Featured documents
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 Sole traders, informal partnerships and outdated partnership deeds are common.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
Most recent News
In this issue: Sustainable finance and ESG round–up Sanctions Aviation finance Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For this week’s developments in sustainable finance and ESG, see: Sustainable finance and ESG weekly round–up—20 June 2024. Sanctions Celestial Aviation Services Ltd v Unicredit Bank Gmbh, London Branch (formerly Unicredit Bank Ag, London Branch); Constitution Aircraft Leasing ( Ireland) 3 Ltd and another company v Unicredit Bank Gmbh, London Branch (formerly Unicredit Bank Ag, London Branch) [2024] EWCA Civ 628. The Court of Appeal, Civil Division, partially allowed the appellant bank’s appeal against findings that Uni Credit’s role as confirming bank under certain standby letters of credit issued by a Russian bank for...
In a defence submitted to the High Court, the insurer argued it is not liable for the funds sought by Vx Freighter Investment ( Ireland), a subsidiary of San Francisco-based lessor VX Capital Partners. In its 6 June 2024 defence, Chubb maintained that the Boeing aircraft—on lease to the airline Atran LLC when Russia invaded Ukraine in 2022 and still not returned—has not, in fact, been lost, and that the Irish subsidiary has therefore suffered no loss. Chubb further denies that the aircraft has been subject to a physical loss within the meaning of the insurance policy or constitutes a total loss, as set out in its defence. It also states that, in the absence of any contention that the aircraft has been destroyed, any claim alleging a total loss would......
Swiss Reinsurance Co. Ltd and Chubb European Group SE informed the High Court they should not be responsible for grounded planes in GTLK Europe DAC’s claim against the insurers in the present case, as the matters fall within 'war risks' under their respective policies, according to a defence dated 7 June 2024 that has now been made public. Chubb told the court that, 'if the aircraft were detained in Russia and prevented from leaving... any such detention or restraint was caused by a peril encompassed by the policies’ war and allied risks cover'. Following Russia’s invasion of Ukraine, aircraft lessors brought a wave of proceedings seeking indemnification from insurers, with the High Court......
Re UKCloud Ltd (in liquidation) [2024] EWHC 1259 ( Ch) What are the practical implications of this case? In Re UKCloud Ltd (in liquidation), the court concluded that security over Internet Protocol ( IP) addresses operated as a floating charge, despite wording in the debenture purporting to create a fixed charge. What proved decisive was the absence of genuine, operational control exercised by the chargee in practice. The ruling serves as a caution that a fixed charge requires demonstrable control by the secured party; mere restrictions on disposals in the security document will not suffice where, in reality, the chargor is left free to conduct its business and use the assets as it chooses. The court was further guided by earlier authorities endorsing an ‘all or nothing’ approach, under which assets captured by a single charging clause must all take the same...
In this issue: Economic Crime and Corporate Transparency Act 2023 Lending Security Aviation finance Debt capital markets Structured products and securitisation Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 The Department for Business and Trade issues its first progress report on ECCTA 2023—what has happened to date? The Department for Business and Trade ( DBT) has released its inaugural update on putting into effect Parts 1 to 3 of the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023), which received Royal Assent on 26 October 2023. The legislation aims to introduce a suite of reforms to corporate transparency and to enhance the reliability of information maintained by Companies House. This report explains the progress achieved by Companies House so far, and sets out the next stages and...
At the High Court, Judge Andrew Henshaw determined that six actions brought by lessors and Ukrainian airlines against their insurers belong in the Ukrainian courts, finding no compelling justification to keep them in London. He concluded that the insurance policies’ exclusive jurisdiction provisions must be observed, holding them binding on the claimants, effective and applicable to every cause of action. He further found no sufficient reasons to permit the proceedings to continue in this jurisdiction. The claimants contended that the leases did not stipulate any governing court or law for the underlying insurance or reinsurance arrangements. The insurers, however, maintained—per the judgment—that the lessors and airlines had the chance to shape the manner in which the aircraft were insured and reinsured, yet did not insist on any forum for disputes. Judge Henshaw additionally held that the clauses remain enforceable even though they do not...
The DBT released a progress update on the implementation and operation of Parts 1 to 3 of the Economic Crime and Corporate Transparency Act 2023 on 24 May 2024, fulfilling the requirement in section 213(1) of ECCTA 2023 as required. At the same moment, the department confirmed that further updates will be published every twelve months until 2030. Original news: DBT publishes progress report on ECCTA progress, LNB News 24/05/2024 47. What progress has Companies House made so far? ......
