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R (Greyhound Board of Great Britain Ltd) v Welsh Ministers [2026] EWHC 670 (Admin) What are the practical implications of this case? The ruling reinforces the constitutional divide between the courts and the legislature. It explains that the scheme and framework of the Government of Wales Act 2006 (GWA 2006) embody that separation of powers, and that any judicial attempt to recognise and enforce a common law obligation on Welsh Ministers to consult prior to introducing legislation in the Senedd would trespass upon that boundary. This is not a departure from established principle; case law has already upheld comparable rules for lawmakers in Scotland and at Westminster. However, this is the first express confirmation of the position for Welsh lawmakers, and the first time this dimension of the GWA 2006 has been analysed in such depth. The court examined earlier
The solution arrived through the United Nations Compensation Commission (UNCC), a quasi‑judicial body handling mass claims, created under UN Security Council Resolution 687. By addressing environmental harm—most notably via its ‘F4’ claim class—the UNCC set a seminal benchmark shaping how international law and contemporary arbitral panels allocate financial responsibility for wartime ecological devastation. With present-day wars in areas such as Eastern Europe and the Middle East bringing dam breaches, strikes on chemical facilities, and the burning of farmland, the UNCC’s legacy endures as an essential reference point for states, global investors, and companies engaged in post‑conflict arbitration. The F4 claims: Quantifying the unquantifiable Prior to the 1990s, mechanisms in international law for war reparations overwhelmingly favoured property loss, foregone earnings, and bodily injury. The natural world was commonly treated as a mute, non-compensable victim of armed hostilities...
Understanding the farming business as a business Many farms still use long-standing structures that arose by habit, not strategy. Sole traders, informal partnerships and outdated partnership deeds are common. While once effective, such setups can cause major issues around succession, tax planning and involving the next generation. A corporate team can take a fresh, business-led view of the farm, asking: Who owns the land and other critical assets? Who manages daily operations? Who carries the risk and who enjoys the return? What is the enduring plan for succession? From this review, the team can confirm whether the current setup is fit for purpose or if an alternative — for example an updated partnership agreement, a company, a limited liability partnership, or a blended model — would better meet the family’s aims. Tax efficiency through joined-up advice Tax sits at the centre of most
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Banking & Finance 2024 case round up Force majeure—shipping contract—reasonable endeavours RTI Ltd ( Respondent) v MUR Shipping BV ( Appellant) [2024] UKSC 18 This Supreme Court decision examines how a force majeure clause in a shipping contract between MUR Shipping BV ( MUR) and RTI Ltd ( RTI) should be interpreted. Such clauses excuse a party from performing when specified events outside the parties’ reasonable control (acts of God) occur. They frequently contain a ‘reasonable endeavours’ proviso, which prevents a party from invoking force majeure if the consequences could be averted by taking reasonable steps. The appeal turned on whether those reasonable endeavours required the party seeking to rely on force majeure to accept an offer of performance that did not match the contract terms. In this instance, the suggested alternative was payment in euros rather than US dollars. The Supreme Court unanimously allowed the appeal, ruling that MUR’s...
Banking & Finance—debt capital markets, derivatives and securitisation 2024 key developments round-up and looking forward to 2025 Debt securities UK prospectus regime What were the key developments in 2024? The UK moved to overhaul its prospectus landscape in 2024. On 29 January, final regulations were made to introduce a fresh framework, replacing the existing regime derived from the ‘assimilated’ UK Prospectus Regulation. The new structure is anchored in the Public Offers and Admissions to Trading Regulations 2024 ( POATRs), alongside detailed rules to be crafted by the Financial Conduct Authority ( FCA). POATRs took partial effect on 30 January 2024, with the balance scheduled to commence when the UK Prospectus Regulation is revoked under the Financial Services and Markets Act 2023—a revocation date that has yet to be set. The FCA’s forthcoming rulebook will define the granular requirements for public offers and admissions to trading on UK...
Chancellor Rachel Reeves used her first Mansion House address in the City in November 2024 to outline the government’s programme, cautioning that oversight had become excessively risk-averse. She said ministers would reweight this focus towards growth while preserving robust regulatory standards. That shift will ease certain financial rules. For instance, HM Treasury plans to scrap the Financial Conduct Authority’s certification regime, which defines conduct standards for employees who are not senior managers. The tax department has signalled that a more proportionate framework will replace it, cutting costs and spurring business expansion, though solicitors worry about a slide in corporate behaviour. In November 2024 the FCA pledged to back the government’s growth ambitions after receiving a note from Whitehall urging it to co-operate. The perceived tension with the FCA’s recent prioritisation of its Consumer Duty has regulatory lawyers questioning how the two aims can sit...
