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GLOSSARY

Business Day definition

Published by a LexisNexis Tax expert

What does Business Day mean?

means a day other than a Saturday, Sunday or public holiday[, on which clearing banks are open for non-automated commercial business in the [City of London]];

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Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist

Corporate Insolvency and Governance Act 2020—resources for commercial contracts—checklist This Checklist of resources sets out some of the considerations when drafting, reviewing and negotiating commercial contracts to reflect the restrictions on ipso facto provisions introduced by the Corporate Insolvency and Governance Act 2020 (CIGA 2020). Corporate Insolvency and Governance Act 2020—the impact for commercial lawyers CIGA 2020 introduced reforms to the Insolvency Act 1986 (IA 1986) including provisions to ensure the continuity of essential supplies and restrict contractual termination provisions on insolvency (so-called ‘ipso facto’ clauses). The provisions that are of most relevance to general commercial practitioners when drafting and negotiating contracts are: • contractual rights to terminate for an insolvency event, or do any other thing as a result of a customer’s insolvency (so-called ‘ipso facto’ clauses) in contracts for the supply of goods and services are no longer effective • the introduction of a company moratorium available to all companies to allow companies to formulate restructuring proposals without creditor pressure • the introduction of a restructuring plan, being a new...

Claimant receiving a defendant's Part 36 offer—checklist

Claimant receiving a defendant's Part 36 offer—checklist This Checklist on receiving a Part 36 offer identifies the key factors that a claimant should consider on receipt of a defendant’s Part 36 offer. Consideration Guidance Further information Relevant period The claimant should calculate the date when the relevant period expires for accepting the defendant’s Part 36 offer, which must be no less than 21 days from when the Part 36 offer was served (CPR 36.5(1)(c)).It is important to note this date because there may be costs consequences for late acceptance of the defendant’s Part 36 offer. There may also be costs consequences if the defendant’s Part 36 offer is not accepted and the claimant fails to obtain a judgment that is more advantageous than the defendant’s Part 36 offer (CPR 36.17(1)(a)). For further information, see Practice Notes: Part 36 offers—how to make a valid Part 36 offer—The relevant period (minimum 21 days) and Part 36 offers—costs consequences of rejection or non-acceptance—Costs consequences—claimant not accepting a defendant's Part 36 offer. Validity...

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Case management in the magistrates’ courts

Case management in the magistrates’ courts The overriding objective Pursuant to the overriding objective, courts are required to actively manage cases in order to ensure that they are dealt with justly in an efficient and expeditious manner. In practice, this means that the courts must effectively manage each case. Moreover, the prosecution and defence also need to actively assist the court to ensure that their case is being dealt with as efficiently as possible. Case management in the magistrates’ court Case management in the magistrates’ court is governed by Part 3 of the Criminal Procedure Rules 2020 (CrimPR 2020), SI 2020/759 together with the Criminal Practice Directions. Criminal lawyers should also ensure they are familiar with the requirements of the Better Case Management Handbook and the Transforming Summary Justice (TSJ) Renewal Programme. Together, CrimPR 2020, SI 2020/759 and the Criminal Practice Directions are the law which provide a code of current practice that is binding on the courts to which they are directed, and which promotes the consistent...

Takeover Code—Rule 6—Acquisitions resulting in an obligation to offer a minimum level of consideration

Takeover Code—Rule 6—Acquisitions resulting in an obligation to offer a minimum level of consideration This Resource Note outlines the main provisions of Rule 6 of The City Code on Takeovers and Mergers (Code), which deals with the circumstances in which an acquisition of an interest in shares in the offeree will result in an obligation to offer a minimum level of consideration. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rule 6. This Resource Note will be relevant to any stakebuilding exercise. Materials covered in this Resource Note include: • Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code • Panel Statements published by the Panel (P/S) and Panel Instruments • Public Consultation Papers (PCP)...

