Legal Practice Notes

What is a security agent? The security agent plays a pivotal role in syndicated transactions. In a syndicated loan, the security agent (often referred to as the ‘security trustee’) holds the transaction security on trust for the lenders and any other secured creditors, including hedging counterparties. Although commonly labelled a security agent, the function is not an agency role but a trusteeship. Using a trust structure to hold the transaction security offers significant benefits in syndicated lending, where the creditor group usually shifts over time as lenders transfer their loans to new lenders (see Practice Note: Introductory guide to loan transfers). The key advantages are as follows: the trust structure removes the need for security to be granted separately to each creditor, which can be costly and time‑consuming; and the security is vested in the security trustee for the benefit of the...

Relevant property The phrase 'relevant property' identifies a class of trust assets that falls within a distinct inheritance tax ( IHT) regime. As outlined in Practice Note: Introductory guide to the taxation of trusts, the IHT treatment of trust assets sits in two principal groupings: beneficial entitlement relevant property Within the 'beneficial entitlement' grouping, trust assets are charged to IHT as though the beneficiary owned them outright. They are regarded as the beneficiary’s and are included within their estate. This generally applies where the beneficiary enjoys a qualifying interest in possession ( QIIP), or holds an absolute entitlement to the trust assets. See Practice Notes: Qualifying interest in possession trusts— IHT treatment and Bare trusts— IHT. In contrast, relevant property has a separate tax existence. Once it is effectively taken out of the settlor’s estate, it is not assessed as part of any other...

The Pensions Regulator possesses a range of powers under the Pensions Act 1995 ( PA 1995) in relation to the winding up of occupational pension schemes......

Rule 33— Setting the scene This Resource Note summarises the key provisions of Rule 33 of The City Code on Takeovers and Mergers ( Code), which concerns alternative offers. It identifies relevant materials, commentary and guidance from the Panel, together with Lexis+® UK analysis and resources, to offer practical assistance on interpreting and applying Rule 33... Code and Lexis+® UK resources Practice Statements issued by the Panel Executive (the body that undertakes the day-to-day work of takeover supervision and regulation) ( Executive), giving informal guidance on how the Executive usually interprets and applies the Code Panel Statements released by the Panel ( P/ S) and Panel Instruments Public Consultation Papers ( PCP) and Response Statements ( RS) issued by the Code Committee Annual Reports published by the Panel discussing general issues ( Annual Reports) relevant Lexis+® UK...

This Practice Note offers a primer on arbitration within Thailand. Note: Thai court decisions mentioned in this Practice Note are not currently published by Lexis Nexis® UK. Arbitration in Thailand—the legislative framework The Arbitration Act 2002 ( B. E. 2545) ( AA 2002) regulates every arbitration seated in Thailand, whether domestic or international......

The Terrorism ( Protection of Premises) Act 2025 ( T( PP) A 2025) sets out fresh security obligations for qualifying premises and/or events across the UK, strengthening public safety and readiness for terrorist incidents. It obliges the ‘responsible person’ to establish public protection procedures and to take protective measures for those premises and/or events. The Act also revises disclosure rules for certain elements of licensing applications, with the aim of limiting publicly accessible information that could assist someone planning or committing terrorism. T( PP) A 2025 is anticipated to be implemented over a 24‑month transitional period (see When does T( PP) A 2025 come into force? below). Qualifying premises The Act employs a tiered framework for obligations and actions relating to qualifying premises, distinguishing between a ‘standard duty’ and an ‘enhanced duty’. Standard duty premises Premises are ‘standard duty premises’ where the following criteria are...

Winding up the trust Before bringing the trust to an end, the trustees must have settled or set aside funds for all outstanding liabilities, addressed any compliance issues, and identified the beneficiaries who are entitled to the trust assets. Winding up the trust will involve: preparing final trust accounts determining each beneficiary’s entitlement transferring legal ownership of the trust assets to the beneficiaries obtaining an appropriate release or discharge Trust accounts Beneficiaries are entitled to be kept informed about the state of the trust property, and trustees must be ready at all times to produce accounts. Copies are generally supplied, although strictly beneficiaries are entitled to inspect the original accounts and to have copies made at their own expense. Trustees must also allow a beneficiary to examine all documents connected with the trust (trust documents), but not those that would expose the reasons for the...

This Practice Note considers the events and circumstances that may bring an agency relationship to a close, and the implications of ending an agency for the parties involved. This Practice Note does not cover the consequences of bringing a commercial agency to an end; for that, see Practice Note: Termination of commercial agency. An agency may conclude by: agreement between the parties another act of the parties operation of law Termination by agreement or act of the parties The parties may end the agency by mutual consent, or either party may treat it as terminated because the other’s conduct amounts to repudiation (see Practice Notes: Termination and expiry of contracts and Repudiation of contract). Written agency agreements should specify any minimum terms and applicable notice periods, identify breaches that entitle termination, and include any particular provisions that apply after notice is served and once...

