Discount Definition

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DPA suitability checklist

DPA suitability checklist Court's oversight of the interests of justice and fairness, reasonableness and proportionality The UK deferred prosecution agreement (DPA) regime provides for judicial oversight of DPAs. After negotiations as to the terms of a DPA have commenced and before it has been concluded, the court must determine: • whether it is likely to be in the interests of justice, and • that its proposed terms are fair, reasonable and proportionate Therefore, each factor must be supported by clear and persuasive proof in order to seek to persuade the court to approve the DPA. The declarations given under Schedule 17 Part 1, para 8 to the Crime and Courts Act 2013 (CCA 2013) to date provide insight into the court's approach as to when a DPA is suitable and this has, in turn, fed into the prosecutor's approach (see Practice Note: The SFO's approach to Deferred Prosecution Agreements (DPAs) [Archived]). For detailed information on DPAs in general, the process followed by the court when considering whether to...

Joint venture shareholders’ agreement—checklist

Joint venture shareholders’ agreement—checklist Purpose of Checklist The purpose of this Checklist is to illustrate the sorts of considerations which need to be borne in mind, and on which instructions will need to be sought, when drafting a joint venture agreement (also known as a shareholders’ agreement) and articles of association for a joint venture company (JVC). It is for guidance only and is not exhaustive. This Checklist is prepared with the requirements of English law in mind and, although similar considerations are applicable in the case of an international joint venture agreement, it is important to recognise the limitations of this Checklist in the context of a foreign joint venture (JV) vehicle. For a Checklist on the preliminary considerations which need to be borne in mind, and on which instructions will need to be sought, when considering entry into a JV arrangement where the JV vehicle is to be a private company limited by shares, see Checklist: Corporate joint venture preliminary issues—checklist. See Precedents: Joint venture shareholders’ agreement—deadlock (50:50)...

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Invoice discounting and factoring

The popularity of financing business through invoice discounting and factoring of receivables has grown significantly in the UK over the last 25 years.Invoice discounting and factoring are types of receivables financing whereby a company, sole trader or partnership, known as the client, sells (ie assigns) its book debts (or receivables) together with all related rights, to an invoice discounter or factor (each a receivables purchaser) at a discounted rate. The advantage to the client is that it enjoys a more predictable and liquid cash-flow cycle.This Practice Note:•explains the basic difference between invoice discounting and factoring•illustrates the invoice discounting and factoring process•highlights the challenges that can arise in relation to the purchase of a receivable, and•provides a brief overview of the UK-based trade association for asset based financing (including receivables finance)Distinguishing between invoice discounting and factoringBoth invoice discounting and factoring facilities involve the purchase of receivables from a client by the receivables purchaser at a discounted rate.The principal difference between the products is whether the sales ledger administration and collection functions...

Sentencing individuals for food safety and food hygiene offences

Sentencing individuals for food safety and food hygiene offences This Practice Note reviews the parts of the Sentencing Council’s offence-specific guidelines which are used by the magistrates’ courts and Crown Courts in England and Wales when sentencing individuals for food safety and food hygiene offences. In accordance with section 59 of the Sentencing Act 2020 (SA 2020) (known as the Sentencing Code), the courts must follow Sentencing Council guidelines in sentencing an offender unless ‘satisfied that it would be contrary to the interests of justice to do so’. The Sentencing Council has published offence-specific guidelines for food safety and hygiene offences. Separate guidelines apply for the sentencing of organisations for these offences, see Practice Note: Sentencing organisations for food safety and food hygiene offences. The Sentencing Council also publishes a number of overarching guidelines, which should be considered in respect of all sentencing exercises, see Practice Note: Sentences imposed following conviction. Among these, the General guideline—overarching principles (the General guideline) is specifically designed to be used in conjunction with offence-specific...

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Letter of instruction to single joint expert—employment tribunal proceedings

Letter of instruction to single joint expert—employment tribunal proceedings Private & confidential [Insert name and address of expert] [Insert date] Dear [insert name of expert] [Insert case heading, eg Ms R Jones v Supermarkets Plc, ET Case Number: 12345] Instruction to act as single joint expert Thank you for agreeing to act as the expert witness in this matter. As you know you will be acting as a single joint expert. We act for [insert name of client] who is [bringing OR defending OR an employment tribunal claim against [insert name of opposing party/parties]. This letter has been countersigned by the solicitors acting on behalf of [insert name of opposing party/parties] to confirm their agreement to the terms of this letter. The aim of this letter is to provide you with the relevant factual background, key documents and to identify the issues you will need to consider. As an expert witness you will be aware of the need for you to comply with certain duties and ensure...

