Powered by Lexis+®
Jurisdiction(s):
United Kingdom

UK banking and finance weekly: aviation finance interim payment despite sanctions risk; ISDA DRR for MiFID/MiFIR, CDS governance; FSMA 2023 commencement; EMIR 3 active accounts; Hague Judgments Convention

Published on: 15 May 2025

Published by a LexisNexis Banking & Finance expert
Legal News
imgtext
Article summary

In this issue:

  • Aviation finance
  • Derivatives
  • Regulation for banking lawyers
  • Daily and weekly news alerts
  • New and updated content
  • Useful information

Aviation finance

Celestial Aviation Trading Ireland Ltd v Volga-Dnepr Logistics BV [2025] EWHC 1156 (Comm)

The Commercial Court refused the defendant’s bid to amend an interim payment order that compelled payment of US$202m to the claimants in respect of the defendant’s liabilities under guarantees, together with £50,000 on account of their costs. The defendant instead asked to vary the order, proposing that its duty to pay would only commence once particular licences had been obtained, citing concerns about potential breaches of UK and US sanctions given that its ultimate owner is a designated person. The court concluded there was no principled justification for altering the order, noting that the sanctions ramifications were likely appreciated when the original order was granted, and that the defendant had delayed in applying for licences to permit payment. The mere possibility of a sanctions breach does not necessitate changing the order...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

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...

Read More Right Arrow

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 ...

Read More Right Arrow

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 ]...

Read More Right Arrow