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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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In this issue: Case round-up Lending Procurement Act 2023 Sustainable finance Debt capital markets Derivatives Scotland Daily and weekly news alerts New and updated content Useful information Case round-up Banking & Finance— February 2026 case round-up For an overview of the February 2026 Banking & Finance alerts, consult News Analysis: Banking & Finance— February 2026 case round-up. Lending Abraaj Investment Management Ltd v KES Power Ltd ( No 2) [2026] EWHC 441 ( Comm) The court dealt with consequential matters arising from the trial decision in Abraaj Investment Management Ltd (in liquidation) v Kes Power Ltd [2026] EWHC 65 ( Comm), including permission to appeal, the form of order, interest, costs and any stay. Foxton LJ examined three appellate grounds advanced by the claimants challenging findings of estoppel by convention tied to the assignment of the KESP Receivable. Ground 2 queried whether, contrary to authority, estoppel by convention could confer fresh rights on Mashreq. The court rejected that...
Banking & Finance— February 2026 case round-up CR Construction ( UK) Co Ltd v Barclays Bank Plc ( Northern Gateway ( FEC) No 7 Ltd, intervening) [2026] EWHC 202 ( TCC) Performance bond—injunction to restrain payment This matter concerned a contractor’s bid for an interim injunction preventing a bank from honouring the employer’s call under a performance bond that secured the contractor’s payment liabilities under a construction contract. The employer brought the contract to an end for alleged breaches by the contractor. The contractor disputed those breaches, treated the termination as repudiatory, and accepted that repudiation. The High Court refused the application, restating that an injunction restraining a paying bank will only be granted where there is clear evidence of fraud, which was not advanced in this case. The court also rejected the argument that the employer’s repudiatory breach discharged the bond, finding that the bond’s...
In this issue: Economic Crime and Corporate Transparency Act 2023 Lending Acquisition finance Islamic finance Real estate finance Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking and finance transactions Sanctions Daily and weekly news alerts Useful information Economic Crime and Corporate Transparency Act 2023 The Law Society of England and Wales has released advice for legal advisers on actions they might take when telling Companies House that a person’s identity has been confirmed under the Companies Act 2006, following changes arising from the Economic Crime and Corporate Transparency Act 2023. See: LNB News 25/02/2026 18. Source: Confirming identity verification to Companies House as a solicitor. Lending The Loan Market Association ( LMA) has issued a revised Borrowing Base Facility Agreement and accompanying User Guide to capture shifts in prevailing market practice......
CR Construction ( UK) Co Ltd v Barclays Bank Plc ( Northen Gateway ( FEC) No 7 Ltd, intervening) [2026] EWHC 202 ( TCC) What are the practical implications of this case? This ruling underscores the autonomy of bank performance bonds. Save in cases of fraud, complaints about defective demands or disputes arising from the underlying contract must be pursued against the bond’s beneficiary, not the issuing bank. Where the bond’s stipulated formalities are complied with, the bank is bound to honour the demand and make payment to the beneficiary. Applying the established approach to interim injunctions in American Cyanamid Co v Ethicon Ltd [1975] AC 396, the court considered whether damages would be an adequate remedy for the party prejudiced by granting or refusing an injunction and, if not, where the balance of convenience lay. On adequacy of damages, an applicant must place before the court...
Introduction by Guy Wilkes, partner and Lexis+ Consulting Editorial Board member Welcome to Mishcon de Reya’s Enforcement Watch, our triannual survey of enforcement activity and what lies ahead. Over the past four months, the FCA has flexed its enforcement muscle. The standout case: a £44 million fine for Nationwide over AML systems failings. Familiar issues, yet a sanction that spotlights supervisory priorities. Once more, the FCA applied a proportionality adjustment without explaining its method. The regulator is also broadening use of criminal powers, achieving its first data protection prosecution while sustaining pressure on insider dealing. Two notable disclosure rulings – on cross‑border confidentiality duties and collateral use of materials in Tribunal proceedings – carry significant implications for firms under scrutiny. Looking forward, the FCA’s December plans for comprehensive cryptoasset rules (effective 2027) signal a fundamental shift, and final guidance on...
