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Travers Smith advises RSK Group Limited on a £500 million preferred equity investment from Searchlight Capital Partners and Ares Management

Travers Smith LLP has advised RSK Group Limited ("RSK") on a £500 million preferred equity investment from a consortium led by Searchlight Capital Partners, L.P. and Ares Management Corporation funds. The Travers Smith team also advised on an additional incremental £300 million debt facility commitment by Ares to further support RSK's growth plans. 

MUR Shipping v RTI: key lessons from the Supreme Court's ruling on force majeure clauses

In a further twist of the MUR Shipping BV v RTI Ltd proceedings, the Supreme Court has overturned the Court of Appeal's decision and ruled that a "reasonable endeavours" proviso in a force majeure clause does not require a party to accept non-contractual performance.  The judgment has important implications for the drafting and interpretation of force majeure clauses generally – and the impact of sanctions in particular.

BHS judgment – Wrongful trading, trading misfeasance and key takeaways

Judgment was handed down last week on the substantial directors' duties and wrongful trading claims brought against former directors of various BHS companies[1]. The liquidators of those companies were successful in arguing that the directors were liable for wrongful trading (albeit at the latest date of six possible dates argued) and were also successful in bringing the first ever claim for "misfeasance trading"[2]. Whilst the judgment is very fact specific, it is an interesting analysis of so-called "insolvency-deepening" activity and shareholder value extraction. Moreover, it is a salient reminder to directors of their duties where they are operating in the zone of insolvency. 

What does the new DMCC Act mean for Private Litigation?

What does the new Digital Markets, Competition and Consumers Act mean for private litigation? Whilst the Act shifts the dial forwards in some respects (including by adding clout to the relief available for certain competition law breaches, and by introducing a mechanism for damages to be claimed for breaches of the new digital regulatory regime), there are also some notable omissions.

UK DMCC Act: Long-awaited Regime for Regulation of Big Tech

Digital technologies are at the heart of the UK Government's vision for driving economic growth. The new DMCC Act empowers the UK's Digital Markets Unit (DMU), already set up within the CMA, to designate the biggest digital players with 'Strategic Market Status' (SMS) and, for those designated firms to: (1) set ex ante Conduct Requirements i.e. rules on what those firms must and must not do; (2) enforce Pro-Competition Interventions in order to remedy competition problems; and (3) require the reporting of M&A activity before deals are completed.

Outsourcing Spotlight - Spring/Summer 2024

Welcome to the second edition of the Travers Smith Outsourcing Spotlight. With an election due in July, we look at the likely impact of a Labour Government on outsourcing in the UK.

Sanctions Update: new US guidance for overseas sanctions enforcement, the impact of the EU's "no Russia" clause for certain businesses, the EU's new liability directive and some notable sanctions de-listings and challenges

This update provides a brief summary of some notable recent developments from an international sanctions perspective. This includes the publication of a 'Tri-Seal Compliance Note' by certain government bodies in the US, emphasising the potential applicability of US sanctions to non-US persons and the corresponding risks of non-compliance, the impact of the EU's new "no Russia" law, which requires certain contractual obligations to be satisfied when exporting specific goods from the EU, and  the EU's new directive imposing criminal liability on those looking to circumvent its sanctions regime.

The Digital Markets, Competition and Consumers Act – Strengthened Investigatory & Enforcement Powers for the CMA

What does the new Digital Markets, Competition and Consumers Act 2024 mean for competition law enforcement? Our five key takeaways are below, covering the substantive reforms made to investigations across the UK competition law sphere.

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