Return on assets meaning

Introduction to freezing injunctions and scope of this checklist A freezing injunction (also known as a freezing order) is a temporary court order that prevents a respondent from disposing of or transferring its assets out of the relevant jurisdiction—namely England and Wales—or, in the case of a worldwide freezing order (WFO), from moving them anywhere in the world. The court’s principal aim in granting such relief is to preserve the respondent’s assets so that, if the applicant later obtains judgment against the respondent, there will be assets available for recovery by the applicant and, if necessary, enforcement action. This Checklist explains how to make an application for a freezing injunction where claims are contemplated or already underway in a corporate or personal insolvency context. As the precise circumstances of each matter must be assessed, this Checklist does not claim to be exhaustive; rather, it provides an overview of the key considerations at each stage when seeking an order of this kind. The focus throughout is asset preservation pending determination...

Seeking a freezing injunction is rarely straightforward. Significant procedural and substantive obstacles must be addressed and overcome before a court will restrict a respondent’s ability to handle their own assets. The need to move at speed and obtain urgent relief to avert imminent asset dissipation frequently adds further complexity and pressure, requiring swift, decisive action. The Checklist below acts as a starting point, flagging the principal issues to consider when preparing and making the application. It is tailored to a without notice application for a domestic or worldwide freezing injunction against a proposed defendant. For fuller, general guidance on applying for a freezing injunction, see the following Practice Notes: Freezing injunctions—guiding principles Freezing injunctions—the application Pre-application considerations Before issuing any application for a freezing injunction, ensure the client fully grasps and is properly prepared for the scale and intensity of the undertaking, and that careful thought has been given to the suitability of seeking this relief in the first place. ...

In this issue: Funding and investment Scheme governance Pension scams and liberation Daily and weekly news alerts Dates for your diary Trackers Funding and investment TPR publishes revised employer covenant guidance to align with new DB funding code of practice The Pensions Regulator (TPR) has at last issued revised guidance on the employer covenant for trustees overseeing defined benefit (DB) pension schemes, to align with its new DB funding code of practice, which took effect on 12 November 2024 under the Pensions Act 2004 (Code of Practice) (Defined Benefit Funding) Appointed Day Order 2024 (SI 2024/1143). Described by TPR as ‘the last piece of the jigsaw to help schemes carry out valuations under the new DB funding code’, the update introduces the first regulatory definition of employer covenant, intended to deliver greater market certainty and foster consistency between schemes. Notable changes cover cash flow analysis, tests of reasonable affordability, maximum affordable contributions, reliability periods, covenant longevity, and...

In this issue: UK, EU and International regulators and bodies Authorisation, approvals and oversight Prudential standards Operational resilience Financial crime and sanctions Consumer protection Conduct obligations Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Sustainable finance and ESG Banks and mutuals MiFID II Consumer credit, mortgages and home finance Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content Dates for your diary UK, EU and International regulators and bodies Evaluation of the PRA’s approach to its secondary competitiveness and growth objective released. The Prudential Regulation Authority (PRA) has issued a review of its secondary competitiveness and growth objective (SCGO), indicating that major recent work—such as the initial roll-out of the Basel standards and its Solvency UK review—has helped to support growth...

In this issue: Practice and procedure Relationship breakdown Private children Financial provision Public children International children Enforcement Daily and weekly news alerts Updated content New Q&As Useful information Practice and procedure The Family Procedure (Amendment) Rules 2024, SI 2024/1016 amend and update the Family Procedure Rules 2010, SI 2010/2955, which, together with accompanying Practice Directions, prescribe the processes and requirements to be used in family cases before the High Court and the Family Court. They take effect in part on 11 November 2024 and in full on 13 January 2025 respectively. See also: LNB News 11/10/2024 15. Conkerton memorial lecture by Mr Justice Cobb: on 10 October 2024, Mr Justice Cobb presented the Conkerton memorial lecture to the Liverpool Law Society in Liverpool, entitled Justice must be seen to be done. Relationship breakdown MyHMCTS: How to apply online for a divorce or dissolution—The practitioner guide for lodging a divorce or...

A UK-based purchaser of an overseas business should evaluate the following tax considerations: the prospective overseas and UK tax outlays linked to the acquisition tax-efficient ways to repatriate profits from the overseas entity to the UK buyer a tax-efficient exit strategy maximising the tax-efficiency of the target business This Practice Note is written from a UK tax perspective and also flags typical overseas tax points to address, including reporting, filing and compliance obligations. Local advice should be obtained in each jurisdiction in which the target operates. Overseas and UK tax costs associated with the acquisition of an overseas business The common UK and overseas tax costs relevant to acquiring an overseas business are summarised below. Transfer taxes Share acquisitions may attract local transfer or registration taxes, usually calculated as a percentage of the consideration for those shares, together with notary fees...

