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Costs overruns in Target Costs contracts

Published on 22 Mar 2013.

Who is liable for costs overruns in a Target Cost contract, and to what extent? AMEC Group recently went to the TCC to appeal against an arbitration decision which found the Secretary of State for Defence ("the Authority") would only be liable for actual costs which were reasonably and properly incurred.

NPPF – 1 year on: smooth transition or wasted opportunity?

Published on 21 Mar 2013.

Given that over 50% of Britain's local councils are still to adopt Local Plans, is the window of opportunity for local residents to take control of development in their local area about to close?

New Kids on the Block : alternative funders in the real estate lending market

Published on 15 Mar 2013.

Over the last couple of years, there has been a surge in real estate lending by non-bank lenders as traditional banks started withdrawing from the market.

Good Faith Clauses

Published on 26 Feb 2013.

There is no general doctrine of good faith in English law and it is not therefore implied into contracts.

JCT Insurance Options: what's the right fit for fit-out?

Published on 18 Feb 2013.

Where a tenant is fitting out premises within a multi-occupied building, the JCT's standard insurance options are not always appropriate and, left unaddressed, place unintended and severe risks on the tenant.

Government property, Kirstie and Phil style?

Published on 01 Feb 2013.

Ok, so Ms Allsopp and Mr Spencer haven’t quite been called in yet, but almost.

Is the Green Deal a great deal?

Published on 29 Jan 2013.

There is no denying the Green Deal has many advantages but consider the deal in relation to short term leases and it may not be as great as it initially seems.

NEC3 Engineering and Construction Contract "Guidance Notes": more important than you realise for interpreting the ECC

Published on 18 Jan 2013.

Certain terms of the NEC3 Engineering and Construction Contract ('ECC') are open to interpretation, and the recent case of E-Nik Ltd v Department for Communities & Local Government [2012] EWHC 3027 (Comm) has cast into doubt whether even something as routine as VAT is crystal-clear under the ECC.

Development incentives – but at what cost?

Published on 14 Jan 2013.

In light of what is starting to appear to be a wholehearted failure to persuade local communities to meet requisite housing targets, Nick Boles last week proposed self-proclaimed "bungs" to local communities.

Leaving customers without signal: the task of re-building the Telecoms Code

Published on 05 Dec 2012.

Now almost 30 years old, the Electronic Communications Code (the 'Code'), falls far short of representing the needs of a swiftly developing communications network.

H&M: Brave New World?

Published on 27 Nov 2012.

We have all been involved in lease negotiations where there are differences of opinion as to what is or is not institutionally acceptable.

End of the line for Village Greens?

Published on 14 Nov 2012.

Nothing can be more frustrating for a developer to see its scheme delayed or worse still derailed by an application for the registration of land as a town or village green ("TVG").

Against a Backdrop of Rising Corporate Insolvencies HMRC Joint and Several Liability Notices: Should Directors be Concerned?

Published on 11 Apr 2023. By Paul Bagon, Partner and Laura Capece Galeota, Associate

It is widely anticipated that the next twelve months could be a challenging period for many businesses in the UK and that there could be a significant rise in the number of companies in financial distress.

BTI 2014 LLC v Sequana SA and others – Supreme Court decision

Published on 06 Oct 2022. By Tim Moynihan, Partner

The Judgment of the Supreme Court in BTI 2014 LLC v Sequana SA was handed down on 5 October 2022.

Corporate bankruptcy and insolvency litigation roundtable

Published on 09 Sep 2021. By Paul Bagon, Partner

The corporate bankruptcy & insolvency litigation landscape has experienced a turbulent period over the past year and a half, largely a consequence of the extreme circumstances created by the COVID-19 pandemic. Against this backdrop, many businesses have sought arrangements and restructuring plans in an attempt to avoid corporate bankruptcy. However, as government COVID-19-related stimulus is withdrawn and the true financial impact of the pandemic becomes clear, the focus turns to which businesses will remain in crisis or fold, and which are able to restructure and survive. As the battle lines are drawn, disputes are sure to rise.

What are the latest trends in bankruptcy and restructuring? What developments can we expect to see?

