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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 Sole traders, informal partnerships and outdated partnership deeds are common.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: Company incorporation and constitution Directors and company secretaries Corporate governance Accounts and reports Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Company incorporation and constitution Independent Expert Panel publishes report on corporate re-domiciliation The Independent Expert Panel on Corporate Re-domiciliation ( Panel) issued its report on 1 October 2024. Established by the Department for Business and Trade in December 2023, the Panel was tasked with crafting proposals to revise the legal framework so companies incorporated overseas could move to the UK while keeping the same legal personality. The report backs a two-way re-domiciliation regime, permitting entities registered outside the UK to become UK companies, and allowing UK companies to re-domicile abroad. It sets out features of the regime, including organisational eligibility, required information for re-domiciliation, and the application pathway. The government welcomes the report and plans to consult on the regime’s design in due...
In this issue: Corporate governance Accounts and reports Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance Investment Association publishes new Principles of Remuneration The Investment Association ( IA) has issued an updated version of its Principles of Remuneration (the Updated Principles), setting out IA members’ views on the broadly recognised approach to executive pay at most companies. The release follows a review intended to ensure the Principles back a competitive pay environment whilst aligning with the wider expectations of investment managers and their clients. To mirror shifting market practice and investor expectations, the Updated Principles have been simplified. See: LNB News 09/10/2024 26. Accounts and reports Reporting on Payment Practices and Performance ( Amendment) ( No 2) Regulations 2024 SI 2024/ Draft: This draft replaces the version...
In this issue: Accounts and reports Corporate governance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Accounts and reports Retained EU Law ( Revocation and Reform) Act 2023 ( Commencement No 2 and Saving Provisions) ( Revocation) Regulations 2024 SI 2024/976: Made to annul the Retained EU Law ( Revocation and Reform) Act 2023 ( Commencement No 2 and Saving Provisions) Regulations 2024, SI 2024/714 (the Commencement Regulations), thereby rescinding their effect. The Commencement Regulations were to activate section 6 of the Retained EU Law ( Revocation and Reform) Act 2023 ( REUL( RR) A 2023) on 1 October 2024. Section 6 of REUL( RR) A 2023 concerns how retained EU law is construed and operates, that is, its interpretation and effect. Made in the exercise of...
In this issue: Accounts and reports Equity capital markets Environmental, social and governance issues Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Accounts and reports New measures to tackle corporate late payments announced The Department for Business and Trade ( DBT) has unveiled a suite of actions aimed at helping small firms by tackling the impact of late payments. Key among these is a new Fair Payment Code, which will supersede the Prompt Payment Code and require signatories to demonstrate strong payment practices. A public consultation will also open in the coming months to explore further policy options and legislation to curb poor business payment behaviour, including suggestions relating to audit and audit committees. Enforcement of the existing Reporting on Payment Practices and Performance Regulations 2017, SI 2017/395, will be...
In this issue: Company, disclosures, records and registers Takeovers of public companies Equity capital market updates News alerts: daily and weekly Key dates for your diary Trackers Useful information Company, disclosures, records and registers Companies House outlines new registration requirements for ACSPs Companies House has issued a blog post that sets out the new registration requirements for authorised corporate service providers ( ACSPs). Established by the Economic Crime and Corporate Transparency Act 2023, ACSPs form part of a more robust framework designed to verify the identity of those submitting filings to Companies House on a company's behalf. The category will span third-party agents, such as solicitors' practices and company formation agents, and they will need to be registered with Companies House before making any submissions. The underlying purpose of mandating registration is to ensure Companies House can clearly and...
In this issue: Brexit Directors Accounts and reports Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit Denied boarding, and Brexit rules of engagement ( Lipton v BA City Flyer Ltd) Public Law analysis: Considering Lipton v BA City Flyer Ltd [2024] UKSC 24, the Supreme Court delivered clarification on construing Regulation ( EC) 261/2004 (commonly—though not by that court—termed the ‘ Denied Boarding Regulation’) and, in doing so, produced a practical roadmap for practitioners tackling Eurolaw that straddles the Brexit transition. Consequently, the ruling matters not only to those in aviation but to all lawyers contending with legislation sourced from the EC. Authored by Sarah Prager KC, barrister, Deka Chambers. See News Analysis: Denied boarding, and Brexit rules of engagement ( Lipton v BA City Flyer Ltd). It offers...
