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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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UK developments FCA speech highlights climate risk and UK’s leadership in sustainable finance The FCA has released remarks from its Chair, Ashley Alder, delivered at the Climate Financial Risk Forum’s Symposium on 23 October 2025. He stressed that climate risk is substantial and financially material, and called for industry-wide collaboration to cement the UK as the world’s sustainable finance centre. Alder set out actions the FCA is progressing to strengthen transparency and confidence: embedding ISSB standards into UK requirements; introducing new climate disclosure rules and measures within the Public Offers and Admissions to Trading Regime; bringing ESG ratings providers inside its regulatory perimeter. He also unveiled a joint pilot with the Prudential Regulation Authority ( PRA) and the Green Finance Institute ( GFI) to pinpoint barriers to scaling finance for climate solutions, alongside a technical assistance programme to support...
In this issue: Banking & Finance case round-up Security Aviation finance Real estate finance Sustainable finance Debt capital markets Derivatives HMT publishes draft regulations to make permanent certain intragroup OTC derivatives exemptions Claims and remedies Sanctions Daily and weekly news alerts New and updated content Useful information Banking & Finance case round-up Banking & Finance— October 2025 case round-up For an overview of the Banking & Finance cases we highlighted in October 2025, refer to News Analysis: Banking & Finance— October 2025 case round-up. Security Companies House announces fee changes from February 2026 Following its yearly assessment to ensure fees mirror the cost of service delivery, Companies House has confirmed revised charges from 1 February 2026. Within the new tariff, the charge registration fee increases to £14. Companies House noted that fee income supports company incorporation services, the maintenance of company records, and enforcement activity undertaken by the Insolvency Service. See: LNB News 30/10/2025 58. Source: Companies House fees are changing from 1...
Banking & Finance— October 2025 case round-up Aer Cap Ireland Ltd v AIG Europe SA and others [2025] EWHC 2529 ( Comm) Aviation finance—recovery of losses under insurance policies—sanctions This ruling follows the June 2025 decision in Aer Cap Ireland Ltd v AIG Europe SA [2025] EWHC 1430 ( Comm), where Mr Justice Andrew Butcher found for Aer Cap, the world’s largest aircraft lessor, and other lessors, confirming that jets and engines left in Russia after the 2022 invasion were definitively lost. The present judgment records Mr Justice Butcher’s orders on costs and sets out his reasoning on the award of interest and on whether permission to appeal should be granted. Songa Product and Chemical Tankers III AS v Kairos Shipping II LLC [2025] EWCA Civ 1227 Shipping finance—interpretation of Clause 29 of ( BIMCO) Barecon 2001 standard bareboat charter form The Court of Appeal dismissed the owner’s...
The reinsurers, in their High Court defence, argue the bank cannot seek monetary compensation for the engine it claims it no longer holds because the two‑year limitation has now expired. The defence, dated 17 October 2025 and only recently disclosed to the public, states that reinsurance contracts are subject to rules governing business risk insurance. They characterise the contracts, under Russian law, as a particular form of property insurance contract. On that legal basis, the limitation clock starts when the creditor submits a demand for performance, the reinsurers say. They add that the two‑year period for the claimant’s rights under the Insurance policy and/or the reinsurance policies lapsed on 13 September 2024. Bank of Utah, acting solely as owner trustee of the engine and not in its individual capacity, brought civil proceedings against Russian insurer Alfa Strakhovanie in August 2025 for up to...
Credit Suisse Virtuoso Sicav- Sif (in respect of its Sub- Fund, the Credit Suisse ( Lux) Supply Chain Finance Fund) and another company v Softbank Group Corp and other companies [2025] EWHC 2631 ( Ch) What was the background? This dispute arose from an intricate financing arrangement connecting the Greensill, Katerra and Soft Bank groups. Credit Suisse Virtuoso Sicav‑ SIF ( Credit Suisse) invested, through its Credit Suisse ( Lux) Supply Chain Finance Fund (the SCF Subfund), in notes arranged and administered in England by Greensill Capital ( UK) Ltd ( GCUK) and issued by Hoffman S.à r.l. ( Hoffman) under a scheme known as the Fairymead Multi‑ Obligor Programme (the Fairymead Note Programme). The intended collateral for that programme comprised certain rights (the Participations) granted under a Participation Agreement dated 19 December 2019 by a special purpose vehicle, Greensill Ltd ( GL), to its...
In this edition: Economic Crime and Corporate Transparency Act 2023 Register of overseas entities Lending Security Shipping finance Real estate finance Sustainable finance Debt capital markets Derivatives Claims and remedies 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 6 and Transitional Provisions) Regulations 2025 SI 2025/1118: selected elements of ECCTA 2023 will commence on 18 November 2025. See: LNB News 24/10/2025 18. Companies and Limited Liability Partnerships ( Annotations, Application and Modification of Company Law and Consequential Amendments) Regulations 2025 SI 2025/1116: the registrar must annotate the register when an individual’s identity is confirmed, with this obligation extended to unregistered companies and limited liability partnerships. The instrument also updates various secondary legislation. It takes effect in part when Companies Act 2006, s 167M begins, then concurrently with regulation 17AA of the 2009 Regulations, and in full...
