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Restrictive covenants in shareholders' agreements and commercial contracts
The Court of Appeal has recently reaffirmed the approach to the enforceability of restrictive covenants in shareholders' agreements and other commercial contracts.
Read moreCorporate governance for large private companies
For financial years beginning on or after 1 January 2019, large private companies will need to adhere to the requirements contained in a new corporate governance code published by the Financial Reporting Council. The introduction of the new code followed multiple scandals which revealed poor corporate practices and neglect of stakeholders' interests. As a result, the code seeks to rebuild confidence and trust in these large private companies.
Read more'Green Finance' enters the mainstream
With the UK's recent commitment to cut emissions to net zero by 2050, the financial sector is looking to 'green finance' to encourage investment in sustainable and environmentally-friendly businesses. Recent examples, like Nokia's €1.5 billion credit facility announced last week, show that environmental impact is becoming a key consideration for lenders and borrowers.
Read moreNational Security and Investment – the EU's response
National security concerns regarding Huawei continue to make headlines around the world, against the backdrop of an ongoing US / Chinese trade war. This blog looks at new EU rules on foreign investments which raise security or public order concerns.
Read moreMore than you bargained for: the implied duty of good faith
The recent High Court decision in Bates v. Post Office (No. 3) confirms a general principle that if a contract is a "relational" contract then it will include an implied obligation of good faith. Previously, there had been doubt whether such a general principle exists, as historically this was not an approach recognised by the English courts.
Read moreDerivative transactions – the obligation to report
As the recent £34.9m fine for Goldman Sachs shows, the FCA takes the obligation to report derivative transactions seriously. How does this affect parties who trade infrequently, and what changes to the reporting requirement can we expect post-Brexit?
Read morePart Three: Five practical implications of side letters and most favoured nations clauses for fund investors and managers
In this third and final part of our series on side letters and most favoured nation (MFN) clauses in private equity funds, we examine five practical implications for investors and managers.
Read morePart Two: Side letters and fundraising
In this second of a three part series, we look more closely at side letters and most favoured nation (MFN) clauses in the private equity space.
Read morePart One: Overview of side letters & MFNs when investing in private equity funds
In the first of a three part series we consider the importance of side letters and most favoured nations (MFN) clauses in private equity funds.
Read moreEU AI ACT-ion stations
The EU is forging ahead with its vision for AI. With wrapping up talks on the EU AI Act between the EU governments, the Commission and the parliamentary negotiators imminent, we bring you up to date on the EU's risk based approach, the scope of the Act, a timeline, key points that will form the basis of the discussions and next steps.
Read moreWhat To Know About AI Fraudsters Before Facing Disputes
Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.
Read moreICO publishes guidance on AI decision making
How can companies comply with data regulation when using AI to make decisions affecting individuals?
Read moreCOVID-19 and Commercial Tenants' Rights Regarding Rent
This blog sets out various issues for commercial tenants to consider in relation to impending rent payments and government intervention in response to Covid-19. We are currently fielding numerous enquiries from tenants seeking advice about whether rent holidays, reductions and other concessions can be obtained in these unprecedented times.
Read moreUK retail sector M&A deals increase to 34 – up 21% on last year
• M&A targeting fashion retailers particularly active
Read moreChanging retail landscape leads to decline in employee numbers
The retail sector continues to face change and challenge from every conceivable angle and employment within the sector is following this trend.
Read moreUS and Chinese regulators sign landmark agreement on inspection of Chinese audit work
On 26 August 2022, the US Public Company Accounting Oversight Board (PCAOB) and the PRC China Securities Regulatory Commission (CSRC) and Ministry of Finance (MoF) signed a Statement of Protocol that would allow US regulators access to audits of Chinese companies listed on the US stock exchanges.
Read moreCould I mitigate my losses by using my premises for other purposes?
With the inevitable impact of the coronavirus on retail businesses, many will be looking to mitigate their losses. One obvious way of doing this would be to use their premises, often their single largest overhead, for other uses. But is this possible and what must you consider?
Read moreWilko becomes 'yet another casualty' of tough economic conditions facing UK retailers
'Perfect storm' of rising interest rates, increased energy bills, supply chain issues and squeezed customer spending is hitting retailers hard
Read moreLocal authorities install 8,000 new EV chargers in past year – up just 7%
In the last year, around 8,000 public Electric Vehicle (EV) chargers were installed by local authorities in the UK, an increase of just 7% from 7,400 in the previous year , shows research by international law firm RPC.