Published on 14 May 2021. By Paul Bagon, Partner and Tim Moynihan, Partner

The pandemic led to the biggest change to insolvency legislation in the UK for over 20 years.

The UK's new restructuring plan

Published on 21 Apr 2021. By Paul Bagon, Partner and Tim Moynihan, Partner

The UK has introduced the Restructuring Plan; a new, flexible court supervised restructuring tool. The Restructuring Plan draws upon features of the existing Companies Act 2006 scheme of arrangement procedure (which remains available) but includes features which are new to the UK but similar to those under U.S. Chapter 11 bankruptcy proceedings.

Carluccio's serves up a rescue recipe

Published on 28 Apr 2020. By Paul Bagon, Partner and Olivia Whitehead, Hospitality & Events Executive

On Friday 24 April, RPC hosted a 30 minute webinar on the interaction of furloughing and insolvency law.

COVID-19: the supply chain

Published on 20 Apr 2020. By Paul Bagon, Partner and Tim Moynihan, Partner

Concerns regarding the strength of UK supply chains and the consequences which arise when links in the chain fail, are not new and were recently subject to significant scrutiny in the context of Brexit negotiations. But with COVID-19 causing a host of new problems for already stressed supply chains, what can businesses do to protect themselves?

COVID-19: Good news on wrongful trading provisions but why should directors tread carefully?

Published on 09 Apr 2020. By Tim Moynihan, Partner

The Government has launched a number of initiatives to assist companies and businesses to trade through the current financial stress. But what should directors still be aware of as they steer their organisations through these unprecedented times?

COVID-19: The suspension of wrongful trading provisions and a moratorium for businesses in restructuring – what is the likely impact on your business?

Published on 31 Mar 2020. By Paul Bagon, Partner and James Whelan, Senior Associate

COVID-19: On 28 March 2020 the Business Secretary announced further new far-reaching measures to help businesses combat the financial impact of COVID-19. What it the likely impact of the suspension of wrongful trading provisions and a moratorium for businesses in restructuring on your business?

Restructuring and Insolvency roundup January 2018

Published on 05 Jan 2018.

In this roundup, we look at crowdfunding, a sector which continues to be of interest to practitioners giving the changing regulatory landscape and the risk to investors. Other cases we look at include cover privilege in bankruptcy, the adequacy of ATE policies, and the requirement for boards to be quorate when directors appoint administrators.

Restructuring and insolvency roundup, July 2017

Published on 18 Jul 2017.

In this roundup, we consider four recent cases with implications for practitioners in the restructuring and insolvency sector.

“Gagging orders”: an office holder’s secret weapon

Published on 13 Mar 2017.

Practitioners are fully aware of the extensive powers available under ss 235 and 236 of the Insolvency Act 1986 (IA 1986) allowing administrators and liquidators as office holders (OHs) to require individuals and organisations to disgorge information.

Make insolvency great again

Published on 08 Feb 2017.

One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul.

Restructuring and insolvency

Published on 18 Dec 2015.

An update on recent changes

Legislative changes in effect today: what IPs need to know

Published on 26 May 2015.

Previously under section 165 IA 86, liquidators in a voluntary winding up would have to seek sanction of the company (in members’ voluntary liquidation) or of the court or liquidation committee (in creditors’ voluntary liquidation) in order to exercise their powers to pay debts, compromise claims etc.

Further welcome news from the FCA – this time on co-manufacturing

Published on 08 Aug 2024. By Jonathan Charwat, Partner and Lauren Murphy, Senior Associate

Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.

Potential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA

Published on 01 Aug 2024. By Jonathan Charwat, Partner and James Houlihan, Associate

The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.

New Labour government – what is in store for the UK?

Published on 09 Jul 2024. By Rachael Healey, Partner

We have a new Labour Party government for the first time in 14 years. The new government has already made various announcements, with more set to follow in the coming days, and then we have the King’s Speech on 17 July, when the Labour Party will set out its opening legislative agenda – but what can we expect from the new government impacting services regulated by the Financial Conduct Authority, pensions and accountants?

All change: What will a Labour government mean for financial services?

Published on 05 Jul 2024. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner and Ash Daniells, Senior Associate and Andrew Oberholzer, Senior Associate and Heather Buttifant, Associate

What does a new Labour government mean for the management liability market?

