Jurisdiction(s):
United Kingdom

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Key definition

Equity definition

What does Equity mean? In corporate finance practice, equity means the risk-bearing capital provided by a company’s owners, usually through ordinary shares, as distinct from debt finance. Equity holders have the residual interest in profits and assets: returns are by dividend or capital growth, and they rank behind all creditors on insolvency. Equity commonly carries voting and control rights and is subject to company law capital maintenance and distribution rules (for example, dividends only out of distributable profits and statutory pre-emption on new share issues unless disapplied). It is central to capital structure, M&A, venture capital and private equity transactions. Practitioners also describe certain...

Assignment of claims and causes of action: legal and equitable routes, drafting, privilege, timing, recoverable loss, procedural and costs consequences (England and Wales)

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Practice notes

This Practice Note

This Practice Note sets out how you may transfer a claim or a cause of action at law or in equity, highlighting key drafting considerations, such as treatment of recoverable losses and who bears costs after assignment.

It also deals with timing of any assignment and the procedural consequences of assigning before or after proceedings have begun for both assignee and assignor, including amendments to statements of case and the joinder of additional parties.

For guidance on when you may assign a claim or cause of action, see Practice Note: In what circumstances can you assign a claim or cause of action?

Note: in this Practice Note, we refer to the assignment of both causes of action and claims. We define a cause of action as ‘...a factual situation the existence of which entitles one person to obtain from the court a remedy against another person’ (Letang v Cooper) and a claim as the formal assertion of a cause of action by a claimant against a defendant. In the authorities, the expressions ‘assigning a cause of action’ and ‘assigning a claim’ are sometimes used interchangeably. For the purposes of this Practice Note, unless the context indicates otherwise,...

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Web page updated on 28/05/2026

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