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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 Sole traders, informal partnerships and outdated partnership deeds are common.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: Economic Crime and Corporate Transparency Act Environmental, social and governance issues Partnerships; Limited liability partnerships ( LLPs) Corporate crime for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Economic Crime and Corporate Transparency Act Companies House sets go-live dates for three ECCTA 2023 measures Companies House has presented a refreshed transition plan for the Economic Crime and Corporate Transparency Act 2023 ( ECCTA), which obtained Royal Assent on 26 October 2023, and issued the most recent framework update on 21 January 2025. The update pinpoints commencement timings for three areas: rolling back the use of home addresses as registered offices, new support to register Authorised Corporate Service Providers ( ACSPs), and a voluntary route for individuals to confirm their identity. See: LNB News 22/01/2025 13. Environmental, social and governance issues FRC issues review of CFDs by AIM and large private...
The Listing Act Embedded within the wider Capital Markets Union initiative launched in 2015, the Listing Act marks a pivotal step in the modernisation of European financial markets. It seeks to ease access to EU capital markets, particularly for small and medium-sized enterprises, or SMEs, by cutting bureaucratic and economic hurdles, increasing flexibility in company law for controlling shareholders, and optimising selected elements of capital markets regulation. Together, these actions are designed to build a more uniform, transparent and competitive landscape across Member States, thereby narrowing disparities and promoting economic growth. Regulation ( EU) 2024/2809, the Listing Act Regulation, which amends the Prospectus Regulation, the Market Abuse Regulation, and the Markets in Financial Instruments Regulation Directive ( EU) 2024/2811, amending the Markets in Financial Instruments Directive II, or Mi Fi D II, and repealing Directive 2001/34/ EC on the admission of securities to...
In this issue: Corporate governance Environmental, social and governance issues Equity capital markets Prospectus Regulation Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q& As Useful information Corporate governance ISS Governance unveils 2025 Proxy Voting Guidelines for the UK and Ireland ISS Governance has released its 2025 Proxy Voting Guidelines for the UK and Ireland, applicable to shareholder meetings convened on or after 1 February 2025. The guidelines fold in the benchmark policy updates that ISS Governance announced and published on 17 December 2024. See: LNB News 14/01/2025 39. Environmental, social and governance issues Home Office responds to House of Lords Committee Report on Modern Slavery Act 2015 The Home Office has issued its response to the House of Lords Modern Slavery Act 2015 Committee report, outlining proposals for...
In this issue: Economic Crime and Corporate Transparency Act 2023 Equity capital markets Private M& A (share purchase) Corporate governance— EU Members Company restoration Daily and weekly news alerts Dates for your diary Trackers Useful information New Q& As Economic Crime and Corporate Transparency Act 2023 Companies and Limited Liability Partnerships ( Protection and Disclosure of Information and Consequential Amendments) Regulations 2024 SI 2024/1377: These Regulations update LLP company law to reflect recent changes under the Economic Crime and Corporate Transparency Act 2023 and expand the scenarios in which a person’s residential address can be withheld from the company register, covering former registered office addresses, while maintaining corporate openness and aligning LLP provisions. They commence on 27 January 2025. See: LNB News 07/11/2024 27. Equity capital markets The Financial Conduct Authority has released Policy Statement PS24/19:...
In this issue Equity capital markets Accounts and records Corporate governance Environmental, social and governance issues Daily and weekly news alerts Dates for your diary Trackers Useful information Corporate Highlights 2024/2025 Equity capital markets PISCES: FCA consults on framework for regulated trading platform for private company shares The Financial Conduct Authority ( FCA) has issued consultation paper CP24/29 inviting views on a draft regulatory regime for the Private Intermittent Securities and Capital Exchange System ( PISCES), a new platform intended to enable periodic trading of private company shares via market infrastructure. Comments close on 17 February 2025. HM Treasury plans to lay a statutory instrument before Parliament by May 2025 to establish the legal basis for the PISCES Sandbox, and the FCA expects to publish its final rules soon afterwards. See: LNB News 17/12/2024 49. Listing Regime: FCA publishes Primary Market Bulletin 53 with associated consultation and finalised guidance The FCA has released Primary Market...
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...