As the FCA zeroed in on the duty, which obliges companies, individuals and partnerships to deliver good outcomes for clients and customers, it ran a consultation until the end of October 2024 on streamlining detailed conduct rules and guidance. According to lawyers, the FCA signalled it wanted teams of staff and senior figures inside financial firms to challenge assumptions about the Consumer Duty, introduced in 2023, and to take ownership of how they comply. ' I frequently hear firms call the duty nebulous, and I concur,' said Sara Cody, contentious regulation counsel at Linklaters LLP. ' Working out what “good” actually looks like can be elusive, and the FCA’s position keeps developing. ' You should therefore be prepared to revisit whether your approach could be enhanced,' Cody continued. In her first Mansion House address in the City in November 2024,...
In this issue: Sustainable finance and ESG weekly round-up Moveable Transactions ( Scotland) Act 2023 Football Governance Bill LIBOR and benchmarks Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking & finance transactions Structured products and securitisation Regulation for banking lawyers Banking & Finance Highlights 2024/2025 Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s coverage of Sustainable finance and ESG developments, please see: Sustainable finance and ESG weekly round–up—19 December 2024. Moveable Transactions ( Scotland) Act 2023 Moveable Transactions ( Scotland) Act 2023 ( Commencement) Regulations 2024 SSI 2024/378: From 1 April 2025, the outstanding provisions of the Moveable Transactions ( Scotland) Act 2023 (the Act) will come into effect. See: LNB News 17/12/2024 9. Moveable Transactions ( Forms) ( Scotland) Regulations 2024 SSI 2024/379: These prescribe the forms to be used for the purposes set out in sections 65(1) and 98(1) of the Act. They take effect on 1...
L1T FM Holdings UK Ltd and another v Chancellor of the Duchy of Lancaster [2024] EWHC 2963 ( Admin) What are the practical implications of this case? Although a challenge by way of judicial review to a government order under the NSIA 2021 can still succeed—for instance where there are especially serious or glaring procedural defects—the court has unequivocally and repeatedly signalled that it will not readily trespass upon ministerial judgement, including the selection of remedy. It is therefore, in practice, no surprise that the court endorsed the course taken by the government here and accepted the Secretary of State’s determination that the claimants should divest entirely their interest in Upp. The NSIA 2021 was framed to confer wide latitude on the government when identifying national security risks and deciding on appropriate measures to address them, and this ruling confirms that such an approach is...
In this issue: Sustainable finance and ESG weekly round-up Register of Overseas Entities Procurement Act Lending Sustainable finance Debt capital markets Derivatives Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s snapshot of Sustainable finance and ESG developments, see Sustainable finance and ESG weekly round–up—12 December 2024. Register of Overseas Entities Register of Overseas Entities ( Protection and Trusts) ( Amendment) Regulations 2025, SI 2025/ Draft: these draft regulations amend the Register of Overseas Entities ( Delivery, Protection and Trust Services) Regulations 2022, SI 2022/870, allowing any person whose details might be published or disclosed by the registrar under the register of overseas entities to apply for protection. They take effect in part on 28 February 2025 and fully on 31...
UK developments BBP issues guidance on TNFD implementation for the commercial real estate sector The Better Buildings Partnership ( BBP) has released a comprehensive guide to help UK commercial real estate owners apply the Taskforce on Nature-related Financial Disclosures ( TNFD) framework. The publication offers practical tools to put the TNFD into practice and to prepare well-founded nature-related disclosures. Introduces the key nature and biodiversity challenges facing the real estate industry. Sets out the Locate, Evaluate, Assess, Prepare ( LEAP) approach to steer organisational strategy and governance. Provides a step-by-step implementation pathway, with appendices on regulatory drivers and the impacts of commercial real estate on natural systems. See: LNB News 28/11/2024 66. Source: BBP Releases New Publication on TNFD for UK Commercial Real Estate......
Re KRF Services ( UK) Ltd and others [2024] EWHC 2978 ( Ch) What are the practical implications of this case? For private limited companies using the Model Articles, the ruling confirms that a single director can properly approve board resolutions and commit the company, whether that individual has always acted alone or previously sat on a board with multiple directors, and may do so without infringing the company’s authority or capacity. From 5 December 2024, the Sanctions ( EU Exit) ( Miscellaneous Amendments) ( No 2) Regulations 2024 (the Amendment Regulations), SI 2024/1157, create a distinct insolvency licensing purpose within the Russia ( Sanctions) ( EU Exit) Regulations 2019 (the 2019 Sanctions Regulations), SI 2019/855, Pt 1ZB, paragraph 9DD. The Explanatory Memorandum states that the prior licensing purposes were not always adequate to authorise activities connected with insolvency proceedings, and the new ground supplies a...
