If having obtained an actuarial valuation1 it appears to the trustees or managers2 of a scheme that the statutory funding objective3 was not met on the effective date4 of the valuation, they must, within the prescribed5 time: (1) if there is no existing recovery plan in force, prepare a recovery plan; (2) if there is an existing recovery plan in force, review and if necessary revise it6. A recovery plan must set out: (a) the steps to be taken to meet the statutory funding objective; and (b) the period within which that is to be achieved7. A recovery plan
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What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
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