Discover our 80 Practice Notes on Business Day

Letter to lenders governing appointment of creditors’ committee

Letter to lenders governing appointment of creditors’ committee To: The persons listed in Schedule 1 to this letter [insert names of Lenders] From: [insert name of solicitors for the Creditors' Committee or the name of the Chair] Date: [insert date] Appointment of Creditors' Committee We refer to the discussions at the meeting of creditors convened by [insert name of debtor company] (the Company) to discuss the proposed restructuring. 1 Definitions and interpretation 1.1 Definitions In this letter, unless otherwise provided: Business Day • means a day other than Saturday, Sunday and public holidays when clearing banks generally are open for business in London; Chair • means the Lender appointed to chair the Creditors' Committee under the Creditor's Committee Agreement; Commitment • means (a) any undrawn amount which a Lender has committed to make available to the Company (but excluding any undrawn uncommitted amounts); (b) the principal amount of a Lender's participation in any utilisation by the Company, in each case under the Finance Documents; Committee...

Cross-border protocol for insolvencies or restructurings

Cross-border protocol for insolvencies or restructurings This Agreement is made [insert day and month] 20 [insert year] Parties 1 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country A] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; and 2 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country B] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; together referred to as the Insolvency Representatives; and 3 [insert name of debtor company(ies)] a company incorporated in [insert country] under number [insert registered number] whose ...

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Do I have time to serve an effective break notice, what form should it take and what is the method of service?

Do I have time to serve an effective break notice, what form should it take and what is the method of service? Scenario A client has just called to tell me that after some last minute management meetings, they would like to give notice urgently to end the lease of their HQ. The break clause states the following: ‘If the Tenant wishes to determine this Lease on the fifth anniversary of commencement of the Term and gives to the Landlord at least 6 months' prior written notice of that wish, then on expiry of the notice the Term is to cease and determine immediately, but without prejudice to any rights or remedies that may have accrued’ The Term commenced on 1 March 2009. It’s 2.30pm on Friday, 30 August 2013. Can I still serve notice effectively and what should I put in my notice? Timing • Determine what is the fifth anniversary of the Term. If the Term commenced ‘on’ (rather than ‘from’ 1 March 2009),...

There is no definition for personal service in CPR 6.22 for serving documents other than a claim form. I need to serve an N244 application personally. How can it be served?

There is no definition for personal service in CPR 6.22 for serving documents other than a claim form. I need to serve an N244 application personally. How can it be served? CPR 6 contains separate provisions in respect of service of the claim form and service of other documents. Personal service of a claim form CPR 6.3(1)(a) allows for personal service of a claim form ‘in accordance with rule 6.5’. CPR 6.5(3) defines personal service of a claim form and states how it is served personally on individuals, companies, and partnerships. Personal service of other documents CPR 6.20(1)(a) states that a document other than a claim form may be served by personal service ‘in accordance with rule 6.22’. In certain circumstances, it is mandatory to serve some documents personally. For example, under CPR 81 court orders, judgments and undertakings in relation to contempt of court proceedings must be served personally. The same applies to an order requiring a debtor to attend court to provide information (CPR 71.3)...

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Banking and Finance weekly highlights—22 May 2025

This week's edition of Banking and Finance weekly highlights includes: (1) Economic and Monetary Affairs Committee approves amendment to the CSDR that shortens the settlement cycle for transferable securities; (2) IOSCO publishes report on sustainable bond market; and (3) UK Finance publishes CMORG AI Taskforce AI Baseline Guidance review.

EU Law weekly highlights—22 May 2025

This week's edition of EU Law weekly highlights includes the agreement of a new strategic partnership at the first UK-EU summit, the launch of the EU’s Single Market Strategy, and the publication of the third and fourth omnibus simplification packages, entailing changes to the Common Agricultural Policy and the introduction of a new ‘small mid-cap’ company category. In addition this week, the European Commission released a set of frequently asked questions on the EU Data Act, launched a public consultation on its Consumer Agenda, launched a public consultation on its Gender Equality Strategy, and launched a call for evidence regarding its planned European Business Wallet Regulation. Finally this week, amendments to the EU Benchmarks Regulation were published in the Official Journal, the EU Intellectual Property Office published a study examining the legal implications of using copyright-protected works to train generative AI systems, Russia launched a WTO dispute challenging the EU’s carbon border adjustment mechanism, and the European Parliament and the Council of the EU reached provisional agreement on the revised...

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