In both corporate and personal insolvency, office-holders chiefly gather the company’s or individual’s assets, realise them and distribute the proceeds to creditors in accordance with the statutory waterfall. For more detail, consult the following Practice Notes: Waterfall of payments—a comparative guide Waterfall of payments in administration Waterfall of payments in liquidation Waterfall of payments in bankruptcy Waterfall of payments in administrative receivership Pari passu distribution Pari passu, a Latin term, translates as ‘with an equal step’ or ‘on equal footing’. In insolvency, it captures the principle of proportionality and is used to describe how creditors are treated relative to one another. Where claims rank ‘pari passu’, all creditors within the same class are paid alike, with no one preferred. If funds are insufficient to satisfy debts in full, distributions are made pro rata on a pari passu basis, so each receives a proportionate return. For instance, unsecured creditors (ie creditors in the same category) might receive 10p...

Scope of this Practice Note This Practice Note sets out the Financial Conduct Authority’s (FCA) custody requirements contained in the Client Assets sourcebook (CASS), a component of the FCA Handbook, that regulated firms must adhere to when safeguarding and administering investments. These provisions cover custody assets, encompassing safe custody investments (being designated investments that a firm accepts or holds for a client) and any additional assets kept within the same portfolio as those safe custody investments for that client. It therefore sets parameters for firms’ conduct whenever they hold or control a client’s designated investments and any associated assets within that client’s portfolio appropriately. What do the cover? The chapter 6 custody rules in the Financial Conduct Authority’s (FCA) Client Assets sourcebook (CASS) explain the steps a firm must take when it undertakes the regulated activity of safeguarding and administering investments. For further detail on this activity, see Practice Note: Safeguarding and administering investments. Those rules extend to custody assets, comprising safe custody investments (that is,...

[ TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM ] TO ALL KNOWN CREDITORS [ ENTER DATE ] [ name of Investment Bank ]—in special administration (the ‘Investment Bank’) I am writing to inform you that I was appointed Joint Special Administrator of the Investment Bank on [ date ], together with my colleague, [ name of other special administrator ]. A formal notice of our appointment accompanies this letter. In accordance with the Investment Bank Special Administration Regulations 2011, SI 2011/245 (the ‘Regulations’), the purpose of the special administration is to pursue the following objectives: secure the return of client assets as soon as reasonably practicable maintain prompt engagement with market infrastructure bodies and the authorities pursuant to Regulation 13; and to either: rescue the investment bank as a going concern; or place it into winding up in the best interests of creditors In this...

1 Definitions Insert defined terms into the Share Purchase Agreement, including: Accounts Date; Business Day; Buyer; CA 2006; Company; Completion; Completion Date; Conditions; Contractor; Disclosure Letter; Employee; Employment Legislation; former; holding company; Sale Shares; Seller; Subsidiaries and subsidiary; TULRCA; TUPE; Warranties; and Worker... 2 Employment Directors: Listed in the Disclosure Letter; no others held out. Employees, Workers and Contractors: The Disclosure Letter gives anonymised terms, benefits, scheme eligibility and absences; contracts and policies annexed; work is exclusive; no return rights, pending offers, restrictive obligations, post‑Accounts Date changes, promised increases, or flexible requests; no hybrid arrangements offered or under negotiation. Termination: All roles terminable on three months or less without extra liability; no notices; Completion creates no rights or payments; no contractual redundancy scheme. Liabilities and payments: No termination payments promised; no contingent liabilities; consultation duties complied with; only routine pay, expenses and holiday due. Disputes and disciplinary: No EHRC enquiries, union disputes, claims, live disciplinary/capability/grievance cases, or unanswered Equality Act questions....

[ name of client ] [ insert address of client ] [ insert date ] Dear [ name of client ] Estate of [ name of deceased ] deceased Further to our discussion, the documents to declare the inheritance tax (IHT) payable on the estate and to submit the application for the grant of [ probate OR letters of administration [ with Will annexed ] ] have now been completed. [ Thank you for your comments on the draft papers. ] Please find enclosed the following for your consideration and final approval: [ Updated ] Schedule of assets and ...