In this issue: Daily and weekly news alerts Dates for your diary Trackers New and updated content Useful information Daily and weekly news alerts Did you know you can configure your own alerts to receive all of our news stories on a daily or on a weekly basis? Open ‘ Create Alert’ in your ‘ Alerts’ tab, then simply update your personal settings to subscribe for all regular updates by selecting, from the menu, the relevant options: Select Practice Area, Select Topic/ RSS, Content Options, and Delivery Options......
In this issue Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Equity capital markets Key points from UK prospectus regime reform consultation On 26 July 2024, the Financial Conduct Authority ( FCA) released a consultation paper outlining reforms to the UK prospectus regime. The proposals have notable consequences for initial public offerings and secondary equity issuances where securities are intended to be admitted to trading on a UK regulated market, such as the London Stock Exchange ( LSE) main market, or a UK multilateral trading facility ( MTF), such as AIM. Written by Vanessa Blackmore, partner, Ben Perry, partner, and Matthew Triggs, practice area associate, at Sullivan & Cromwell LLP. See News Analysis: Key points from UK prospectus regime reform...
The planned reforms aim to strengthen the appeal of the UK’s capital markets. They carry notable consequences for IPOs and secondary equity raises where securities will be admitted to trading on a UK regulated market, such as the LSE’s Main Market, or on a UK multilateral trading facility ( MTF), such as AIM. Market rulebooks set the eligibility thresholds, admission conditions and ongoing duties once on a primary MTF, and for issuers of debt securities on a UK regulated market. Background The consultation follows the adoption earlier this year of the Public Offers and Admission to Trading Regulations, which created the framework for the planned overhaul of the UK prospectus regime. In particular, it is proposed that: offering securities to the public will be barred unless an exemption applies, with a key exemption where the offer is conditional on the securities being admitted to trading on a...
In this issue: Public company takeovers Members Partnerships Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q& A Useful information Public company takeovers Takeover Panel increases PTM levy rate The Takeover Panel has confirmed a rise in the PTM levy to 150p (from 100p) per contract on transactions over £10,000, taking effect on 2 December 2024. The levy, one of the Panel’s two principal revenue streams, has remained unchanged since 2002. The uplift is intended to remedy funding shortfalls caused by lower market activity and inflation, and aligns with a 120% increase in RPI and an 80% increase in CPI since it was last raised. See: LNB News 15/08/2024 16. Members Fulstow v Francis In Fulstow v Francis [2024] EWHC 2122 ( Ch), the Chancery Division rejected the claimants’ case concerning shares in Capital Land, a...
In this issue: Corporate governance Accounts and reports Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance Companies House publishes Business Plan for 2024–2025 Companies House has set out its business plan for 2024 to 2025, spanning April 2024 through to March 2025. The plan sets out Companies House’s strategic aims, principal activities, performance targets, and financial projections. See: LNB News 12/08/2024 18. FRC releases assessment of Wates Principles reportings The Financial Reporting Council ( FRC) has released its second review of reports from large private companies that report against the Wates Corporate Governance Principles ( Wates Principles). See: LNB News 12/08/2024 30. Accounts and reports FRC launches discussion paper on future of digital reporting in the UK Acting within a cross‑regulatory group, the Financial Reporting Council ( FRC) has issued an...
In this issue: Corporate governance Private equity Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC launches consultation on revisions to Going Concern guidance The Financial Reporting Council ( FRC) has opened a consultation on updates to its guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks. When finalised, the new guidance will replace the version issued in 2016. The draft aims to support companies in producing high-quality, company-specific disclosures on their going concern conclusions and the rationale behind them. The guidance will be non-mandatory, intended as a practical and proportionate aid for all UK companies within scope. The consultation closes on 28 October 2024, and the FRC expects to publish the final guidance in early 2025. See: LNB News...
In this issue: Equity capital markets Corporate governance Public company takeovers ( Offers) Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Equity capital markets FCA publishes consultations and policy statement aimed at capital markets reform The Financial Conduct Authority ( FCA) has unveiled a suite of measures intended to reinforce the UK’s capital markets. These include: a consultation on proposed rules to create the new Public Offers and Admissions to Trading Regime ( POATRs), which will replace the current UK Prospectus Regulation; a consultation setting out proposals for a new activity of operating a public offer platform; and a consultation on derivatives trading obligations designed to improve secondary market regulation, cut systemic risk and minimise disruption for firms. The package also contains policy statement PS24/9, Payment...
