Search results

Perspective - Blog

Climate-related financial disclosures: what companies and LLPs need to know about the UK's new mandatory rules

Published on 10 May 2022.

The UK's new climate-related financial disclosures: mandatory requirements to come clean

Perspective - Blog

'Big Plastic' is an emerging climate risk and a ticking time-bomb for litigation

Published on 14 Apr 2022. By Lucy Dyson , Partner

The tangible commitment to plastics regulation and action will likely trigger a new wave of plastics-related litigation.

Perspective - Blog

ESG claims in the banking and financial markets Sector: will "greenwashing" claims soon be common in the UK?

Published on 14 Feb 2022. By Chris Ross, Partner

Environmental, Social and Governance "ESG" funds are an attractive avenue for investors seeking responsible investment choices.

Perspective - Publication

What if the CEO asks me... about ESG-linked financing facilities

Published on 28 Sep 2021. By Edward Colville, Partner and Sukh Ahark, Partner, Co-head of India Desk

As focus moves from short term lockdown liquidity on to longer term financing needs, loan facilities linked to ESG and sustainability targets are back in the news.

Perspective - Blog

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).

Perspective - Blog

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.

Perspective - Blog

Choppy waters ahead? The significance of Oceanfill

Published on 20 Mar 2023. By Elizabeth Alibhai, Partner and Paul Bagon, Partner and Will Beck, Of Counsel and Knowledge Lawyer

The economic outlook for the UK in 2023 remains uncertain, and more companies may need to restructure their businesses to ensure survival. This

Perspective - Blog

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.

Perspective - Publication

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.

Perspective - Publication

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.

Perspective - Publication

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.

Perspective - Blog

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?

Perspective - Blog

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?

Perspective - Blog

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?

Perspective - Publication

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.

Perspective - Publication

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.

Perspective - Publication

“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.

Perspective - Publication

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.

Perspective - Publication

Restructuring and insolvency

Published on 18 Dec 2015.

An update on recent changes

Perspective - Publication

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.

Profile

Johnny Cheung

Associate

Perspective - Blog

UK Government wants understanding of video games to move to the next level

Published on 12 Jun 2023. By Gowri Chandrashekar, Senior Associate and Zoe Harvey, Associate

On 30 May 2023, the UK Government published a Video Games Research Framework which encourages research on video games and emerging game-related technologies.

Perspective - Blog

CMA ends its investigation into online console gaming subscription practices

Published on 14 Jun 2022. By Jonathan Greenway, Senior Associate and Joshua Charalambous, Partner

The UK Competition Markets Authority (CMA) has now closed its investigation into subscription practices in the online console gaming sector after key players Sony, Nintendo and Microsoft committed to making improvements to their contract terms with a view to better protecting customers.

Perspective - Publication

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?

Perspective - Publication

Law passed to regulate Significant Investments in Singapore Entities

Published on 12 Jan 2024. By Kenneth Leong, Partner and Jemima Holly Ang, Associate

The Significant Investments Review Bill (the "Bill") was recently passed by Parliament on 9 January 2024, and is expected to take effect in the first half of the year.

Perspective - Blog

FOS complaints and hindsight – categorical statement from the Chief Ombudsman

Published on 11 May 2020. By Rachael Healey, Partner

The FCA has been producing a range of temporary measures with the aim of ensuring that firms can work at pace during the pandemic for the benefit of customers. However, where procedures are bypassed or corners cut what will FOS do in response? The response from FOS to that questions raises another – the use of hindsight when coming to its decisions.

Perspective - Blog

Bossing the rules

Published on 03 Dec 2019. By Aimee Talbot, Knowledge Lawyer

Watch out for RPC's new blog mini-series on the SRA Standards and Regulations 2019.

