priority period meaning

Parties Who are the parties involved? In particular, specify: the investor(s) the founders the investee company Conditions Are there any pre-conditions to finalising the investment? What must each party do to meet those conditions, and by what deadline? Share subscription What is the investee’s capital structure? Which class and how many shares will each shareholder (the investor, the founders and any other shareholders) take up? Warranties Who will give the warranties—only the founders, or both the company and the founders? Will they be provided jointly, jointly and severally, or severally? How wide-ranging should the warranties be, and are there priority areas to cover? What limits will govern warranty claims, including: the period within which claims can be brought caps on each warrantor’s liability and on aggregate liability de minimis for individual claims and an aggregate threshold Board of directors How many directors will sit on the board?...

This checklist sets out the pre-completion searches a buyer, tenant or mortgagee should carry out, indicating when searches are required, timing requirements, and the priority periods given by each search. It is not exhaustive, and extra searches may also be needed depending on the nature of the transaction. For details of how to make each search and how to deal with any adverse entries revealed, see Practice Note: Pre-completion searches. Search When is it necessary? Timing Priority period Official search with priority Use form OS1 to obtain an official search with priority for the whole of a...

Antitrust CMA updates register and publishes warning and advisory letter maps sent to nation or region The CMA has unveiled maps showing where in the UK it sent 586 letters, both warning and advisory, on competition law concerns, covering the period from 2018 to 2024. When it has information that certain trading practices might be damaging competition, the CMA may, at times, issue advisory or warning letters to companies, while deciding not to launch a formal investigation on grounds of priority. It uses these letters to caution businesses that it is worried they could be breaching competition law and to encourage them to comply fully with...

In this issue: Data protection Cybersecurity Daily and weekly news alerts New and updated content Data protection ICO publishes framework for handling data protection complaints The Information Commissioner’s Office (ICO) has released guidance explaining its method for dealing with data protection complaints, including the factors it will use to decide the scope of any inquiry. The framework brings in a triage approach that gives priority to complaints showing significant harm, involving vulnerable people, or linked to strategic aims. In addition, the ICO is developing a threshold mechanism that could prompt intervention where organisations receive several complaints within a defined period, although the precise thresholds have not yet been set out. See: LNB News 06/02/2026 54. ICO updates data protection by design guidance following DUAA commencement The ICO has issued updated guidance on data protection by design and by default to coincide with the commencement of key provisions of the Data (Use and Access) Act 2025 (DUAA 2025)...

EU financial services developments ECB presents annual supervisory report for 2025 The European Central Bank (ECB) has released its 2025 annual overview of supervisory activities. It assesses the resilience of banks under the ECB’s direct oversight in 2025 and sets out supervisory priorities for 2025–27. Presenting the report to the European Parliament’s Committee on Economic and Monetary Affairs, ECB chair Claudia Buch noted that EU banks have entered a period of heightened geopolitical uncertainty with strong short-term indicators and solid capitalisation, while risks over the medium to long term remain elevated. In response, EU banking supervision is further reinforcing its risk-based approach. The ECB is concentrating on the most material risks to safeguard the sector’s resilience and is streamlining supervisory work to be more efficient and effective. The report also outlines the reform of EU supervision now in progress and emphasises that fully implementing Basel III should continue as a policy priority, as it maintains an international level playing field, ensures banks are better capitalised and strengthens financial...

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

Premier Oil is among a number of oil and gas companies that have reassessed their funding options to cope with the effects of an extended period of low crude prices. Brexit impact From exit day (31 January 2020), the UK ceased to be an EU Member State. Nevertheless, under the Withdrawal Agreement, the UK entered an implementation period, during which EU law continued to apply. In many Brexit SIs, references to exit day should be construed as referring to IP completion day (the end of the implementation period, defined in clause 39 as 31 December 2020 at 11.00 pm), unless that wording is expressly disapplied by the relevant SI. For more detail, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers, and Brexit Bulletin—key updates, research tips and resources. While schemes do not fall within the scope of the Recast Regulation on Insolvency, their later recognition frequently depends on Brussels I (recast) (see below and Practice Note: Brexit—impact on...

This Practice Note This Practice Note explains the administrative removal regime as amended by the Immigration Act 2014, identifying who is and is not subject to removal and the destinations to which removal may occur. It also sets out the considerations to be weighed when deciding on removal and the extra safeguards that apply in family situations. Further amendments to removal notices were introduced by the Nationality and Borders Act 2022 (NBA 2022), although not all provisions are currently in force. For additional context, see News Analysis: Nationality and Borders Act 2022—summary for non-asylum practitioners. From 20 November 2023, the process and deadlines for removal notices have been put on a statutory footing, ordinarily requiring a five-working day notice period, which remains effective for 21 days where a first removal attempt fails for reasons beyond the Home Office’s control (see below). As enacted, NBA 2022 also anticipates a system of ‘priority removal notices’ (PRNs), intended to limit the scope for delaying removals through sequential or unmeritorious claims, appeals or...