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In the wake of the 2007 credit crunch, corporate debt was often trading in secondary markets significantly below par, largely reflecting lender liquidity concerns. This prompted certain borrowers to acquire their own debt, either as an investment opportunity or simply as a cheap way to de-lever and obtain financial covenant headroom.
The European Commission has recently issued a communication setting out the effect that Brexit will have on European Union intellectual property rights.
Sam Kay writes about the UK Investment Management Strategy.
In Phones 4u Ltd (In Administration) v EE Ltd (2018), the High Court struck out EE's claim for £200 million in damages because of the wording of a letter terminating its distribution arrangements with Phones 4u. The letter was effective in terminating the relevant contract only in exercise of EE's right under a contractual provision allowing termination for insolvency - and not for alleged repudiatory breach by Phones 4u under common law.
On 10 January 2018, the Government published its plan to improve the environment over a 25 year period. It discusses a wide range of ideas, including planting one million urban trees, regulating farms and fisheries after the UK leaves the EU, and establishing a new national forest.
It has been settled HMRC practice for some time now that the 1.5% stamp charge set out in FA 1986 in relation to the issue and transfer of UK shares to clearance services and depositaries was restricted by EU law, such that it should arise only on the transfer of shares which were not integral to the raising of capital for the company in question.
This article considers how certain alternative investment funds (currently those managed by a manager authorised under the Alternative Investment Fund Managers Directive and potentially, in future, all EU alternative investment funds) may need to update their legal documentation in order to margin (exchange collateral on) their derivatives transactions. It also touches upon whether alternative structures are available to allow funds to execute their risk management strategies without the need to margin.
In Phones 4U Ltd (In Administration) –v- EE Ltd [2018] EWHC 49 (Comm), the High Court ruled that EE's counterclaim for damages for loss of bargain had no real prospect of success on the basis that the terms of a termination letter sent by EE were effective in terminating the relevant contract only in exercise of its right under a contractual provision and not in the acceptance of an alleged repudiatory breach by Phones 4U under common law.
In July 2017 the Department for Communities and Local Government issued a consultation paper seeking views from the real estate industry on various proposals to deal with public concerns regarding the sale of leasehold houses. Yesterday it responded, announcing that it will legislate to ban the grant of new residential long leases on houses.
The Government and the Mayor of London have been at their most creative in finding space for new housing, both within and outside London. Some of the emerging policies and strategies certainly offer effective potential for increasing housing, but are not without their problems.
Businesses need to progress their approaches to, and governance of, human rights. In particular, organisations should track current developments relating to corporate transparency and benchmarking initiatives.