In this issue: Economic Crime and Corporate Transparency Act 2023 Court process and case management Lending Security Acquisition finance Sustainable finance Real estate finance Debt capital markets Derivatives Regulation for derivatives lawyers Restructuring Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Criminal Finances Act 2017 and Economic Crime and Corporate Transparency Act 2023 ( Consequential Amendments) Regulations 2024, SI 2024/1240: The Proceeds of Crime Act 2002 is revised to reflect changes flowing from the Criminal Finances Act 2017 and the Economic Crime and Corporate Transparency Act 2023. These amendments took effect on 29 November 2024... Court process and case management UKSC and JCPC launch new websites and online Case Management Portal The UK Supreme Court ( UKSC) and the Judicial Committee of the Privy...
When mini-bond investments fail—fraudulent trading and other claims ( London Capital & Finance v Thomson) London Capital & Finance plc (in administration) and others v Thomson and others [2024] EWHC 2894 ( Ch) What are the practical implications of this case? The clearest takeaway is that probity is paramount. In short, the defendants were undone by deceit and avarice. To expand, the court accepted a contention from the Claimants that LCF functioned, in effect, as a Ponzi scheme—defined as an arrangement whereby interest and other amounts owed to earlier investors are discharged using proceeds from later investment. The apparent purpose was to advantage four specific individuals by raising funds to be used for their benefit, or for companies in which they had an interest. The claims against two of those people, who were directors of recipient companies, were resolved. The remaining two were,...
In this issue: Banking and Finance case round-up Lending Security Debt capital markets Derivatives Regulation for derivatives lawyers Securitisation and structured products Restructuring Technology in banking & finance transactions Regulation for banking lawyers Scotland Daily and weekly news alerts New and updated content Useful information Banking and Finance case round-up Banking & Finance— November 2024 case round-up For a summary of the cases we flagged in Banking & Finance during October 2024, refer to News Analysis: Banking & Finance— November 2024 case round-up. Lending Re KRF Services ( UK) Ltd [2024] EWHC 2978 ( Ch) The judgment addressed a High Court application for an administration order, heard in that court, and centred on two key points of interest: (i) whether the sole director’s resolution to seek an administration order was effective; and (ii) the effect of the...
Key trends and opportunities Financial institutions are increasingly deploying AI to streamline processes, improve customer experiences and reduce risk. Current uses span the areas below. Customer service chatbots AI-driven chatbots and virtual assistants provide instant, 24/7 answers to customer questions, use algorithms to assemble tailored client portfolios, and route complaints to the most suitable support teams. Financial crime prevention An early field of adoption sees machine learning applied to tasks from blocking suspicious payments and fraud through to supporting initial and ongoing customer due diligence—know your customer. Personalisation As data collection deepens and models grow more sophisticated, a major anticipated shift is greater product personalisation. Institutions already trial personalised financial guidance (robo-advice), yet AI could transform this—shaping offerings around a consumer’s life stage, spending patterns and future objectives. Looking forward, AI could construct personalised investment portfolios from real-time market data, individual risk profiles and long-term financial...
Banking & Finance— November 2024 case round-up Sata Internacional- Azores Airlines SA v Hi Fly Ltd and another company [2024] EWHC 2762 ( Comm) Aviation finance—unpaid rent—novation of lease—rectification of novation agreement The claimant, SATA Internacional- Azores Airline SA ( SATA), leased an aircraft from the defendant, Hi Fly Ltd ( Hi Fly). By 2019, SATA was experiencing financial difficulties and, following negotiations, Hi Fly sold the aircraft to a third party, AELF, with the lease simultaneously novated so that AELF became the lessor. AELF and SATA then agreed to terminate the lease early, providing for re-delivery on an ‘as is where is’ basis in return for a lump sum termination payment. When these arrangements were put in place, SATA owed Hi Fly just under US$3m comprising unpaid rent, maintenance reserve payments and default interest. Of that total, a little under US$1m related to amounts...