In this issue: Lending Security Shipping finance Sustainable finance Debt capital markets Structured products and securitisation Claims and remedies Daily and weekly news alerts New and updated content Useful information Lending LMA issues refreshed standard terms for par and distressed trading The Loan Market Association ( LMA) has released revised versions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide. The updated terms will apply from 17 March 2026. Changes include removing LIBOR references, updating IBOR rate definitions and the Target2 definition, and refining ERISA representations to add further exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. See: LNB News 16/02/2026 39. Source: LMA...
In this issue: Lending On demand bonds Aviation finance Real estate finance Derivatives Cryptoassets Daily and weekly news alerts New and updated content Useful information Lending DG Resources Ltd v HMRC [2025] EWHC 201 ( Ch) The Chancery Division allowed DG Resources Ltd’s appeal opposing HMRC’s attempt to wind up the company. The dispute centred on whether delivering a winding-up petition to a Companies House default address amounted to valid service under the Insolvency ( England and Wales) Rules 2016 ( IR 2016), SI 2016/1024. The court determined that, where a company’s registered office is at a default address, service must comply with the hierarchical scheme in IR 2016, SI 2016/1024, Sch 4 para 2. That scheme is exclusive, displacing the general service route in section 1139(1) of the Companies Act 2006 ( CA 2006). HMRC had not served the petition in the manner required, so service was ineffective; accordingly, proper service had not been...
In this issue: Cases round-up Security Real estate finance Sustainable finance Derivatives Sanctions Claims and remedies Daily and weekly news alerts New and updated content Useful information Cases round-up Banking & Finance case round-up For an overview of the Banking & Finance cases we highlighted in December 2025 and January 2026, see News Analysis: Banking & Finance— December 2025 and January 2026 case round-up. Security Administration appointment upheld despite service defects ( Perhar v Synergy) In Perhar v Freestone [2025] EWHC 3284 ( Ch), the High Court rejected an effort to nullify, or otherwise terminate, an administration appointment made by a trade finance provider under a qualifying floating charge. ICC Judge Prentis determined that, for paragraph 16 of Schedule B1 to the Insolvency Act 1986, the proper focus is on whether the...
In this issue: Economic Crime and Corporate Transparency Act 2023 Security Aviation finance Real estate finance Trade and commodity finance Sustainable finance Debt capital markets Derivatives Technology in banking & finance transactions Sanctions Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Economic Crime and Corporate Transparency Act 2023 ( Commencement No 7) Regulations 2026 SI 2026/57: These Regulations activate provisions of the Economic Crime and Corporate Transparency Act 2023 that abolish the possibility for companies to hold member details on the central register. A transitional arrangement applies for companies that currently rely on it, affording time to bring their own statutory registers into line with the new duty. The Regulations took effect on 26 January 2026. See: LNB News...
Paragon Group Ltd v FK Facades Ltd [2026] EWHC 78 ( TCC) What are the practical implications of this case? Until this decision, there was no clear authority addressing whether the assignee of the benefit of a building contract enjoys a right to commence adjudication. That absence sat uneasily with long-standing industry practice, under which assignees have commonly proceeded on the footing that the entitlement to adjudicate could be relied upon. Earlier authorities contained inconsistent dicta: in some, the court moved forward on the basis that a right to adjudicate might validly be assigned (see, for example, Enterprise Managed Services Ltd v Tony Mc Fadden Utilities Ltd); in others, the court offered obiter remarks suggesting the point was not entirely simple (see, for example, Westdawn Refurbishments Ltd v Roselodge Ltd (unreported, 2006)). None of those decisions, however, culminated in a binding ruling on this...
