Whilst the UAE Government has launched economic stimulus packages to minimize the disruption, the financial and social cost of the virus will be felt for many months, if not years, to come. In light of this severe economic disruption, companies of a...
In light of the recent market events, the trading prices of many loans have fallen dramatically. As a result, companies (or their private equity sponsors) may consider utilising the debt buy-back mechanics in their credit agreements. A debt buy-back...
In Re Saint Benedict's Land Trust ...
On 20th April, the UK Government announced a £500m “Future Fund”, as part of its package of measures to support businesses in response to the coronavirus. What is the Future Fund? The Future Fund is being set up with the aim ...
Hong Kong banks have been asked to provide small and mid-sized businesses with a 6 month repayment holiday. Who is eligible and what will the relief cover? COVID-19 is affecting valuations, disrupting cash-flows and causing financial distress for ma...
Coronavirus and the related restrictive measures directly affect not only insolvency proceedings that are already in progress, but can also cause or accelerate financial problems that will lead to bankruptcy and subsequent beginning of insolvency pr...
State recapitalisation aid to companies in the Covid 19 crisis 1. Overview | within a very short time, the German legislator passed a law to establish an Economic Stabilization Fund (ESF) | the aim is to stabilize the companies in the real economy a...
Changes to the insolvency, civil and criminal procedural law The German Federal Government is currently planning various support measures for entrepreneurs, sole traders, other small, medium and large companies and credit institutions to mitigate t...
New LIBOR transition publications On 16 January 2020, the Bank of England, Financial Conduct Authority and Working Group on Sterling Risk-Free Reference Rates published a set of documents outlining priorities and milestones for sterling LIBOR transi...
Key Points • The self-dealing rule does not extend to a sale by a receiver to a party in which the mortgagee has an interest. • Although the duties of a receiver and a mortgagee are similar as to the Property, a receiver, unlike a mortgage...
The Singapore office of global legal practice Eversheds Sutherland today announced the appointment of Gerard Ng as a partner in the Banking and Financial Services Practice group. With over 20 years of experience, Gerard is a specialist in len...
Key Points A disposition by a receiver, whether appointed by the court or under a fixed charge, is not a disposition by a mortgagor for the purposes of s284 Insolvency Act 1986 (“IA”). The wider implications of the decision may be to lim...
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Legal background Often, under a contract, one party will have a right to exercise discretion - the contract will give the party the right to take a decision that affects the rights of both parties. In real estate finance an obvious example of this i...
Overview The Securitisation Regulation (Regulation) comes into force on 1 January 2019, establishes a general framework for securitisation and creates a specific framework for simple, transparent and standardised securitisation. The Regulation is a ...
A recent High Court judgment provides a reminder of the rules governing the priority of security interests in an insolvency scenario, and also illustrates some of the potential pitfalls of purchasing apartments off-plan (Williams & Anor v Broado...
The idea of shifting transactions into the digital space dates back to the beginnings of computer science. The development of blockchain technology has uncovered new possibilities for regulating contractual relationships. Parties to a contract now ...
Key points: • In a judgment supportive of the rescue culture in English insolvency, the court has reaffirmed its flexible approach to the application of insolvency provisions and willingness to look at the practical effect of transactions in re...
Companies trade in an increasingly global market. Despite this, the process of taking security in support of financial obligations remains essentially a question of the national law in the country where the assets over which security is granted are ...
Companies trade in an increasingly global market. Despite this, the process of taking security in support of financial obligations remains essentially a question of the national law in the country where the assets over which security is granted are ...
On 25 October 2017, the Hong Kong Monetary Authority (“HKMA”) published the Whitepaper 2.0 (“Whitepaper 2.0”) on Distributed Ledger Technology (“DLT”). This Whitepaper 2.0 provides practical advice on over 20 gove...
The position of banks being served with a Mareva injunction order has been clarified in Hong Kong. In the recent case of Grasberg Capital Asia Limited v Bank of Communications Limited (HCA 2016/784)*, the Court considered the question of whether a b...
On 28 July 2017 the Legislative Decree transposing Directive 2014/65/EU on markets in financial instruments (MiFID II) and Regulation (EU) 600/2014 (MiFIR) in Italy (the “Decree”) has been finally approved.The Decree amends and integrate...
Digital currency has been arousing a lot of interest for some time. In public administration circles - at least officially – so far, it has not been discussed very much. A few days ago though, the situation has changed. The National Bank of Po...
Introduction Financial services firms’ corporate governance and risk cultures is a ‘hot’ topic with financial regulators globally. Regulators have noted that serious corporate governance and conduct failings of financial services f...