Perspective - Blog

FCA issues Final Report in the Wholesale Insurance Broker Market Study

Published on 20 Feb 2019. By Matthew Griffith, Partner and Jonathan Charwat, Partner

Today, the FCA released its Final Report in its Wholesale Insurance Broker Market Study. The study, which was launched in 2017, considered competition, transparency and conflicts concerns arising from changes in the market, including an increased use of broker facilities.

Perspective - Blog

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.

Perspective - Blog

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.

Perspective - Blog

PRA consultation to promote diversity on boards of large insurers

Published on 06 Jul 2017.

The PRA consults on further amendments to the Senior Insurance Managers Regime (SIMR) including promoting diversity on boards.

Profile

Sarah Chiang

Associate

Perspective - Blog

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

Perspective - Blog

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

Perspective - Blog

Supreme Court confirms no knowing receipt claim where equitable interest is destroyed: Byers v Saudi National Bank

Published on 17 Apr 2024. By Jake Hardy, Partner and Ana Margetts, Associate

In Byers v Saudi National Bank, the Supreme Court affirmed the findings of the lower courts by holding that a claim for knowing receipt cannot be made if a claimant’s equitable interest in the property in question has been extinguished by the time of the defendant’s knowing receipt of the property.

Perspective - Blog

Merchants Beat Venice: Court of Appeal finds that local authority of Venice did have capacity to enter into Interest Rate Swaps

Published on 19 Mar 2024. By Simon Hart, Partner, Head of Banking & Financial Markets Disputes

In a significant judgment in Banca Intesa Sanpaolo and Dexia Credit Local SA v Comune di Venezia [2023] EWCA Civ 1482, the Court of Appeal overturned the findings of the High Court

Perspective - Blog

Coming to a bank near you? How "investment AI" could transform financial mis-selling claims

Published on 09 Nov 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

Living under a rock is probably the only way anyone might have escaped the media attention given to ChatGPT and generative AI in recent months. Beyond the (considerable) hype, this technology could have a profound impact on financial mis-selling claims where financial institutions and fund managers turn to the new technology to help them select investments and products.

Perspective - Blog

Fraud not "some kind of open sesame" in Privy Council appeal to set aside judgment

Published on 05 Sep 2023. By Jonathan Cary, Partner

An appellant was unsuccessful in his bid to set aside judgment on the basis of fraud as the Board of the Privy Counsel dismissed his claim as an abuse of process (1). The appellant had failed to show "fresh evidence" of fraud as he already had all of the information he was relying on to allege fraud at the time he entered into a final settlement agreement, and had not offered an explanation of why he had not deployed this information whilst the original dispute was live.

Perspective - Blog

Caught out by APP fraud? Here's the 101 of what can be done

Published on 11 Aug 2023. By Dan Wyatt, Partner

Dan Wyatt, partner at RPC, takes a look at the best strategy for APP fraud victims and their recovery options.

Perspective - Blog

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

Perspective - Publication

Banking and Financial Litigation Markets Update - Spring 2023

Published on 06 Mar 2023. By Jonathan Cary, Partner and Jessica Davies, Associate and Olivia Dhein, Knowledge Lawyer and Jake Hardy, Partner and Simon Hart, Partner, Head of Banking & Financial Markets Disputes and Charlotte Henschen (née Ducker), Partner and Tom Hibbert, Partner, Global Head of Commercial Disputes and Tim Potts, Senior Associate and Chris Ross, Partner and Emily Saffer, Associate and Christopher Wheatley , Senior Associate and Alan Williams, Partner

This update is brought to you by RPC’s top tier banking and financial markets disputes practice in London, with specialists in all areas of financial markets litigation (and arbitration) and a wealth of expertise including frequent involvement in the most complex, high-value, and high-profile disputes in the sphere. Here, we take a look at some of the most important judgments in recent months.