Market Standards Trend Report— AGM Season 2024 Lexis+® UK Practical Guidance and Market Standards review voting behaviour seen across the annual general meetings ( AGMs) of FTSE 350 companies as the 2024 AGM season draws to a close. We also assess the issues companies must consider as they look ahead to the 2025 season......
In this issue: Directors and company secretaries Corporate governance Accounts and reports Private M& A Competition law New and updated content Daily and weekly news alerts Dates for your diary Trackers Useful information Directors and company secretaries High Court clarifies position of sole directors under Model Articles and the interaction between UK sanctions regulations and in-court appointment of administrators ( Re KRF Services ( UK) Ltd) In Re KRF Services ( UK) Ltd [2024] EWHC 2978 ( Ch), the High Court considered two significant matters in UK company law and sanctions policy. First, it settled the status of sole directors under the Model Articles for private limited companies. The court held that a sole director may validly adopt board resolutions and bind the company, whether they have always acted alone or became sole following a previously multi-member board. This construction addresses the inconsistency between Article 7(2) and Article 11(2) of the Model Articles, with the court giving...
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: Corporate governance Economic crime and corporate transparency Equity capital markets Members Partnerships Mergers and Acquisitions Competition law Tax for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance Ireland’s Department of Enterprise, Trade and Employment ( DETE) has brought the Companies ( Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 into effect from 3 December 2024. The legislation makes substantial revisions to the Companies Act 2014, with 64 of its 90 sections operative straightaway. Headline reforms allow virtual and hybrid general meetings, add further bases for involuntary company strike-off, create offences for hindering the Corporate Enforcement Authority, and widen the remit of regulatory bodies. The objective is to bolster corporate governance, simplify procedures and reinforce...
In this issue: Corporate governance Equity capital markets Environmental, social and governance issues Companies House Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC publishes 2024 Annual Review of Corporate Governance Reporting The Financial Reporting Council ( FRC) has issued its 2024 Annual Review of Corporate Governance Reporting, highlighting strong practice and pinpointing areas to enhance. The review offers timely insights as companies ready themselves for the revised UK Corporate Governance Code, effective January 2025. Although overall standards remain high, the FRC calls for more outcomes-led disclosures and clearer reporting on risk management and internal control frameworks. See: LNB News 26/11/2024 21. Equity capital markets Pre- Emption Group reports increased adoption of enhanced capital raising flexibility by UK companies The Pre- Emption Group has published its second annual...
Backrgound Letter One forms part of one of Europe’s largest investment groups, whose portfolio features the Holland & Barratt health and well-being products retail chain. It was established and is owned by Russian oligarchs. In January 2021, Letter One bought Fibre One for £100m, and renamed it Upp. In December 2022, the then Secretary of State for Business, Energy and Industry, Grant Shapps, instructed One Letter to sell Upp. It was sold to Virgin Media O2 for under £144m, which Letter One said it had already invested by then......
In this issue: Equity capital markets Corporate governance Environmental, social and governance issues Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity capital markets FCA publishes Primary Market Bulletin 52 The Financial Conduct Authority ( FCA) has released Primary Market Bulletin 52. It addresses how issuers determine and disclose inside information under the UK Market Abuse Regulation ( MAR), the way issuers share information during shareholder meetings and calls, and the release of regulatory announcements when Primary Information Provider services are disrupted. See: LNB News 15/11/2024 45... HMT publishes consultation response and draft legislation for PISCES HM Treasury has issued its reply to the consultation on the Private Intermittent Securities and Capital Exchange System ( PISCES), a proposed venue for trading private company shares within the government’s plan to...
In this issue: Corporate governance Environmental, social and governance issues Partnerships Public company takeovers Tax for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC opens consultation on revisions to UK Stewardship Code The Financial Reporting Council ( FRC) has opened a consultation on revisions to the UK Stewardship Code (the Code). The changes are designed to support economic growth and investment, enhance openness for British investors, savers and pensioners, and simplify reporting requirements. The consultation runs until 19 February 2025. The FRC plans to issue the revised Code in late 2025, with adoption and the initial reporting round set for 2026. See: LNB News 11/11/2024 28. Environmental, social and governance issues IFRS issues progress update on corporate...