The case of So Sau Lai Connie v DBS Bank (Hong Kong) Ltd [2017] HKEC 29 is a typical letter of credit fraud case. This case illustrates whether certain “red flags” may constitute discrepant presentation or a fraud indication. Background ...
We are pleased to present to you our brochure which reviews the changes in the Polish law that we believe will have a major impact on business in Poland in 2017.
On 3 June 2016, the Supreme Court ruled that a valid right of pledge can be established on goods that are delivered subject to retention of title (of ownership). If the buyer is declared bankrupt, the conditional ownership can become an uncondition...
Pursuant to Article 3:246 paragraph 1 of the Dutch Civil Code (DCC) pledgees have the power to enforce their right of pledge on receivables by claiming (direct) payment of the receivable. This power also includes the right to enforce rights o...
Generally speaking, where a contract sets down requirements for the service of notices under it, parties should comply with these strictly. A notice that fails to comply will be invalid. This has been established in a number of cases including the...
In two recent judgments, both rendered on 16 October 2015 (which can be found here and here) the Supreme Court ruled on the sustainability of a legal construct often used by banks called the equity surplus-arrangement. A variant of the...
Introduction The coronavirus has forced antitrust authorities both at EU and national level to adopt an exceptional approach on competition rules. At an EU level, on 8 April the European Commission approved specific guidance to guide companies in t...
On 30 April 2020, the Competition and Markets Authority (“CMA”) released a statement on consumer protection law in relation to cancellations and refund complaints. The coronavirus outbreak has seen a significant increase in consum...
Introducing Hong Kong’s four-step fining framework… On 29 April 2020, Justice Godfrey Lam, President of the Competition Tribunal, handed down judgment in relation to the fines to be imposed on the parties in the W. Hing and Others case....
Join us in a series of podcasts, where we address the key issues impacting the global Competition landscape as a result of the coronavirus pandemic. Episode 1: Competition and Cooperation during Covid-19 This podcast is a panel style discussion mode...
Border Closure Update In an attempt to stem the virus outbreak in Europe, a number of European Union (EU) and Schengen zone Member States exercised their right to temporarily re-introduced border controls between themselves and other Member States. ...
On 11 March 2020 the European Commission (Commission) launched a public consultation on possible reforms to the Generalised Scheme of Preference (GSP) Regulation (EU Regulation No. 978/2012 of 25 October 2012) (GSP Regulation). As the GSP Regu...
On 4 March 2020, the Competition and Markets Authority (“CMA”) fined four pharmaceutical companies for breaching competition law through market sharing and the exchange of competitively sensitive information relating to the supply of nor...
Introduction Following the declaration by the World Health Organisation (WHO) on 30 January of a Public Health Emergency of International Concern (PHEIC) in response to the coronavirus crisis (please see our last briefing here), the vi...
Introduction Following the declaration by the World Health Organisation (WHO) on 30 January of a Public Health Emergency of International Concern (PHEIC) in response to the coronavirus crisis (please see our last briefing here), the vi...
On 30 January 2020, the Court of Justice of the EU (“CJEU”) confirmed that an agreement in settlement of a patent dispute in the pharmaceutical sector may constitute a restriction of competition by object or effect, as well as an abuse o...
On 21 January 2020, the Court of Appeal (‘CoA’) upheld the Competition Appeal Tribunal (‘CAT’) judgment, finding that Ping Europe Ltd (‘Ping’) breached competition law by prohibiting its retailers from sell...
On 13 December 2019, the US Department of Justice (DOJ) announced a revised Export Control and Sanctions Enforcement Policy for Business Organizations (Revised EC/S Policy),1 clarifying its prior guidance on voluntary self-disclosure requirements fo...
The Italian legislation on private antitrust enforcement (Legislative Decree no. 3 of 19 January 2017 - Decree) has implemented the EU Directive no. 2014/104. The Decree sets out the rules according to which any natural or legal person who has suffe...
Introduction The Italian Competition Authority (“ICA”) has recently adopted a harsh approach imposing quite significant fines on those operators who accept direct debit payments only to the extent that their customers are holders of an ...
We cannot discount the possibility that the United Kingdom will leave the European Union without any agreement on any transitional period and with nothing finalised on what the UK’s future trading relationship with the European Union will...
On 8 October 2019, the Government announced changes to the UK’s temporary tariff regime for certain products in the event of a no-deal Brexit. Under the proposals, which were first published on 13 March 2019 , the Government intended to introd...
The FCA has published its interim report in relation to its market study into how general insurance firms charge their customers for home and motor insurance (Interim Report). The FCA has provisionally found that the market is not working well for ...
One of the most pondered questions following the U.S.’s withdrawal from the Joint Comprehensive Plan of Action (“JCPOA”) has been - how will the EU Blocking Regulation fair in protecting the interests of EU businesses trading with ...