Perspective - Blog

High Court favours English jurisdiction in bribery claim brought by Kuwaiti pension fund

Published on 28 Feb 2023. By Louise McCarthy, Associate

The High Court recently rejected an application, brought by two defendants to an alleged bribery claim advanced by a Kuwaiti pension fund, that the claim should be heard before the Swiss courts, holding that England was the proper jurisdiction both in order to avoid the risk of fragmentation of proceedings, and in view of the close connection of the claim to England.

Perspective - Blog

Court of Appeal finds that Bitcoin's developers may owe fiduciary duties to bitcoin owners

Published on 08 Feb 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In a highly anticipated judgment, the Court of Appeal has handed down its decision in Tulip Trading Limited v van der Laan and others [2023] EWCA Civ 83, allowing the claimant's appeal. The court found that the developers looking after Bitcoin arguably owed fiduciary duties in tort to an owner of bitcoin, and whether such a duty did arise in the specific proceedings would depend on the facts established at trial.

Perspective - Blog

Considering bringing an RFI application? Is it strictly necessary?

Published on 31 Jan 2023. By Parham Kouchikali, Partner

Andrew Ayres KC and Andrew Dinsmore (Twenty Essex), instructed by Parham Kouchikali and Suzie Kurdi of this firm, successfully resisted a Request for Further Information (RFI) in the High Court.

Perspective - Blog

Court of Appeal rejects timing and informed consent defences in bond bribery case

Published on 30 Jan 2023.

In a recent decision, the Court of Appeal decided in Trafalgar Multi Asset Trading Company Limited (in liquidation) v James David Hadley and others that pleaded defences to a bribery claim were so fanciful as to entitle the claimant to summary judgment.

Perspective - Blog

High Court rejects Group Litigation Order in FSMA litigation as it would not further the Overriding Objective

Published on 30 Jan 2023. By Charlotte Henschen (née Ducker), Partner and Alastair Hall, Associate

In a recent decision in Edward Moon & Ors v Link Fund Solutions, Mr Justice Trower dismissed an application by two groups of claimants, declining to make the Group Litigation Order (GLO) sought.

Perspective - Blog

No loss? No Quincecare claim … the Supreme Court judgment in Stanford International Bank v HSBC

Published on 12 Jan 2023. By Jonathan Cary, Partner and Olivia Dhein, Knowledge Lawyer

The Supreme Court has handed down its judgment in Stanford International Bank Ltd v HSBC Bank plc, deciding that there was no pecuniary loss suffered by the Claimant and therefore no basis for a Quincecare claim.

Perspective - Blog

No need for perfection: ISDA Master Agreement default notice still valid where some errors made

Published on 10 Jan 2023. By Daniel Hemming, Partner and Olivia Dhein, Knowledge Lawyer

The High Court has decided that a default notice under an ISDA Master Agreement is still valid even if it does not contain wholly accurate statements of the amount of the payment not made, the confirmation of the trade, or the currency of the payment.

Press and Media

Legal claims against banks expected following collapse in Sterling

Published on 06 Dec 2022.

Legal disputes between banks and their business customers are expected following the collapse in the value of sterling against the U.S. Dollar and the volatility of other currencies, says international law firm RPC.

Perspective - Blog

Italian Local Authority succeeds in swap claim before the English Court

Published on 14 Nov 2022. By Daniel Hemming, Partner and Tim Potts, Senior Associate and Jessica Davies, Associate

In a significant judgment in Banca Intesa Sanpaolo SpA v Comune di Venezia [2022] EWHC 2586, the English Commercial Court has found that, as a consequence of the 2020 decision of the Italian Supreme Court in Banca Nazionale del Lavoro SpA v Comune di Cattolica (Cattolica), English law governed interest rate swaps entered into by the Municipality of Venice (Venice) were void for lack of capacity. Venice was therefore entitled to restitution for the amounts paid to the Banks under the interest rate swaps. However, the English Court also found that the Banks were in principle entitled to rely on a defence of change of position in respect of payments made under back-to-back swaps with other financial institutions which operates to reduce the sums recoverable by Venice.