Background and context On 30 October, alongside the Autumn 2024 Budget, the incoming Labour administration unveiled a Corporate Tax Roadmap ( Roadmap), outlining how it intends to shape the UK corporate tax landscape across the parliamentary term (up to five years). Commentary has focused on the breadth of the Autumn Budget measures — notable rises in taxation, borrowing and expenditure pledges — and the Roadmap should be viewed against that backdrop. Ministers have likewise stated a desire to lift private sector investment in the UK to support economic expansion. The Roadmap’s declared aim is to deliver stability, certainty and predictability within corporate taxation, thereby giving businesses the confidence to commit to long-term investments the government sees as vital to its growth plan. It covers core elements of corporation tax — rates, the tax base and principal allowances — alongside strategic direction and...
In this issue: Economic Crime and Corporate Transparency Takeovers of public companies Corporate governance— Environmental, Social and Governance ( ESG) matters Directors and company secretaries Lex Talk®Corporate: a Lexis®Nexis community Daily and weekly news alerts Newly added and refreshed content Dates for your diary Trackers Useful information Economic Crime and Corporate Transparency The Economic Crime and Corporate Transparency Act 2023 ( Commencement No 3) Regulations 2024 These are the third set of commencement regulations made under the Economic Crime and Corporate Transparency Act 2023. Regulation 2 switches on, in full, the civil recovery of cryptoassets measures—already in force in England and Wales and in Northern Ireland, but only partly in effect in Scotland—from 7 November 2024. Regulation 3 fully commences, across the whole United Kingdom, the new offence of failing to prevent fraud on 1...
In this issue: Tax for corporate lawyers Corporate governance Economic Crime and Corporate Transparency Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Tax for corporate lawyers Autumn Budget— Tax analysis Tax analysis: An overview of the principal business tax measures unveiled in the Autumn Budget on 30 October 2024. Headline changes comprise a higher rate of employer National Insurance contributions ( NICs) alongside a reduced secondary threshold, an uplift to the capital gains tax ( CGT) rate on carried interest with a revamped carried interest regime from 2026, and publication of the Corporate Tax Roadmap confirming, among other points, that the corporation tax rate will be capped at 25% for the life of the current Parliament. Further measures include increased higher rates of stamp duty land tax ( SDLT), and higher CGT...
ESG context and glossary Regulators, investors, employees, other stakeholders, and society more broadly are propelling companies to engage with their ESG ( Environmental, Social, Governance) agenda. In recent years there has been a clear cultural shift towards a worldwide community with a heightened social and environmental conscience. Domestic and international laws, rules, policies, politics, and broad commercial pressures together place both explicit and implicit expectations on companies to get their ESG strategy right. Responsible organisations will recognise the notion of ‘greenwashing’: the practice of making false or overstated assertions about a company’s environmental credentials and the sustainability of its products, services and environmental impact, so as to seem more environmentally aware and less harmful to the planet. Yet corporate and consumer ethics now reach beyond the ‘ E’. They also reflect a call for openness, integrity, and for modern commerce to be enlisted as a driver of...
In this issue: Company, disclosures, records and registers Environmental, social and governance issues Accounts and reports Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company, disclosures, records and registers Companies House publishes transition plan on ECCTA 2023 Companies House has released a transition roadmap setting out when key statutory measures under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) will take effect. The reforms are designed to reshape the registrar’s role and strengthen openness across UK companies and other legal entities. The programme began on 4 March 2024, with certain elements already in force, and is expected to conclude in full by the end of 2026. See: LNB News 17/10/2024 65......
Market Standards Trend Report— Trends in UK public M& A in Q3 2024 Background and approach Market Standards has undertaken analysis to explore prevailing trends in relation to UK public M& A. The findings are drawn from the Market Standards transaction data analysis tool, which enables users to access, analyse and compare the particular characteristics of numerous corporate transactions. This serves as an update to our Public M& A deals H1 2024— UK— Market Standards Trend Report, where we reviewed firm and possible offers announced during the first half of 2024. For the purposes of this update, our assessment covers the period from 1 July 2024 to 30 September 2024 ( Q3 2024). Although comparisons have been undertaken with the prior quarter in 2024 (1 April 2024 to 30 June 2024) and with the equivalent period in 2023 (1 July 2023 to 30...
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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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