ARCHIVED: This Practice Note is archived and not maintained. Temporary non-residence conditions The pre-2013 regime applies where an individual’s temporary spell of non-residence lasts five years or fewer. As a result, those provisions ultimately lapse on 6 April 2018, when anyone who departed the UK in 2012/13 will have finished a five-year period of non-residence. Paragraph 158 of Schedule 45 to the Finance Act 2013 ( FA 2013) provides that the existing temporary non-resident provisions, as they stood immediately before the day the Act was passed, continue to apply on and after that date in any case where the year of departure (as defined in Part 4 of the Schedule) is a tax year prior to 2013–14. The pre-6 April 2013 temporary non-residence conditions are: the taxpayer meets the residence requirements for any year of assessment they did not meet those...

This Practice Note outlines: the principal corporation tax consequences when a UK‑incorporated company enters administration in the UK; and certain other tax considerations that may arise during the course of the administration Administration is a highly adaptable procedure and has become a popular means of addressing, and in many instances rescuing, insolvent businesses. It provides breathing space to enable a rescue or a restructure, or to achieve a better outcome for all creditors than would be possible on liquidation. Administration is an entirely statutory process. When reforms were introduced by the Enterprise Act 2002 ( En A 2002), inserting Schedule B1 into the Insolvency Act 1986 ( IA 1986) for administration, HMRC also brought in specific tax rules to cover certain matters, although these are not comprehensive. For fuller discussion of the administration process, see:...

This Practice Note sets out key points on granting security over assets held by charities. It gives a succinct outline of: the legal and non-legal structures that a charity may take taking security over land held by a charity negotiation and drafting points practical considerations registration and enforcement of security Structures for charities The term ‘charity’ does not describe a specific legal vehicle; rather, it is a legal status that can attach to many types of organisation. Routes for charities to grant security vary with their constitution, particularly whether they are incorporated (and so possess legal personality) or unincorporated. If you are uncertain about a charity’s structure, a search of the Register of Charities on the Charity Commission website should confirm its legal form. You can also check if a charity is a charitable company listed at Companies House by looking up the charity’s name on the Companies...

1. What is the applicable legislation? At present, Switzerland has no overarching law that either bans or mandates systematic screening of foreign investments on national interest grounds across all industries. Nevertheless, certain statutes specifically govern foreign investment in defined sectors: the Swiss Federal Act on the Acquisition of Immovable Property in Switzerland by Foreign Non- Residents (the Lex Koller), which regulates the acquisition of immovable property in Switzerland by foreign nationals, companies domiciled abroad, and Swiss-domiciled companies under foreign control the Swiss Federal Banking Act (the Federal Banking Act) and the Federal Act on Financial Institutions the Swiss Federal Act on Telecommunications (the Telecommunications Act, TCA) and the Federal Ordinance on Telecommunication Services ( OTS) the Swiss Federal Nuclear Energy Act the Swiss Federal Act on Radio and Television the Swiss Federal Aviation Act and the Swiss Federal...

Revised on 1 June 2021, the Swiss Rules of International Arbitration ( Swiss Rules) apply—unless the parties agree otherwise—to all arbitrations started on or after 1 June 2021 where the arbitration agreement refers to the Swiss Rules, or to the earlier rules of chambers or bodies that have joined or placed their proceedings under the Swiss Rules. This Practice Note reviews the arbitral tribunal’s powers under the Swiss Rules. For commentary on the 2012 Swiss Rules, see Swiss Rules arbitration—overview. Under the Swiss Rules, tribunals enjoy extensive authority and discretion across the conduct of the case. In principle, the tribunal may manage the arbitration as it considers appropriate, while safeguarding equal treatment of the parties and their right to be heard ( Swiss Rules, art 19.1). This expressly encompasses steps to enhance procedural...

The Swiss Rules of International Arbitration, updated on 1 June 2021 (the Swiss Rules), apply—unless the parties agree otherwise—to any arbitration begun on or after 1 June 2021 under an arbitration agreement referring either to the Swiss Rules or to the prior rules of chambers or organisations that joined the Swiss Rules or brought their proceedings within them. This Practice Note examines the appointment of the arbitral tribunal under the Swiss Rules. The provisions regulating constitution of the tribunal are, for the most part, consistent with those in most other widely used arbitration rules, though there are a handful of particularities. For guidance on the 2012 Swiss Rules, see: Swiss Rules arbitration—overview. This note highlights similarities and specific features when constituting tribunals, within the context of these Swiss Rules and notes areas of...

