RCA meaning

Bayerische Landesbank and another v Ruschemalliance LLC [2024] EWHC 1822 (Comm) What are the practical implications of this case? In keeping with comparable determinations, this judgment succinctly sets out the jurisdictional thresholds and principal considerations the court applies when evaluating applications for anti‑suit injunctions. It underscores the judiciary’s practical bent and operates as a constructive illustration of inter‑court co‑ordination, projecting a clear signal where numerous contests flow from identical underlying events, even though such matters are dealt with at varying moments and tiers of the court structure. In sum, the outcome reasserts the English courts’ steadfast commitment to upholding arbitration, including in circumstances where the arbitral seat is situated in a foreign state. What was the background? In 2021, the defendant, Ruschemalliance LLC (“RCA”), a Russian entity, entered into two Engineering, Procurement and Construction agreements for the development of liquefied natural gas and gas processing plant facilities in Russia. The obligations owed by RCA’s counterparties, the German companies Linde GmbH and Renaissance Heavy Industries LLC (together,...

In this issue: Arbitration in England and Wales Institutional and ad hoc arbitration Investment treaty arbitration The Arbitration Blog Daily and weekly news alerts New and updated content Arbitration in England and Wales Supreme Court—appeal dismissed—anti-suit injunction upheld In UniCredit Bank GmbH v RusChemAlliance LLC, the Supreme Court rejected RusChemAlliance’s (RCA) appeal and confirmed the anti-suit injunction (ASI) made by the Court of Appeal on 29 January 2024. The injunction bars RCA from pursuing its claim against UniCredit in Russia. The Supreme Court delivered its decision ahead of releasing the judgment, as parallel arbitration proceedings in Russia were adjourned until 6 May 2024 to allow the UK Supreme Court time to decide. The full judgment will follow in due course...

In this issue Budgets, Autumn Statements and Finance Bills Employee benefit trusts Corporate Governance Useful Information Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Legislation Day: Draft Finance Bill 2026 On Legislation Day, 21 July 2025, the government set out draft clauses for Finance Bill 2026 (FB 2026, also referred to as Finance Bill 2025–26), together with explanatory notes and other supporting documents. The technical consultation on the draft legislation will run until 15 September 2025. FB 2026 is expected to be brought before Parliament after the Autumn Budget 2025 (date to be confirmed) and to secure Royal Assent in spring 2026. Most of the principal business tax measures had already been announced at Autumn Budget 2024 or the Spring Statement 2025...

There are five key steps to improving efficiency Pinpoint and define the process that requires improvement (see Practice Note: Improving efficiency: Step 1—identify and define the problem) Measure the issue (see Practice Note: Improving efficiency: Step 2—measure the problem) Examine your information (covered in this Practice Note) Improve the process (see Practice Note: Improving efficiency: Step 4—improve the problem) Control, ie embed the new process so it becomes business as usual (see Practice Note: Improving efficiency: Step 5—embedding changes) Many management consultants describe this as the ‘DMAIC framework’. This Practice Note takes you through Step 3, ie investigating the causes of the problem you identified in Step 1 and measured in Step 2. It builds on the case study used in Practice Notes: Improving efficiency: Step 1—identify and define the problem and Improving efficiency: Step 2—measure the problem, which concerns a hypothetical in‑house legal team’s contract drafting process. Step 3 involves assessing the information you have gathered to:...

Private companies that operate share option plans frequently adopt 'exit-only' awards, under which participants may exercise only when (and, in practice, just before) the business is sold to a third party, or its shares are admitted to the open market by way of flotation. An exit of this nature creates an instant and ready market for the shares taken up by participants and, on a sale of the company, their shares are ordinarily sold, typically, alongside those of the existing holders in practice. That said, many private companies also establish options capable of being exercised other than on an exit, from time to time. For instance, participants might be allowed to exercise and acquire shares after a specified passage of time, or once particular performance targets have been met and verified under the plan. Some private companies additionally make use of direct share ownership, especially for key personnel, through distinct share classes such as 'growth shares' (see Practice Note: Growth shares (value shares)). These ownership structures are usually designed so...

Overview of nil paid and partly paid shares The chance to take up or buy shares on a nil or part-paid basis has long been, and remains, in practice, a fairly routine and well-used way to broaden share participation. The usual aim is to let people own shares in a company as other shareholders do, and potentially enjoy comparable rights, while postponing the cash outlay for those shares. This offers a pragmatic commercial approach and can bring both tax benefits, yet it also exposes the individual to possible liabilities for the unpaid subscription amount. These arrangements resemble an option in that payment of the whole or a portion of the price is required only later or on certain specified triggers, such as a company sale, a listing, or when the company makes a call for the outstanding sum. The crucial difference from options is that the shares are issued to the individual at the start. The terms for nil paid shares can be tailored to fit commercial objectives and...

A rentcharge is an amount due from a landowner to a third party lacking any proprietary stake or right in that land, and so it clearly differs from ground rent, which a leaseholder pays to the freeholder. Developers frequently used rentcharges to facilitate development and building on land without paying the landowner a premium for it, with the owner receiving an ongoing income from the land instead. The Rentcharges Act 1977 (RcA 1977) banned the creation of any new rentcharges, save for narrow exceptions, and mandated that most existing rentcharges would end by the year 2037 (RcA 1977, s 3). An estate rentcharge remains one such preserved exception...