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English Insolvency Courts open for international business
22 May 2013
Publication
The Court of Appeal has unanimously decided that it may appoint English administrators to a Jersey company, upon the request of the Jersey Court. This overturns a controversial decision from just last month, where a formal request from the Jersey Court...
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Changes to Heritage Legislation and update on change of use reforms
14 May 2013
Publication
The Enterprise and Regulatory Reform Act 2013 has become law and contains various reforms to listed building and conservation area controls. The Government has also published further details of the proposed permitted development rights to allow...
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Subordinated noteholders strike sail: balance sheet insolvency in the Supreme Court
9 May 2013
Publication
The Supreme Court has unanimously affirmed the Court of Appeal's decision on the test for balance sheet insolvency under section 123(2) of the Insolvency Act 1986 finding that Eurosail was not balance sheet insolvent. Of practical importance to borrowers...
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Modifying Affordable Housing Obligations and other Planning Reforms
9 May 2013
Publication
The Growth & Infrastructure Act 2013 has been passed introducing the latest string of reforms of the planning system aimed at speeding up development and otherwise encouraging economic growth. One significant change is a new mechanism for developers...
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Consent Fees and Noteholder Meetings
23 April 2013
Publication
Earlier this week, the Court of Appeal upheld the first instance decision of Mr Justice Hamblen in Azevedo v Imcopa Importacao and others, confirming that payments of consent fees in exchange for votes in favour of amendments to the terms of debt securities were...
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EMIR: illustrative implementation timeline – update
19 April 2013
Publication
On 15 March 2013 several key technical standards came into force, setting in motion the implementation timetable for the derivatives reforms under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR).
As a result some of...
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Consultation on Further Reforms to the Community Infrastructure Levy
18 April 2013
Publication
The Department for Communities and Local Government has published a consultation paper containing a wide range of proposals for reform of the Community Infrastructure Levy (CIL). This will be the fourth set of amendments since CIL was introduced in 2010, and...
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This week at the UK regulators - 15 April 2013
15 April 2013
Publication
This week at the UK regulators is a weekly alerter providing views on the publications issued by the Financial Conduct Authority and the Prudential Regulation Authority during the last week. It provides a quick way to keep up to speed with what is going on in...
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Buying a hotel in London
5 April 2013
Publication
London continues to be perceived as a safe haven for investment in real estate and demand
for hotel assets among international investors remains strong. Many investors are new to the
market and have little or no experience of investing in hotels and/or the...
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Financial Services Act 2012 and its impact on lending transactions
25 March 2013
Publication
From 1 April 2013, a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Bank of England is to have...