Published on 05 Jul 2024. By Rachael Healey, Partner and Matthew Watson, Partner and Andrew Oberholzer, Senior Associate and Zoe Melegari, Senior Associate and Kim Wright, Senior Associate

We have a new government and the first Labour government for 14 years. What does it mean for the management liability market? We look at what Labour has promised and with that the areas those in the market will want to consider across directors and officers, employment liability and pensions.

Money Covered: The Week That Was – 10 May

Published on 10 May 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 3 May

Published on 03 May 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 26 April

Published on 26 Apr 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 19 April

Published on 19 Apr 2024. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 25 August

Published on 25 Aug 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 04 August

Published on 04 Aug 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Fix up, look sharp: FRC update

Published on 01 Aug 2023. By Will Sefton, Partner and Head of Professional and Financial Risks and Aimee Talbot, Knowledge Lawyer

What's the latest on fixed recoverable costs in professional negligence claims?

Money Covered: The Week that Was - 28 July

Published on 28 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week that Was - 07 July

Published on 07 Jul 2023. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

FCA announces thematic review of retirement income advice

Published on 01 Mar 2023. By Faheem Pervez, Associate and Patrick Barclay, Associate

The pension freedom reforms changed the way consumers access their retirement funds. This FCA thematic review will put firms under the spotlight with a focus on how the retirement income advice market is functioning in response to changing consumer needs in the current economic downturn.

FCA responds to criticism of the Public Accounts Committee when it comes to BSPS with rejection of suggestion it should reconsider a wider defined benefit transfer review

Published on 03 Oct 2022. By Rachael Healey, Partner

In a July blog I reported on the House of Commons Public Accounts Committee report entitled "Investigation into the British Steele Pension Scheme". The blog set out a number of recommendations of the Committee in light of its investigations into the FCA's conduct and regulatory oversight of BSPS and, in particular, the 7,834 members that transferred out of BSPS into a personal pension scheme. We have now had a sneak preview of the FCA's response in the recent Committee minutes. Here's what the FCA had to say.

FCA Review of AML failings at challenger banks

Published on 27 May 2022. By James Wickes, Partner and Amber Slumbers, Associate

Throughout 2021, the FCA conducted a detailed review into the financial crime controls of challenger banks as they continued to enter the UK financial industry at a rapid pace. Their surge in popularity is partially linked to the Covid-19 pandemic, which has prompted significant changes in the habits of service providers worldwide. Whilst the FCA's review indicated some evidence of good practice, it is clear that challenger banks must do more to reduce the significant risks of financial crime occurring both at the time of customer onboarding and throughout the subsequent customer journey.

FCA consults on British Steel redress scheme

Published on 22 Dec 2021. By David Allinson, Partner

The FCA intends to open consultation on an industry wide redress scheme covering British Steel Pension transfers. This is perhaps the only option left for the regulator, but a redress scheme will heap further pressure on an area of the advice industry that is already under fire.

FCA looks to tighten up appointed representative regime

Published on 08 Dec 2021. By George Smith, Partner

On Friday the FCA published a consultation paper on potential changes to the existing appointed representative (AR) regime.

FOS proposals to clear the back-log - attractive or not?

Published on 18 Oct 2021. By Cory Gilbert-Haworth, Associate and Rachael Healey, Partner

The Financial Ombudsman Service (FOS) has proposed a temporary approach to the classification of certain complaints in an attempt to alleviate their complaints backlog exacerbated during the COVID-19 pandemic. The approach could see firms looking to pro-actively resolve complaints before a defined cut off date before FOS reaches a decision so that the complaint is recorded separately and not as a "change in outcome" (i.e. where a complaint has been rejected by a business and upheld by FOS). The consultation was open for a short two-week period between 4 and 18 October 2021.

FCA set to expand climate-related reporting rules

Published on 17 May 2021. By James Parsons, Associate and Ash Daniells, Senior Associate

The FCA has revealed it will consult on plans to require asset managers, life insurers and FCA-regulated pension schemes to meet climate-related disclosure rules. In doing so, the FCA is expanding the scope of firms required to report on climate-related risks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).