In this issue: Banking and finance case round-up LIBOR and benchmarks Security Acquisition finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Technology in banking & finance transactions Daily and weekly news alerts New and updated content Latest Q& A Useful information Banking and finance case round-up Banking & Finance— May 2024 case round-up: For an overview of the May 2024 cases flagged in Banking & Finance, refer to News Analysis: Banking & Finance— May 2024 case round-up. LIBOR and benchmarks The Financial Conduct Authority ( FCA) has issued a notice compelling ICE Benchmark Administration Limited ( IBA) to keep publishing the 1‑month, 3‑month and 6‑month US Dollar LIBOR settings for a further three months. This period begins immediately after the US Dollar LIBOR Versions published up to and including 28 June 2024 have...
Opportunity for financial institutions—enhanced processing and generation of data AI systems built on foundation models—deep learning models trained on extensive data—are able to process and analyse vast, highly unstructured information, covering text, computer code, voice and images, at scale and at speed. For financial institutions, potential applications, explored further below, include more efficient risk assessment alongside capital and liquidity planning, and can also support firms in aligning products more effectively with customers. Associated risk—data quality issues Foundation models tend to reflect the biases and mistakes embedded in the data used for training, so the outputs they generate are likewise susceptible to bias and error. A further issue concerns data privacy: whether input prompts that may contain firm‑specific material can remain confidential, and whether there is a possibility of information leakage. Opportunity for financial...
Banking & Finance— May 2024 case round-up RTI Ltd ( Respondent) v MUR Shipping BV ( Appellant) [2024] UKSC 18 Force majeure—shipping contract—reasonable endeavours This Supreme Court judgment examined the meaning of a force majeure provision in a seaborne carriage contract between MUR Shipping BV ( MUR) and RTI Ltd ( RTI). A force majeure clause releases a party from performing contractual obligations where specified contingencies arise that are beyond the parties’ reasonable control (acts of God). Frequently, such clauses contain a ‘reasonable endeavours’ rider, which prevents reliance on a force majeure event if its impact could be avoided through the exercise of reasonable endeavours. The pivotal issue on appeal was whether satisfying that reasonable endeavours requirement meant the party seeking to invoke the clause had to accept an offer of performance that fell outside the contract. In this dispute, the proposed...
Re Pindar Scarborough Ltd (in administration) [2024] EWHC 908 ( Ch), [2024] All ER ( D) 72 ( May) What are the practical implications of this case? The First Review records the government’s long-held view that a creditor’s status is fixed at the commencement of the process and continues even where full repayment is later achieved, and noted an intention to amend IR 2016, SI 2016/1024, r 15.11(1) to make that position explicit. If that had accurately reflected the law, numerous administration steps dependent on secured creditor consent would have become far harder to manage—most notably, approval of fees and extensions. After a secured creditor is paid in full during an administration, there is little incentive for them to remain involved or to engage meaningfully with the administrators, as they have no financial stake. An administrator seeking to extend an...
In this issue: Sustainable finance and ESG round–up UK and international sanctions Economic Crime and Corporate Transparency Act 2023 Security Aviation finance Project finance Trade and commodity finance Sustainable finance Derivatives Structured products and securitisation Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For this week’s overview of Sustainable finance and ESG developments, see Sustainable finance and ESG weekly round-up—30 May 2024. UK and international sanctions OFSI reissues General Licence on funds of non-designated third parties The Office of Financial Sanctions Implementation ( OFSI) has renewed General Licence INT/2024/4761108, issued under the Russia ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/855, reg 64, covering funds of non-designated third parties where designated credit or financial...
UK developments FCA chair discusses UK asset management issues Ashley Alder, chair of the Financial Conduct Authority ( FCA), has presented an updated iteration of a speech first delivered in February 2024. His remarks ranged across the Smarter Regulatory Framework, private finance, non-bank financial intermediation and valuations, retail investments, sustainability disclosure requirements, and innovation. Highlighting the FCA’s new international competitiveness objective, Alder explained that, at each stage of decision-making, the regulator evaluates choices that further its core operational aims and judges which of these can also promote growth and competitiveness......
STLC Europe Sixteen Leasing Ltd STLC Europe Sixteen Leasing Ltd says six of its Boeing 737-800 aircraft were covered for war risks, yet a host of insurers — including AXA, AIG, Allianz and Liberty Mutual entities — have declined to indemnify the losses, according to a High Court claim dated 3 May 2024 that has only recently been made public. These allegations follow High Court Judge Andrew Henshaw’s March 2024 ruling dismissing jurisdiction objections to numerous compensation claims brought by aircraft lessors. As a consequence, major insurers now face more than £13bn of claims in London. STLC said it leased the jets to S7 Airlines, which is headquartered in Russia, and that the planes were insured with Ingosstrakh Insurance Co Ltd from May 2021 to May 2022. Ingosstrakh then reinsured the aircraft with American International Group UK Ltd and AXA XL Insurance Co UK Ltd to...
