Parties have consented to provide the loan facilities, subject to the terms and conditions set out in the Facilities Agreement (as defined below). (B) A condition precedent to the availability of the loan facilities is that the Assignor enters into this Deed to provide security in favour of the Security Agent in respect of...

This Assignment is dated [ insert day and month ] 20[ insert year ]. Parties 1 [ insert name of Assignor ], a company incorporated in England and Wales with registered number [ insert company number ], having its registered office at [ insert address ] (the Assignor); and 2 [ insert name of Lender ] of [ insert address ] (the Lender). Background The Lender has agreed to provide a loan facility to the Assignor on the terms and conditions contained in the Facility Agreement (as defined below). As a condition precedent to the loan facility being available, the Assignor must enter into this Assignment to create security in favour of the Lender for the Secured Obligations (as defined below)...

The general rule The general rule is that when a buyer of a freehold interest enters into covenants with the seller, although the burden of restrictive obligations will in many instances bind a successor in title, positive duties requiring the covenantor to act do not run when the freehold is conveyed. A rentcharge operates as a device by which a monetary duty can pass to the successor of the initial buyer. There is no issue, as a matter of contractual privity, in imposing on the purchaser a contractual obligation to pay the seller for the supply of services relating to the land; however, matters become more intricate once the seller transfers the freehold estate to a third party. The rentcharge nonetheless entitles its holder to demand regular periodic payments of money from the owner of the freehold estate. It is not a mortgage, because it does not function as security for a debt...

When one company advances funds to another, the contractual provisions govern any restriction on repaying the loan before the ten-year period first contemplated. Should the lending company enter liquidation or administration, that circumstance, by itself, does not alter the contract’s terms. The office-holding insolvency practitioner should nevertheless review the agreement to determine whether it permits earlier repayment, or repayment on alternative terms, if the lending company goes into liquidation or administration. Although that may appear improbable, it remains possible, and the officeholder ought to explore every avenue to secure accelerated repayment of the borrowing. Absent an express clause to the contrary, the insolvency of the lender does not, of itself, accelerate the debt, and timing remains governed by the bargain. It would seem that the office-holding insolvency practitioner holds an appointment that must remain open for at least ten years before the loan can be discharged and a dividend distributed to creditors...

Limitation issues when enforcing a judgment Under Section 24(1) of the Limitation Act 1980, proceedings to rely upon any judgment cannot be commenced after the expiry of six years calculated from the date on which that judgment initially became enforceable for enforcement purposes...