Working capital report meaning

This Checklist This Checklist provides points to weigh up when preparing and seeking sign-off for a company voluntary arrangement (CVA) involving the Pension Protection Fund (PPF). It draws on PPF Guidance Note 5 issued in 2018 (see PPF Guidance Note 5: CVAs). When an employing company (or all participating employers in a last man standing scheme) files a CVA proposal with the court, a PPF assessment period begins. Under section 137 of the Pensions Act 2004, the PPF assumes the pension trustees’ voting entitlement (see Practice Note: The Pension Protection Fund—eligibility and entry). In practice, the PPF will typically cast a vote for or against the proposal rather than refrain. The PPF is consistently focused on avoiding any precedent that might allow pension schemes to be diluted where potential PPF entry could arise in the near future (the PPF observes that this has occurred in numerous prior CVAs). The PPF also anticipates that pension trustees will appoint their financial advisers to produce a report addressing the areas of concern...

In this issue: Sustainable finance and ESG round-up Trade and commodity finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Regulation for banking lawyers Cryptoassets Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—5 September 2024. Trade and commodity finance ICC issues report on the advantages of trade digitalisation The International Chamber of Commerce (ICC) Digital Standards Initiative has released a report that, through 22 case studies, demonstrates how supply chain participants use digital tools and interoperable global standards to resolve supply chain challenges and pain points. The case studies concentrate on shipping and logistics, commercial documentation and product information, cross‑border regulatory compliance, and financial services and fraud prevention as priority areas for digitalisation. The report indicates that by digitising trade workflows, businesses can cut...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management UK MiFID II EU MiFID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As No Weekly Highlights on 24 April 2025 UK, EU and international regulators and bodies FCA announces first international presence in US and Asia-Pacific regions The Financial Conduct Authority (FCA) has unveiled its...

In this issue: Brexit UK, EU and international regulators and bodies Accountability, culture and societal governance Prudential rules Stability of the financial system Financial crime and sanctions Conduct standards Complaints, redress and claims handling Investigations, enforcement and disciplinary action Benchmark regulation and IBOR transition Capital markets regulation PRIIPs (Packaged Retail and Insurance-based Investment Products) Derivatives regulation Sustainable finance and ESG Banks and mutuals Funds and asset management MiFID II Insurance regulation Personal pensions and stakeholder products regulation Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday alerts New and updated content Dates for your diary New Q&As New Q&As Brexit — HMT outlines the next stage of the Smarter Regulatory Framework. HM Treasury (HMT) has issued a policy paper describing the upcoming...

This Practice Note outlines how Duxbury calculations are constructed and applied in practice to the assessment and calculation of capitalised spousal or civil partner maintenance/periodical payments within financial remedy proceedings, setting out the underlying assumptions, the limitations, and the circumstances in which such calculations are suitable and practically appropriate. It also reviews the courts’ general approach to rates of return. The basis of Duxbury calculations A Duxbury calculation was originally conceived to determine, in substance, the capital sum required to fund a fixed-rate periodical payment for the remainder of the recipient’s life, that is, their actuarial life expectancy as projected. In November 2024, the Duxbury Working Group, which is self-selected, published its final report (following a provisional report in October 2024) addressing earlier criticisms and advancing proposals ‘to banish outdated concepts and generally to modernise the approach’, while confirming that ‘it will be a matter for the courts whether to adopt the recommendations’. The Duxbury calculations are available via At a Glance 2025–2026...

What is a borrowing base facility? Borrowing base facilities (‘BB Facilities’) are a form of trade finance. They are working capital arrangements that provide short-term liquidity either through advances or by issuing trade instruments, such as letters of credit (see: Letters of credit—overview) or on demand guarantees (see: On demand guarantees/bonds—overview). These facilities are fully secured against current assets—commonly trading receivables, inventory (i.e. goods in storage or in transit), cash and contractual rights—of the borrower and/or other security providers. Consequently, the borrower’s available capital at any given time is directly linked to the value of the assets securing the lender(s). BB Facilities are typically offered to trading companies on a revolving basis to fund the purchase, storage, transport and sale of prescribed commodities. They are often used to finance a pool of traded assets subject to high price volatility. Reflecting this, a standard borrowing base facility agreement will include provisions focused on those assets and their valuation. A typical BB Facility has a tenor of 1–2 years, although...

ARCHIVED: This document has been archived and is no longer maintained. 21 October 2021 – AFME highlights surge in European capital markets activity—LNB News 21/10/2021 27 12 October 2021 – EBF publishes paper reviewing EU securitisation framework—LNB News 13/10/2021 71 28 September 2021 – ESMA work programme sets 2022 priorities—LNB News 28/09/2021 48 22 September 2021 – ICMA AMIC answers Commission consultation on EU Securitisation Regulation—LNB News 22/09/2021 72 7 September 2021 – EBA and ECB urge full, timely and faithful EU Basel III implementation—LNB News 07/09/2021 61 2 August 2021 – European Commission seeks ESMA and EIOPA advice on retail investor protection—LNB News 02/08/2021 67 15 July 2021 – Commission staff working document: ‘Monitoring progress towards a capital markets union: a toolkit of indicators’—LNB News 15/07/2021 102 12 July 2021 – Christine Lagarde on the ECB’s efforts to promote and enable sustainable finance—LNB News 12/07/2021 99 1 July 2021 – European Commission issues final report on EU CSDR...

Company number: [ insert number ] [ insert company name ] LIMITED Minutes of the board of directors’ meeting (the Meeting) of [ insert full name of company ] (the Company). Convened at [ insert place of meeting ] on [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ]. Present: [ Insert names of the director(s) physically present ] [ Insert names of any directors present by telephone as permitted by the Company’s articles of association ] (by telephone) [ Insert names of any directors present by other means permitted by the Company’s articles of association ] (by [ insert other means ]) In attendance: [ Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] Apologies: [ Insert names of any directors...

Company number: [ insert number ] [ INSERT COMPANY NAME ] plc Minutes for a meeting of the [ committee of the ] board of directors (Meeting) of [ insert name of company ] plc (Company). Convened at [ insert place of meeting ]. Conducted on [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ]. Present [ Insert names of the director(s) physically present ] [ Insert names of any directors present by remote means (provided such means are not expressly prohibited by the Company’s articles of association) ] (by [ insert mean of attendance for each director attending remotely ]) In attendance [ Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] Apologies [ Insert names of any directors who are unable...

STOP PRESS : Major reforms to the UK prospectus framework took effect on 19 January 2026. The refreshed rules for public offers of securities and for admissions to trading in the UK are mainly contained in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105, (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The package is intended to simplify capital raising and materially cut the instances when a company must publish an FCA‑approved prospectus for a further share issue. For detailed coverage of the changes, see Practice Note: UK prospectus regime reform. This Practice Note describes the prospectus regime that applied before 19 January 2026...