UK developments Clarity is central theme in FCA's greenwashing guidance News analysis: The Financial Conduct Authority ( FCA)’s anti-greenwashing rule is scheduled to take effect on 31 May 2024, prompting the UK regulator to issue industry guidance on 23 April 2024 to assist firms with compliance. For more information, see News Analysis: Clarity is central theme in FCA's greenwashing guidance, authored by Jason Halper, partner, Duncan Grieve, partner, and Alix Prentice, partner, at Cadwalader Wickersham & Taft LLP, who examine the FCA’s greenwashing guidance......
In this issue: Sustainable finance and ESG round–up UK and international sanctions National Security and Investment Act Football Governance Bill Lending Security Aviation finance Sustainable finance Debt capital markets Derivatives Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For this week’s overview of Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—23 May 2024. UK and international sanctions OFSI updates guidance on Russian sanctions and reporting information The Office of Financial Sanctions Implementation ( OFSI) has refreshed its General, Russia, Counter- Terrorism, and Enforcement and Monetary Penalties guidance. The changes align the materials with amendments introduced by the Sanctions ( EU Exit) ( Miscellaneous Amendments and Revocations) Regulations 2024, SI 2024/643, and the Sanctions ( EU Exit) (...
Two companies within Celestial Aviation, alongside SMBC Aviation Capital Ltd, have launched actions against their insurers over aircraft losses, following a significant ruling that struck out jurisdiction objections across numerous similar cases, as evidenced by two High Court filings in late April 2024. The insurers named include Allianz Global Corp & Specialty SE, Axis Specialty Europe SE and Liberty Mutual Insurance Europe SE. In March 2024, High Court Judge Andrew Henshaw decided that the insurers must confront claims linked to aircraft left stranded in Russia owing to the war in Ukraine, observing that a fair hearing was unlikely in the Russian courts. The Celestial Aviation companies are pursuing up to US$35.2m under their insurance policy for two aircraft which they say have been entirely lost to them......
The rule obliges firms to ensure that any mention of a product or service’s sustainability features is consistent, fair, clear, and not misleading. It applies whenever a firm communicates directly in the UK, including the following specific situations: with clients in the UK about a product or service or when it issues a financial promotion, or signs off a financial promotion for communication, to a person in the UK Its arrival currently coincides with greenwashing being a leading enforcement focus for many regulators. Branding offerings as green or sustainable is widespread and viewed as a particularly key way to draw the attention of environmentally minded customers. In 2023, the European Commission found that 53% of sustainability claims were misleading or vague, and 40% lacked substantiation. These so-called green claims are increasingly facing ever growing scrutiny from regulatory authorities, activist shareholders, and...
UK developments IA releases guidance on the FCA’s sustainability disclosure requirements The Investment Association ( IA), working with Eversheds Sutherland, has issued Q& A guidance to support implementation of the Financial Conduct Authority’s Sustainability Disclosure Requirements. See: LNB News 13/05/2024 23 Source: Implementation Guidance v1.0: The FCA’s Sustainability Disclosure Requirements ( SDR) EU developments ESMA provides guidelines on fund names using ESG or sustainability terms The European Securities and Markets Authority ( ESMA) has published its final report setting out guidelines for the use of environmental, social and governance ( ESG) or sustainability-related expressions in fund names. These guidelines will be translated into all EU languages and subsequently made available on ESMA’s website......
In this issue: Sustainable finance and ESG round–up UK and international sanctions Tax issues for banking lawyers Guarantees Real estate finance Sustainable finance Derivatives Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round–up Sustainable finance and ESG weekly round–up For an overview of this week’s Sustainable finance and ESG updates, see: Sustainable finance and ESG weekly round–up—16 May 2024. UK and international sanctions Supreme Court holds non-contractual performance did not constitute failure to exercise reasonable endeavours RTI Ltd ( Respondent) v MUR Shipping BV ( Appellant) [2024] UKSC 18 This appeal considers how a force majeure provision should be interpreted in a shipping agreement between MUR Shipping BV ( MUR) and RTI Ltd ( RTI). A force majeure clause excuses a party from performing its contractual obligations when specified events occur that are...
Popular documents
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
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 ]...
Discover more from LexisNexis