UK developments HMT seeks views on a UK Green Taxonomy. HM Treasury ( HMT) has opened a consultation inviting feedback on the value case for creating a UK Green Taxonomy within the UK’s broader sustainable finance framework. Submissions are requested by 6 February 2025. The deadline is 6 February 2025. See: LNB News 15/11/2024 63. Sources: Open consultation: UK Green Taxonomy and Consultation. HMT issues consultation response and draft rules for ESG ratings providers. HMT has set out its response to its consultation on the future regulatory regime for Environmental, Social, and Governance ( ESG) ratings providers, outlining the intended perimeter of the new framework together with accompanying draft legislation. Views on the draft regulation are invited by 14 January 2025. The closing date is 14 January 2025. See: LNB News 15/11/2024 51. Sources: Consultation outcome: Future regulatory regime for...
In this issue Sustainable finance and ESG weekly round-up Assimilated law Lending Security Guarantees Sustainable finance Debt capital markets Regulation for derivatives lawyers Restructuring Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s highlights in Sustainable finance and ESG, refer to Sustainable finance and ESG weekly round–up—21 November 2024. Assimilated law House of Commons Library publishes briefing on assimilated law reform The House of Commons Library has issued a briefing outlining the Labour government’s refreshed stance on assimilated law reform following the 2024 general election. The second statutory report ( July 2024) states that, of 6,735 items of retained EU or assimilated law, 65% are unchanged, 12% have been revised, and 22% repealed. In contrast with its predecessor, Labour has avoided setting a numerical target for further changes, instead prioritising a ‘pro‑business’ regulatory landscape. A key proposal is the Product Regulation and Metrology Bill, which would...
Britain's top court has rejected efforts by a Russian bankruptcy trustee to overturn a decision that English courts cannot recognise a bankruptcy order. A five-judge panel unanimously dismissed Lyubov Kireeva's bid, brought in her capacity as a Russian bankruptcy trustee, to have English courts acknowledge the bankruptcy order made against Bedzhamov, the former owner of Vneshprombank LLC, which failed in 2016. The appeal turned on the 'immovables rule', an English law principle under which foreign tribunals lack authority over land situated in England, meaning only English courts and property rights law can govern real estate in the country. In a brief oral judgment at Britain's highest court, Justice David Richards concluded that every submission advanced by Kireeva's legal team was 'incompatible with the immovables rule'. At the 2023 hearing, her counsel had urged the court, in this matter, to relax the...
Background It is a long-standing rule in England and Wales that disputes over rights and interests in land and other immovables are determined by the law of the place where the asset is located, commonly called the ‘immovables rule’. This appeal concerns the impact, if any, of that rule on a claim by a bankruptcy trustee appointed in foreign bankruptcy proceedings to immovable property located in England. The point arose in respect of a London property owned by the Respondent, Mr Bedzhamov (the ‘ Property’). A Russian national, Mr Bedzhamov left Russia in 2015 and has not resided there since. In 2018, a Russian court adjudicated him bankrupt and appointed the Appellant, Ms Kireeva, as trustee of his bankruptcy estate. Under Russian law, the Property forms part of that estate and Ms Kireeva is obliged to take possession of and sell the...
Britain’s payments watchdog seems to have been given a fresh competitiveness brief, despite it not having gone through the usual parliamentary scrutiny. In a 14 November 2024 letter to the PSR, Finance Minister Rachel Reeves attacked clutter and duplication across payments oversight. She further indicated she expects the PSR to take into account the government’s plan to foster growth and international competitiveness. Unlike the Financial Conduct Authority ( FCA), the PSR lacks a defined aim to further UK growth and international competitiveness. The FCA’s competitiveness aim is secondary, sitting beneath its primary goals of safeguarding consumers and ensuring market integrity. Although this steer is not as clear-cut as the FCA’s statutory duty to enable the UK’s international competitiveness and growth over the medium to long term, it nonetheless seems to shift the PSR’s parameters. This arrives after months of discontent from fintechs about fraud...
In her first Mansion House address, Chancellor of the Exchequer Rachel Reeves set out proposals to ease parts of the post-2008 crisis rulebook to steer more investment into the British economy. She argued, in remarks published ahead of delivery, that earlier reforms created a framework that tried to stamp out risk-taking, which she believes has gone too far and led to unintended outcomes that must now be put right. She outlined a new government plan to accelerate growth by adjusting rules across financial services and insurance, aiming to unlock private investment and revive capital markets. Reeves said the package of changes would strengthen growth and competitiveness through investment and reform, calling it the most pro-growth financial services programme since the financial crisis. She added that she has written to regulatory authorities, including the Financial Conduct Authority ( FCA), the Prudential...
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This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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