Licence to use photographs

Licence to use photographs This Agreement is made on [insert date] (the Commencement Date) between the following parties (each a party and together the parties): Parties 1 [insert licensor name] a company incorporated in [England and Wales] whose registered number is [insert company number] and whose registered office is at [insert registered office] (the ‘Licensor’); and 2 [insert licensee name] a company incorporated in [England and Wales] whose registered number is [insert company number] and whose registered office is at [insert registered office] (the ‘Licensee’). Background (A) Licensor is the proprietor of the Photographic Works. (B) Licensor wishes to license the Photographic Works to Licensee and Licensee wishes to receive the same on the terms of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 Definitions In this Agreement: Affiliate • means any entity that directly or indirectly controls, is controlled by or is under common control with, another entity; Control • means that a person owns directly or indirectly more than 50% of...

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Does a bonus issue have to be carried out so that the shares are offered to all existing shareholders in a company or can a company choose which shareholders to allot bonus shares to?

Does a bonus issue have to be carried out so that the shares are offered to all existing shareholders in a company or can a company choose which shareholders to allot bonus shares to? In this Q&A, we have assumed that the company proposing to carry out a bonus issue is a private company limited by shares. A bonus issue is the allotment of shares by a company to its existing shareholders, usually on the basis that they are fully-paid (as that is often a requirement of its articles of association), and without any payment being required by shareholders for those shares. In essence, a bonus issue will involve a resolution of a company to effect the capitalisation of existing reserves into (normally) fully-paid shares by allotting the shares and applying reserves in paying them up. It is not possible for a shareholder in a company that is making a bonus issue to refuse the allotment of any shares that they are entitled to or to...

A housing association seller has a headlease from the council. The headlease contains an absolute prohibition on underletting. The particular concern is that this could create an issue in future if the buyer/successor-in-title wishes to exercise the right to acquire and apply for a lease extension. The council will not consent to a deed of variation to remove the prohibition on underletting insisting that the statutory rights are sufficient. Does a preserved right to acquire/statutory right to extend a lease prevail over the express provisions of the head lease to the contrary?

A housing association seller has a headlease from the council. The headlease contains an absolute prohibition on underletting. The particular concern is that this could create an issue in future if the buyer/successor-in-title wishes to exercise the right to acquire and apply for a lease extension. The council will not consent to a deed of variation to remove the prohibition on underletting insisting that the statutory rights are sufficient. Does a preserved right to acquire/statutory right to extend a lease prevail over the express provisions of the head lease to the contrary? Prohibition on underletting generally An absolute prohibition on underletting is a clause contained within the headlease that prevents the headlessee from allowing the premises to be underlet (often referred to as a sublease), meaning that the headlessee cannot create an interest in its lease which is then let by it to a subtenant. Some leases will contain conditional or qualified prohibitions against underletting, requiring the consent of the superior landlord. In such circumstances, section 1(3) of...

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UK’s Modern Industrial Strategy 2025—Built environment aspects

The Department for Business and Trade (DBT) has published the UK’s Modern Industrial Strategy 2025—a ten-year plan aimed at increasing business investment across eight growth-driving sectors, following a consultation launched in October 2024. The Strategy is designed to streamline and accelerate investment processes for businesses, while providing greater certainty and stability for long-term decision-making. Key sector plans include the Clean Energy Industries and Advanced Manufacturing Sector Plans. The Clean Energy Industries Plan sets out an ambition to double investment in frontier clean energy industries—including onshore, offshore and floating offshore wind, nuclear fission, hydrogen, carbon capture usage and storage, and heat pumps—to over £30bn annually by 2035. The Advanced Manufacturing Sector Plan outlines a target to increase annual business investment from £21bn to £39bn by 2035, focusing on six priority industries: automotive, aerospace, batteries, space, advanced materials and agri-tech. These plans are supported by the Industrial Strategy Zones Action Plan, which brings the Freeports and Investment Zones programmes together as Industrial Strategy Zones, aiming to support regional and national growth and...

Corporate Crime weekly highlights—12 June 2025

This week's edition of Corporate Crime weekly highlights includes analysis of the DOJ’s new guidelines for FCPA investigations and enforcement actions, of the recent Supreme Court ruling on how much consideration should be given to early release provisions in extradition cases, of the resilience of public sector digital infrastructure and the broader implications of cybercrime following the Legal Aid Agency data breach, and of lessons to be learnt following the recent conviction of an art dealer for failing to comply with reporting obligations under the Terrorism Act 2000. Also included is news of the new Investigatory Powers Act codes of practice coming into force, of the ban on bonus payments to senior executives at six water companies, and of the first crypto specialist appointed by the Insolvency Service to assist with digital asset recovery in criminal cases. All this, and more, in this week’s Corporate Crime highlights.