Pagden (as Security Trustee under a Security and Intercreditor Deed dated 24 December 2015) and others v Ridgley [2025] EWHC 2674 ( Ch) What was the background? Orthios Eco Parks ( Anglesey) Ltd and Orthios Power ( Anglesey) Ltd (together, the Companies) sat within the Orthios Group. The group obtained capital from Cresta Energy Ltd ( Cresta), which put £66m into bonds issued via MPB Eco Parks Ltd ( MPB), and from between 300 and 400 retail investors who subscribed £36.4m of bonds. Those bonds were backed by fixed and floating charges over land granted by the Companies, with all such security vested in Mr Colin, as security trustee, under a Security Trust Deed. On 25 March 2022, after an event of default, Mr Colin used his qualifying floating charge to appoint Mr Ridgley as administrator of the Companies. He did so without...
In this issue: Security Guarantees Aviation finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Restructuring Sanctions Claims and remedies Daily and weekly news alerts New and updated content Useful information Security Pagden (as Security Trustee under a Security and Intercreditor Deed dated 24 December 2015) v Ridgley [2025] EWHC 2674 ( Ch). The court refused an appeal from an order that had dismissed the appellants’ objections to the respondent’s remuneration and expenses as administrator of Orthios Eco Parks ( Anglesey) Limited and Orthios Power ( Anglesey) Limited. It held that r 18.34 of the Insolvency ( England and Wales) Rules 2016 ( SI 2016/1024) did not confer jurisdiction to challenge an administrator’s fees paid from proceeds derived from assets subject to a fixed charge, as those proceeds are not within the...
Law firms say investment advisers at financial institutions will tread carefully before backing exposure to digitalised funds under the FCA’s tokenisation framework, as they could be liable for any missteps. Yet lawyers warn that the real escalation in consumer risk sits within targeted support. This FCA model permits advisers to steer groups of comparable customers towards products, without the expense and hazards of full advice. The regulator has clarified that firms offering targeted support must only secure better results, which falls short of guaranteeing good outcomes under the Consumer Duty. Lawyers stress the nuance matters for both firms and customers alike today. That distinction may prompt businesses, via targeted support, to funnel clients into digital funds transacting on distributed ledger technology ( DLT) systems. Harming consumers Michelle Quinn, a partner at Grosvenor Law, cautioned that setting the bar at better, rather than...
A cohort of war‑risk reinsurers, advised by Holman Fenwick Willan LLP, contended in their High Court defence on 16 October 2025 that they have no duty to pay any form of contribution indemnity to Chubb, following a landmark decision resolving the fate of aircraft stranded in Russia. Chubb is pursuing the reinsurers for debt said to arise from a June 2025 judgment in a trial addressing liability for aircraft left in Russia after the country invaded Ukraine in 2022. The dispute focused on whether the loss of the aircraft engaged war‑risk insurance policies, which carry payout caps, rather than the broader all‑risks policies. A ruling by High Court Judge Christopher Butcher consequently left Chubb responsible for US$5.7m......
In this issue: Lending National Iranian Oil Company v Crescent Gas Corp Ltd Real estate finance Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking transactions Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Lending UK Finance responds to Cabinet Office consultation on NSI Act notification regulations UK Finance has submitted its reply to the Cabinet Office’s consultation on amendments to the National Security and Investment Act 2021 ( Notifiable Acquisition) ( Specification of Qualifying Entities) Regulations 2021, SI 2021/1264. Representing about 300 financial services businesses, UK Finance backs the proposed exclusions for certain internal reorganisations and the addition of standalone sector definitions for critical minerals and semiconductors. Nonetheless, it describes the consultation as a ‘missed opportunity for more...
Regulatory Technical Standards ( RTS) on Settlement Discipline The European Securities and Markets Authority ( ESMA) has issued its final report proposing amendments to the Regulatory Technical Standards on Settlement Discipline, designed to improve settlement efficiency across the EU and help the shift to a shorter settlement cycle ( T+1) by......
In this issue Sustainable finance and ESG round-up Economic Crime and Corporate Transparency Act 2023 Lending Shipping 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 monthly round-up—6 October 2025 This month’s Sustainable finance and ESG round-up from the Finance Group highlights: (1) the International Swaps and Derivatives Association ( ISDA), the European Fund and Asset Management Association, and the Association for Financial Markets in Europe ( AFME) submitting a joint reply on the European Commission’s environmental legislative burden; (2) the Taskforce on Nature-related Financial Disclosures and the United Nations Sustainable Stock Exchanges Initiative issuing model guidance for stock exchanges on nature-related financial disclosures; and (3) the Green Finance Institute and Climate Bonds unveiling the Global Property Linked...
