2013 will herald some significant changes to the UK legal arena, notably in the corporate area in relation to executive remuneration and narrative reporting, in dispute resolution as the Government's reforms to the civil litigation costs and funding regime are due to be implemented and in the energy, real estate and construction areas where there are major changes to the carbon reduction commitment energy efficiency scheme, further amendments to the Community Infrastructure Levy Regulations, the introduction of the Growth and Infrastructure Bill and various amendments to the Building Regula

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas.

In September 2009 we reported on the first instance decision in Butters and ors v BBC Worldwide Ltd and ors, accessible here in which the Court held that contractual provisions in a joint venture agreement taken together with termination provisions in a licence of IP rights were void since the effect of those provisions on insolvency was to deprive creditors' access to assets and therefore contrary

For more information, please contact the relevant Herbert Smith Freehills partner referred to in the contact list or Simone Pearlman, head of legal knowledge on +44 (0) 20 7466 2021 or email simone. [email protected] This is a guide to key legal developments in the coming months and years ahead (UK perspective).

A SUMMARY OF MAJOR DEVELOPMENTS IN KEY AREAS GENERAL COUNSEL UPDATE 27 February 2014 LEGAL GUIDE EDITION 37

Dutch football club ADO Den Haag has filed for WHOA proceedings after its major shareholder failed to pay €2 million due to the club, leaving it unable to meet its financial obligations.

The decision

In addition to new legislation mentioned elsewhere in this round-up (see links to other sections), commercial and tech businesses and in-house counsel should note:

The Corporate Insolvency and Governance Act

The BLG Monthly Update is a digest of recent developments in the law which Neil Guthrie, our National Director of Research, thinks you will find interesting or relevant – or both.

A New York bankruptcy court recently considered the effects of Bankruptcy Code section 552 on a lender’s security interest in the proceeds of an FCC broadcast license and held that a prepetition security interest extended to proceeds received from a post-petition transfer of the debtors’ FCC license. Sprint Nextel Corp. v. U.S. Bank. N.A. (In re Terrestar Networks, Inc.), Case No. 10-15446, Adv. Pro. No. 10-05461 (Bankr. S.D.N.Y. Aug. 18, 2011). This result directly conflicts with Spectrum Scan LLC v. Valley Bank and Trust Co. (In re Tracy Broadcasting Corp.), 438 B.R.

Recently, a Colorado bankruptcy court considered for the first time the effects of Bankruptcy Code Section 552 on a lender’s security interest in the proceeds of an FCC broadcast license. The court held that a prepetition security interest would not extend to proceeds received from a post-petition transfer of the debtor’s FCC license because the debtor did not have an attachable, prepetition property interest in the proceeds. Such an interest does not arise until the FCC approves an agreement to sell the license.