Banking & Finance— December 2025 and January 2026 case round-up Skyros Maritime Corp and another company v Hapag- Lloyd AG ‘ Skyros’ & ‘ Agios Minas’ [2025] EWCA Civ 1529 Shipping finance—charterparty damages for late redelivery of vessels The Court of Appeal allowed the owners’ appeal from the Commercial Court concerning damages arising from the delayed redelivery of time‑chartered container ships. The vessels, ‘ SKYROS’ and ‘ AGIOS MINAS’, were returned late in breach of the charterparties by Hapag‑ Lloyd, after the owners had already arranged to sell them. The central question was whether the owners could obtain substantial damages—calculated as the gap between market and charter rates—for the overrun period even though they had no plan to re‑fix the ships. The Court of Appeal confirmed they could. Applying the settled maritime principle, damages for late redelivery are assessed by reference to the market rate,...
Abraaj Investment Management Ltd (in liquidation) and other companies v Kes Power Ltd and others [2026] EWHC 65 ( Comm) What are the practical implications of this case? The recent High Court judgment in Abraaj Investment Management v Kes Power closely analyses assignment principles within secured lending. In particular, the court considers when estoppel can aid a lender confronted with defective or uncertain security. The ruling also explores several adjacent issues: the potential for assignments to be implied, whether ‘no assignment’ clauses are tempered by a reasonableness qualification, and matters of consideration in acknowledgements of notice. While estoppel provided the lender with a solution on the facts, the decision emphatically reinforces a fundamental point: only the entity to which the debt is actually owed should be the assignor. The realities of group operations can obscure the true creditor, meaning it is not always obvious which...
According to a High Court order issued in January 2026 and newly disclosed, BOC Aviation reached a confidential settlement with Cathedral Capital on 31 December 2025. The agreement arrives almost two years after BOC Aviation struck a deal with Convex Insurance UK Ltd within the same proceedings concerning aircraft left in limbo after Russia’s invasion of Ukraine in February 2022. BOC Aviation continues to pursue its action against the remaining insurers named in the case. Lancashire Holdings Ltd revealed in November 2013 that it had purchased Cathedral. The Lancashire Group, a provider of speciality insurance and reinsurance products, declined to comment on 21 January 2026. The settlement follows the court’s landmark ruling in March 2024 requiring major insurers, among them Allianz, AXA and Liberty Mutual, to face claims valued at US$9.7bn related to aircraft still stranded in Russia......
Moeve Trading S. A. U. (formerly CEPSA Trading SAU) v Mael Trading FZ LLC [2026] EWHC 17 ( Comm) The background facts By a contract dated 4 April 2024, the parties agreed the sale of 9,000–9,500 MTs of gasoline and 5,000 MTs plus 5% of gasoil, both at the Buyers’ option, on Free on Board ( FOB) terms at Algeciras, Spain (the Contract). The cargo was loaded on 12 July 2024 aboard the MV HARBOUR PROGRESS (the Vessel) and bills of lading were issued. One week later the Vessel arrived at Freetown, Sierra Leone, where notice of readiness was tendered. Discharge proceeded without presentation of the bills of lading, against a letter of indemnity, and the Buyers and their purchasers took delivery. On shipment, title to the cargo passed to the Buyers in line with the Contract’s express terms. The purchase price exceeded US$13 million and was...
In this issue: Economic Crime and Corporate Transparency Act 2023 Benchmarks Lending Sustainable finance Debt capital markets Structured products and securitisation Regulation for banking lawyers Claims and remedies Daily and weekly news alerts Useful information Economic Crime and Corporate Transparency Act 2023 Companies House postpones ECCTA 2023 verification measures for those making filings until November 2026 Companies House has deferred the planned Spring 2026 start date for: (i) making identity verification of presenters a compulsory element of filing (including security filings), and (ii) requiring third‑party agents filing for companies to be registered as an authorised corporate service provider. These changes will now take effect no earlier than November 2026. The delay is designed to prioritise completion of the identity verification transition for directors and persons with significant control, while allowing more time to consider...