Read moreChoppy waters ahead? The significance of Oceanfill
The economic outlook for the UK in 2023 remains uncertain, and more companies may need to restructure their businesses to ensure survival. This
Read moreRegister of Overseas Entities – one month since the deadline and thousands still face penalties from failure to register
The Economic Crime (Transparency and Enforcement) Act 2022 ("the Act") enacted in March 2022 brought into force the register of overseas entities on 1 August 2022. Companies House holds and manages the new register which was introduced to provide greater transparency around UK land ownership. The transitional period ended on 31 January 2023, and as at 3 March 2023, 26,481 out of an estimated 32,440 have registered. Thousands of companies are still to register over a month on from the end of the transitional period, so we've turned our minds to consider the possible consequences of not registering, or delaying registering, as an overseas entity in accordance with the Act, including the potential for the Proceeds of Crime Act 2002 to apply.
Read moreRPC expands real estate practice with the hire of Partner, Jon Ely
International law firm RPC announced today that commercial property lawyer Jon Ely has joined the firm in Bristol as a Partner in the real estate practice.
Read moreRegister of Overseas Entities – Register now to keep transactions running smoothly
The Economic Crime (Transparency and Enforcement) Act 2022 ("the Act") has been enacted as part of the Government's drive to increase transparency in the ownership of UK land. Companies and other legal entities governed by the law of a country or territory outside of the UK which own land in the UK satisfying certain requirements, or wish to own such land, must now register information with Companies House. A new Register of Overseas Entities ("the ROE") has been created and certain details of the registered overseas entities and their beneficial owners are available to the public.
Read moreBusiness Rates – an unpopular tax imposed in unfortunate circumstances
It is almost trite to say that retailers have had a tricky time over the last 20 months. The combination of enforced closures, and more recent supply chain difficulties and staff shortages have left them reeling. On 1 July the business rates holiday ended and, although rates will be discounted by up to 2/3rds for smaller retailers until March 2022, most will come under increased pressures. It is unsurprising that many are calling for a complete overhaul of the business rates system.
Read moreWhat about the arrears?
On 4 August 2021 the Government published a policy statement clarifying their announcement made on 16 June 2021 in relation to the extension of the forfeiture moratorium, the ringfencing of COVID-19 commercial rent debts and the introduction of a binding arbitration process. The Government has also published its own response to the views of over 500 respondents to the call for evidence.
Read moreThe Forfeiture Moratorium has been extended – But what about the arrears?
On 16 June 2021 the Government announced that it is drafting legislation to ringfence outstanding unpaid rent that has accrued during the pandemic in order to protect jobs and give businesses breathing space to recover.
Read moreThe risks of going large (again)
In our July 2020 article , we looked at the case of Hart and Hart v Large, which concerned a survey undertaken by Mr Large for the Harts.
Read moreThe curse of COVID strikes again – implementation of the Home Survey Standard delayed
As a result of the lockdown imposed in response to the COVID-19 pandemic, the new RICS Home Survey Standard, which was due to be implemented next month has now been delayed until December 2020. Whilst this will allow practitioners more time to become familiar with the new standard, it causes an unwelcome disruption to the introduction of a measure that should provide greater clarity for both surveyors and consumers of what is expected when commissioning and conducting a home survey.
Read moreTop 10 for the 10s Claims against surveyors and valuers
The 2010s started with an influx of valuation claims, primarily involving lenders seeking to recoup losses suffered as a result of the financial crisis, loans being made to sub-prime borrowers and the declining property market.
Read moreRICS Guidance and Key Developments for Surveyors: #2 Coronavirus, valuations and "material uncertainty"
The recent lockdown has posed a serious challenge to the UK housing market, with the present and future potential impact of COVID-19 on the market inviting comparisons to the post-2008 recession.
Read moreRetailers: new government measures to provide further protection for tenants against aggressive rent collection.
When the Coronavirus Act 2020 (the "Act") received royal assent on 25 March 2020, commercial tenants across the country were afforded some relief.
Read moreRICS Guidance and Key Developments for Surveyors: #1 Changes to the RICS Minimum Terms
In this series of articles, we will be addressing a number of the key risks and challenges that face surveyors and valuers in the current climate.
Read moreArchitects and COVID-19 – Practical Advice on complying with your Professional Standards
Since the UK Government announced its lockdown as a result of the COVID-19 pandemic, many businesses have asked their employees to work remotely and that has affected many businesses where physical attendance of clients and sites is important. A recent RIBA survey reported that as many as 81% of architects are now working from home.
Read moreBusiness Rates Reform – Response to COVID-19 and the 2020 outlook
This year's budget, announced by Chancellor Rishi Sunak on 11 March, attracted particularly high levels of attention from the media and business community. The spread of COVID-19 has put enormous pressure on British businesses in the short-to-medium-term and bricks-and-mortar retailers are especially strained, having come into the crisis on the back of their worst trading conditions for a decade.
