Our regular round-up of recent developments and topics for your radar, news on training and networking events for in-house counsel, and an update on our legal tech initiatives.
HIGHLIGHTS
The COVID-19 pandemic has caused unparalleled disruption to the judiciary, which has been presented with logistical hurdles as well as acute legal issues to tackle.
This article summarises some notable recent caselaw concerning the fallout from the pandemic. Broadly, the judiciary has adopted a strict but fair approach when parties have sought leniency due to the impact of COVID-19. Courts have not looked kindly on those who are seen to be unfairly capitalising on the disruption but, where merited, parties have been granted clemency.
Companies with an international footprint will need to ensure that their tax residence (and other taxable presence) is not affected by travel restrictions imposed in response to the COVID-19 pandemic. HMRC has published guidance on these issues, which is somewhat helpful if less definitive than the approach of a number of other jurisdictions. Careful thought will be needed where senior executives/management are unable to travel, and so are required to carry on their role or participate in key management or commercial decision-making in a different jurisdiction from usual.
On 25 June 2020, new legislation came into force in the UK which makes it much more difficult for suppliers to terminate contracts where the customer is subject to an insolvency procedure. In this briefing, we highlight the key issues that both suppliers and customers should be aware of and consider whether you should amend termination provisions in new contracts.
Welcome to the inaugural edition of our new newsletter, which is intended to capture the key developments in the English disputes arena over the past three months. We hope that you will find it an interesting read, whether you are a litigator, either in private practice or in-house, or a generalist wanting to keep abreast of the goings on in this space. We also hope that you will pass it on to any of your colleagues who may find it useful.
The first reading of the Corporate Insolvency and Governance Bill (the "Insolvency Bill") took place on 20 May 2020. The Insolvency Bill will be debated by the House of Commons on 3 June 2020 and is proposed to be introduced as fast-track legislation.
There have been increasing concerns in recent weeks that UK insolvency law does not accommodate the short-term impact of COVID-19 on many businesses. In response, the Business Secretary announced on 28 March that the UK's insolvency rules would be amended as part of the Government's wider business support package. Whilst the measures that the Government intends to implement have not yet been fully detailed, this note summarises what has been announced so far and what we might expect, based on the Business Secretary's comments.
Alternative assets have enjoyed an unprecedented level of growth over the last decade, which looks set to continue with global AUM growing from $8.8tn in 2017 to a projected $14tn in 20231.
Asset-backed or net asset value (NAV) facilities as a feature of the fund finance landscape are not new, but their prevalence and uses have increased over the last five years in particular.
Using a traffic light approach, we consider the sorts of amendments which might impact on "day one" security.
WHEN MIGHT AMENDMENTS PRESENT A PROBLEM?