What does the Market Standards Trend Report cover? The Market Standards Trend Report delivers a detailed review of the 29 firm offers, 32 possible offers, and 8 notices of formal sale processes and/or strategic reviews announced by Main Market and AIM companies subject to the Takeover Code in H1 2024. It offers insight into public M& A patterns and what we, together with leading experts from Addleshaw Goddard, Ashurst, Bird & Bird, Gibson Dunn, Hogan Lovells, Linklaters, Macfarlanes, Paul Weiss and White & Case, expect to unfold in H2 2024 and beyond. Topics covered include: outlook for H2 2024 deal value and deal volume deal structure unrecommended and competing offers public to private ( P2P) transactions bidder jurisdiction industry nature of consideration and bid financing irrevocable undertakings possible offers, formal sale processes and...
In this issue: Members Corporate governance Directors Restructuring and insolvency for corporate lawyers Market Standards Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Members Khawaja v Stefanova [2024] EWHC 1858 ( Ch). In proceedings about a company’s ownership, the Chancery Division of the High Court declined the petitioner’s bid for summary judgment on alleged unfair prejudice. On the evidence, four of the five points raised were not apt for summary determination. As to the remaining point, given that most matters would proceed to trial, the court considered it inappropriate to decide that issue at this juncture. See: LNB News 19/07/2024 53. Corporate governance FRC announces updates to the UK Stewardship Code. The Financial Reporting Council has set out changes to the Code’s application process and...
In this issue: King's Speech 2024 Share capital Equity capital markets Financial services regulation for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information King's Speech 2024 King's Speech 2024— Key themes and proposals At the State Opening of Parliament on 17 July 2024, His Majesty King Charles III set out the government’s priorities and policy plans for the next parliamentary session. The programme contains 40 legislative proposals scheduled for consideration during 2024–2025. In his remarks, the King confirmed the government’s legislative programme would be mission-led and anchored in the principles of security, fairness and opportunity for all. See: LNB News 17/07/2024 113. King's Speech 2024— Corporate At the same State Opening on 17 July 2024, His Majesty outlined the government’s priorities and proposed policies for the coming session. The King’s...
In this issue: Equity Capital Markets Environmental, social and governance issues Brexit Members Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Equity Capital Markets FCA publishes final reforms to listing regime in new UK Listing Rules sourcebook Corporate analysis: This piece outlines the principal features of the Financial Conduct Authority’s ( FCA) reforms to the UK listing framework, issued on 11 July 2024 within the new UK Listing Rules sourcebook, and due to take effect on 29 July 2024. The package arises from recommendations in the UK Listing Review report published in March 2021. See News Analysis: FCA publishes final reforms to listing regime in new UK Listing Rules sourcebook. FCA overhauls listing rules to increase opportunities within UK stock markets The FCA has unveiled the UK Listing Rules ( UKLR),...
What is the background? In November 2020, the government ordered an external review of the UK listing regime to bolster the UK as a venue for IPOs and to improve capital-raising processes for companies on UK markets, with a clear focus on making listings more attractive and efficient for issuers. The UK Listing Review Report appeared in March 2021, setting out numerous detailed recommendations for the FCA and the government, triggering a suite of consultations on the listing regime and commencing reforms to the prospectus regime. The FCA’s detailed plans for a major overhaul of the listing regime were presented in consultation paper CP23/31 in December 2023. On 11 July 2024, the FCA confirmed the final shape of the restructured regime in Policy Statement PS24/6 and issued the new UK Listing Rules Sourcebook, which will replace the Listing Rules on Monday 29 July 2024. The end...
In this issue: Public company takeovers Members Directors Restructuring and insolvency for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers New Q& As Useful information Public company takeovers Re Network International Holdings Plc In Re Network International Holdings Plc [2024] All ER ( D) 147 ( Mar), the Chancery Division permitted an extension to the long-stop date for a recommended acquisition of the whole of the issued and to-be-issued share capital of Network International Holdings plc (the Company), to be effected by a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The Company, acting as applicant, sought an order approving the time extension and postponing the hearing for sanction of the scheme to a date yet to be fixed. The court concluded it had...
In this issue: Environmental, social and governance Equity capital markets Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q& A Useful information Environmental, social and governance ISSB publishes feedback statement on its Consultation on Agenda Priorities for 2024—2026 The International Sustainability Standards Board ( ISSB) has released a feedback statement following its May 2023 ‘ Request for Information’ on agenda priorities. That request invited views on the ISSB’s work priorities for the coming two years. The feedback statement summarises respondents’ input and sets out the ISSB’s 2024—2026 work plan. In line with the feedback received, the ISSB will give strong priority to supporting implementation of IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures. A slightly lower degree of attention will be directed towards...
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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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