Read moreBusiness Tenant Protection from Forfeiture under the Coronavirus Act 2020
Following the Government's 23 March press release in which it was confirmed that commercial tenants who cannot pay their rents "because of Coronavirus" would be protected from eviction, legislation is now in force which goes some way to clarify what this means in practice.
Read moreRents, Returns and Turnover in the Age of Online Retail
News has surfaced recently that H&M has approached some of its landlords with a view to agreeing bespoke turnover rent arrangements for new leases and for lease renewals. The arrangements take the form of "total occupational deals" as they propose offering landlords a single sum as a proportion of turnover for each store to cover service charge, rent and business rates.
Read moreAdjudication and liquidation – the TCC gets it wrong…but right
Back in August, we wrote a blog about adjudication and liquidation, following the judgment in the TCC case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 (TCC) (Lonsdale). The judgment concluded, for the reasons set out below, that an adjudicator does not have jurisdiction to determine a dispute involving a company in liquidation (CIL).
Read moreWhat lies ahead for the construction industry in 2019?
At the beginning of a new year it is customary to consider what the year ahead may bring. 2019 promises to be eventful not least with the UK's exit from the EU on 29 March 2019. Here's what to look out for in the next 12 months…
Read moreBan of combustible materials in cladding
One and a half years after Grenfell, the Building (Amendment) Regulations 2018 come into force and restrict the use of combustible materials in buildings.
Read moreSmashing 'Smash and Grab' – Coulson J delivers significant blow to smash and grab tactic
Over recent years a body of case law has developed supporting the principle that in the absence of a valid pay less notice an employer is exposed to a 'smash and grab' adjudications for payment of the sum stated as due in a contractor's interim application even if that application is overstated. On Tuesday this week, in what is likely to be his final judgement before moving to the Court of Appeal, Coulson J delivered welcome clarification on the matter in Grove Developments Ltd v S&T (UK) Ltd. Coulson J held that even in the absence of a valid pay less notice it is open to an employer to commence adjudication proceedings for determination of the 'true' value of an interim application potentially blunting the tactical utility of 'smash and grab' adjudications.
Read moreRICS Conflict Avoidance Pledge
It is a well-known fact that the costs of resolving disputes can quickly escalate, and that it is often not cost and time effective to pursue even mid-sized claims through arbitration or litigation. In an attempt to circumvent the need for this sort of dispute resolution, by avoiding disagreements developing into disputes, the Conflict Avoidance Coalition has formed and introduced a "Conflict Avoidance Pledge".
Read moreRetrospective and prospective delay analyses – do they provide the same results?
The recent case of Fluor v Shanghai Zhenhua Heavy Industry Co considered the difference between prospective and retrospective approaches to delay analysis and whether they lead to the same results.
Read moreNotification under a specific clause must be clear
Systems Pipework Limited (SPL) v Rotary Building Services Limited (RBSL) determines that where a clause may have a draconian effect it is necessary for notification of this clause to include reference to the clause and clearly comply with the clause's purpose and requirements.
Read more12 Drummers Drumming: Pa rum pum pum pum
Whilst we all like to get into the festive spirit it's not much fun if you're living next door to those drummers. In this final instalment of the festive blog series we consider what action can be taken against noisy neighbours.
Read more11 pipers piping: How does MEES differ in Scotland?
It's day eleven of our festive blog series: The origins of the piping pipers may not be firmly rooted in Scotland, but they brought to our minds thoughts of bagpipes, and other things that are found north of the border. The Scottish were first to implement their energy efficiency regulations but now the English and Welsh are not far behind, with MEES coming into force early next year: what will the differences between the systems be?
Read more10 Lords a-Leaping
It's day 10 of our blog series: The House of Lords was once the court of last resort for most cases heard in the UK. However, in 2009 those Law Lords leapt into the 21st Century and rebranded themselves as the Supreme Court of Justice.
Read more9 Ladies Dancing: The Mayor of London protects the night-time economy
The Mayor of London published supplementary planning guidance last month, aiming to protect and enhance cultural venues across the capital and promote the night-time economy, and the draft revised London Plan could put this on a policy footing.
Read more8 Maids A-Milking: Milking the Consumer during the Festive Period
This article explores what's going on in the retail industry to draw in shoppers at this crucial time of year.
Read more7 Swans-a-Swimming: new regulations are there to protect them
It's day seven of our festive blog series: The Conservation of Habitats and Species Regulations 2017 have come into effect. What do they say for the likes of our swimming swans?
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