A successful purchase depends not just on negotiating a two-party transaction, but rather navigating the applicable process and dealing with all the competing interests successfully to allow a bid to succeed and closing to occur.

Q: Do opportunities exist for asset buyers in times of distress?

Just as this issue of the Insurance and Reinsurance Review was going to press, the Court of Appeal handed down its decision in the appeal in CRC Credit Fund Ltd & Ors v GLG Investments Plc (Sub-Fund: European Equity Fund) & Ors (reported at [2010] EWCA Civ 917) against the decision of Mr. Justice Briggs, reported in our March 2010 issue.

Protecting clients’ money and assets has been a pillar of the UK financial regulatory regime. The obligation on regulated entities to “…arrange adequate protection for clients’ assets when it is responsible for them” is enshrined in Principle 10 of the Principles of Business Sourcebook of the Financial Services Authority (FSA) Handbook. The FSA has made rules to protect client money by requiring FSA regulated entities to hold such money in trust accounts (the Client Money Rules).