As formally updated on 1 June 2021, the Swiss Rules of International Arbitration (the Swiss Rules) govern—save where the parties expressly stipulate otherwise—any arbitration proceedings begun on or after 1 June 2021 under an arbitration agreement that expressly refers either to the Swiss Rules or to the prior rules of the chambers or organisations that joined the Swiss Rules or placed their respective proceedings under the Swiss Rules. This Practice Note addresses matters relating to evidence under the Swiss Rules. For guidance on the 2012 Swiss Rules, see: Swiss Rules arbitration—overview. General remarks Under the Swiss Rules, the arbitral tribunal establishes the facts of the dispute principally through documentary, witness testimony, and expert evidence submitted by the parties ( Swiss Rules, art 26.1). In addition, at any point during the arbitration, the tribunal may require the parties to produce further documents, exhibits, or other...

Subject to contract If a party who has reached a provisional deal wants to make plain that no binding agreement will arise until a formal contract is exchanged, they should expressly state that the arrangement is subject to contract. The safest and most common practice is to place those words prominently on all correspondence connected with the matter, so the position is obvious at every stage and plainly understood. This remains advisable even though section 2 of the Law of Property ( Miscellaneous Provisions) Act 1989 requires particular formalities before a valid contract for the sale of land, or any interest in land, can be created. A further advantage is that estoppel is most unlikely to be established to enforce an agreement where the claimant and defendant are negotiating on a subject to contract or without prejudice basis, or have only made an oral...

At present, working in an in‑house legal team feels very much like wading in choppy waters: a sudden surge of change can almost sweep you off your feet and, before you’ve steadied yourself and found your footing again, another swell is already breaking over you. This Practice Note aims to highlight what you are currently doing that both strengthens—or, at times, undermines—your personal resilience amid these surges, and it also sets out a range of practical pointers for handling continual, ongoing change. This Practice Note covers: What is personal resilience? Addressing the roots of resilience Why does everyone else seem to be coping? A scientific perspective Understanding 'learned helplessness' Additional sources of support What is personal resilience? Psychological resilience is commonly described as an individual’s capacity to adapt appropriately to pressure and adversity. Stress and adversity may present...

At 11pm on 31 December 2020, the transition/implementation phase that followed the UK’s departure from the EU concluded—referred to in UK legislation as ‘ IP completion day’. For practical guidance on Brexit’s implications, consult Practice Note: Family proceedings with EU connections—toolkit. The court has an autonomous role and duty to examine and determine whether it possesses jurisdiction. This Practice Note outlines the procedure, requirements and criteria for staying proceedings where there are parallel proceedings in another jurisdiction under the Domicile and Matrimonial Proceedings Act 1973 ( DMPA 1973). See also the Practice Notes: Staying proceedings under the inherent jurisdiction and Staying concurrent EU proceedings (where transitional provisions apply)......

This Practice Note has been prepared in collaboration with Ms Koh Swee Yen, Senior Counsel and Partner, Mr Joel Quek, Partner, Ms Magdalene Ong, Partner, Ms Divya Harchandani, Foreign Lawyer, and Ms Thea Elyssa Vega, Foreign Lawyer, all from Wong Partnership LLP, Singapore. The seventh edition of the SIAC Rules took effect on 1 January 2025 and can be accessed here. This note addresses how to initiate arbitration under the Arbitration Rules of the Singapore International Arbitration Centre ( SIAC) (7th edition) 2025 (the 2025 SIAC Rules). Please note that Singapore judgments mentioned in this Practice Note are not reported by Lexis Nexis® UK. Prior to commencing an arbitration Before beginning an arbitration, there must be a ‘dispute’ that is capable of referral to arbitration. At the outset, assess whether an arbitration agreement exists and whether there is a ‘dispute’ that may properly be...

Practice Note This Practice Note outlines the reforms to the regime for regulating standards of conduct that took effect on 1 July 2012 under the Localism Act 2011 ( LA 2011). It relates solely to the law in England; note that different provisions apply in Wales. It covers: Disclosable Pecuniary Interests ( DPI) the obligation to adopt a code of conduct and an Independent Person the process for handling complaints the sanctions available for breach of the code The public are entitled to expect high standards of conduct from their elected members. Before 1 July 2012, local authority ( LA) members were required to comply with the ethical standards framework in Part III of the Local Government Act 2000 ( LGA 2000), which drew on recommendations in the Third Report of Lord Nolan’s Committee on Standards in Public Life ( CSPL). LA 2011...