EU developments ESAs Joint Committee publish fourth annual report on PAI disclosures under EU SFDR The Joint Committee of the three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority— ESAs) has released its fourth annual report reviewing the breadth of voluntary principal adverse impact ( PAI) disclosures under Regulation ( EU) 2019/2088 ( EU SFDR). It notes steady advances by financial market participants ( FMPs) in fulfilling SFDR disclosure obligations, alongside better completeness and quality of the data submitted. The outcomes echo earlier trends and also draw on input from National Competent Authorities ( NCAs). See: LNB News 09/09/2025 30. Source: the ESAs report stronger efforts by financial market participants in setting out principal adverse impacts. Commission adopts technical standards for European Green Bond external reviewers The European Commission has adopted a...
In this issue: Banking & Finance case round-up Acquisition finance Sustainable finance Real estate finance Sanctions Daily and weekly news alerts Useful information Banking & Finance case round-up Banking & Finance— August and September 2025 case round-up. For an outline of the cases we have flagged in Banking & Finance during August and September 2025, see News Analysis: Banking & Finance— August and September 2025 case round-up. Acquisition finance AFME issues European high yield and leveraged loan report for Q2 2025. The Association for Financial Markets in Europe ( AFME) has released its European High Yield and Leveraged Loan Report for Q2 2025, offering an overview of issuance patterns and credit performance across the high yield and leveraged loan markets. See: LNB News 26/09/2025 35. Source: AFME Q2 2025 European High Yield and Leveraged Loan Report. Sustainable finance GFI and Climate Bonds unveil the Global Property Linked Finance Initiative. The Green Finance Institute ( GFI) and the...
Banking & Finance— August and September 2025 case round-up LLC Eurochem North- West-2 and another company v Societe Generale S. A. and other companies [2025] EWHC 1938 ( Comm) Ralli Bros principle—‘place of performance’—on-demand bonds—sanctions The High Court examined application of the Ralli Bros principle to on-demand bonds. Under that principle, an English law governed contract is unenforceable if performance would contravene the law of the place where it must be carried out. The banks argued that EU asset-freezing provisions in EU Regulation 269/2014 prevented payments under certain on-demand bonds. On the facts, the court held the Ralli Bros principle did apply. The judgment considers what counts as the ‘place of performance’ for on-demand bonds. The claimants said Russia, relying chiefly on the rule that ‘the debtor must follow the creditor’: where no place of payment is stated, payment is due where the creditor is based. As Euro Chem...
The UK’s largest bank is deploying automated systems to spot fraud under the UK offence that came into force on 1 September 2025. Among them is Google AML AI, built with Google, which scans some 900 million transactions every month across 40 million customer accounts. Jennifer Calvery, HSBC’s group head of financial crime, told Law360 that Google AML AI and other automation help underpin the bank’s defence to the “failure to prevent fraud” offence. The legislation exposes companies to criminal action where preventative controls are judged inadequate, and major lenders such as HSBC fall within scope. The regime captures businesses meeting any two of the following three tests: More than 250 employees Turnover above £36m Assets of £18m or more HSBC's multi-tier strategy Calvery said strong leadership, staff training programmes and sharing intelligence across the industry are just as critical. Before joining HSBC, she held a...
In this issue: Lending Security Sustainable finance Debt capital markets Technology for banking lawyers Sanctions Daily and weekly news alerts Latest Q& A Useful information Lending Abcor Finance Securities Ltd v Binomia Ltd [2025] EWHC 2374 ( Ch) The Chancery Division rejected a winding-up petition brought by Abcor Finance Securities Limited (the Petitioner) against Binomia Ltd (the Company). The court found the liability underlying the petition was genuinely and substantially contested and, as a result, it dismissed the petition. The court considered submissions about the Petitioner’s stock seizure and concluded there was a tenable case that this conduct directly increased the petition debt, thereby supporting refusal of the winding-up petition. Security Companies House issues new Register of Overseas Entities Rules 2025 Companies House has issued the Register of Overseas Entities Rules 2025, outlining compulsory processes for submitting documents and filings...
EFAMA argued that distributed ledger technology ( DLT) can effectively remove current growth hurdles created by fragmentation across capital markets where shares and bonds are traded. DLT is a digital, distributed method of recording financial transactions at the same time in multiple different locations. It also lets issuers tokenise assets into transferable digital tokens and accelerates settlement by applying uniform procedures throughout the EU. Businesses participating in an EU‑wide DLT pilot are urging a shift towards a modernised, permanent legal regime, to foster competition and create a fairer level playing field with conventional finance. “ A large number of European companies from across the value chain have invested heavily in DLT and are at the forefront of the financial sector’s digital shift,” said Tanguy van de Werve, EFAMA’s director general. “ These initiatives ought to be matched at......
In this issue: Lending Sustainable finance Debt capital markets Derivatives Structured products and securitisation Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Lending DG Resources Ltd v Revenue and Customs Commissioners [2025] EWHC 2208 ( Ch) In this matter, the Chancery Division examined, among other points, whether DG Resources Ltd (the Company) had been properly served with a petition under the Insolvency ( England and Wales) Rules 2016 ( IR 2016), SI 2016/1024. Before the petition was served, Companies House issued a notice ( Regulation 6 Notice) to the Company at its registered office, Blinkbox Business Complex, stating it had reason to believe the registered office was not an ‘appropriate address’ as required by section 86 of the Companies Act 2006 ( CA 2006). As a result, on 4...
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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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