In this issue: 2025 end of year round-ups and what to look out for in 2026 Lending Security Aviation finance Trade and commodity finance Debt capital markets Derivatives Cryptoassets Daily and weekly news alerts New and updated content Useful information 2025 end of year round-ups and what to look out for in 2026 Which milestones mattered for lending lawyers in 2025, and what should they anticipate in 2026? News Analysis: What were the key developments for lending lawyers in 2025 and what’s coming up in 2026? assembles the headline changes from 2025 and explores how they could develop further in 2026. Topics span asymmetric jurisdiction clauses, execution of multi-party deeds, the Economic Crime and Corporate Transparency Act 2023, the National Security and Investment Act 2021, assignments, undue influence, security trusts, aviation finance and shipping finance. What were the key developments for Debt Capital Market lawyers in 2025 and what’s coming up in 2026? News Analysis: What were the key...
This article examines how both regimes developed through 2025—tracking the EU's first full year under the Markets in Cryptoassets Regulation, or Mi CAR, the UK move towards implementation of its cryptoasset regime, and where the two frameworks are beginning to converge and diverge. We also look ahead to the supervisory trajectory for 2026 and conclude with practical takeaways for legal teams handling structuring, documentation and cross-border execution risk. Following Mi CAR’s entry into legal application at the end of 2024, 2025 marked the first operational year of the EU regime. Member state authorities continued to process authorisation submissions, with key technical standards and implementing measures moving towards full effect, and transitional arrangements expected to continue into mid‑2026. In the UK, the statutory perimeter for the future cryptoasset regime has reached its final legislative form, with the government having laid the regulations before Parliament on 15...
For insights into the main developments across debt capital markets, derivatives, and structured products and securitisation, see News Analysis: What were the key developments for Debt Capital Market lawyers in 2025 and what’s coming up in 2026? See also: Practice Note: Hot Topics for Banking & Finance lawyers Practice Note: Loan Market Association ( LMA)—latest news on documentation Practice Note: Banking & Finance case tracker For forthcoming key developments, consult Practice Note: Banking & Finance—key dates and future developments tracker: 2026 and beyond. Ongoing updates and commentary are available via our current awareness daily alerts and weekly highlights emails. Go to ‘ Create Alert’ on your ‘ Alerts’ tab and change your personal settings to subscribe to our regular updates. Asymmetric jurisdiction clauses What were the key developments in 2025? Hague Judgments Convention 2019 comes into force in the UK The 2019 Hague Judgments...
Please be aware that this News Analysis is not a comprehensive catalogue of every development across these sectors. For a summary of major lending updates, see News Analysis: What were the key developments for lending lawyers in 2025 and what’s coming up in 2026? See also: Practice Note: Hot Topics for Banking & Finance lawyers Practice Note: ISDA—latest news on documentation Practice Note: ICMA—latest news on documentation Practice Note: AFME—latest news and developments Practice Note: UK securitisation regime—timeline Practice Note: EU Securitisation Regulation—timeline Practice Note: Sustainable finance—recent news Practice Note: Banking & Finance case tracker For details of forthcoming key developments, consult Practice Note: Banking & Finance—key dates and future developments tracker: 2026 and beyond. You can access continuing updates and commentary via our current awareness daily alerts and weekly highlights emails. Visit ‘ Create Alert’ in your ‘...
Sasof III ( A3) Aviation Ireland DAC, together with aircraft leasing manager Carlyle Aviation Management Ltd and UMB Bank NA, has struck a confidential settlement with insurers, as recorded in a High Court order dated 19 December 2025 that has only recently been disclosed. Settling defendants include German reinsurer Munich Rückversicherungs- Gesellschaft and Axis Specialty Europe SE’s Brussels and Belgian branch. In an amended claim filed in February 2024, Carlyle, Sasof and UMB pursued 24 reinsurers to recover about US$44m tied to a 2006 Airbus A330 leased to Russian carrier I- Fly. Insurers that did not participate in the settlement include Convex Insurance UK Ltd and Liberty Corporate Capital Ltd, alongside various syndicates and entities such as Arch Insurance ( UK) Ltd and Swiss Re International SE. The claim states......
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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 ]...
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