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GLOSSARY

Undertaking definition

/ʌndəˈteɪkɪŋ/

Published by a LexisNexis Competition expert

What does Undertaking mean?

Unitary organisation (composed of personal, tangible and intangible aspects) engaged in an economic activity, regardless of the legal status of the entity and the way in which it is financed.

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Limited liability partnerships—application of Companies Act 2006 to LLPs—checklist

Limited liability partnerships—application of Companies Act 2006 to LLPs—checklist The majority of law applicable to limited liability partnerships (LLPs) is actually modified company law rather than partnership law. The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009, SI 2009/1804 (2009 Regulations) apply many parts of the Companies Act 2006 (CA 2006), with appropriate modifications, to LLPs. The 2009 Regulations also apply Parts 1, 2, 3 and 5 of the Companies (Cross-Border Mergers) Regulations 2007, SI 2007/2974 to LLPs. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations) apply parts of CA 2006 in relation to accounts and audit to LLPs with appropriate modifications. This Checklist sets out those provisions of CA 2006 that are applied to LLPs pursuant to these regulations. Companies Act 2006 (CA 2006), section Statutory instrument applying CA 2006 provision Subject Part 2—Company formation CA 2006, s 12A 2009 Regulations, SI 2009/1804, reg 3A (link accessible within SI 2009/1804, reg 4) (inserted by SI 2016/340, reg 5 and SI...

Ireland—Surrender of lease—acting for the landlord—checklist

Ireland—Surrender of lease—acting for the landlord—checklist This Checklist sets out some of the key steps and issues that the landlord should consider when contemplating taking a surrender of a lease from its tenant. It is not exhaustive and you must always consider whether there are any other issues that need to be addressed in your particular circumstances. The Checklist assumes that: • the surrender is express and not by operation of law, and • there will be no re-grant in favour of the tenant immediately following the surrender This checklist can be read in conjunction with: Ireland—Surrender of lease—acting for the tenant—checklist. How to use this Checklist While the mechanics of a surrender of a lease are similar to a sale and purchase (because the tenant is selling and the landlord is buying), there are some differences. The first section (Key considerations) in this Checklist sets out key issues to consider with further detail in the table in Procedure when dealing with the surrender of a lease below. The table...

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Employment claims in Scottish civil courts

Employment claims in Scottish civil courts Scottish civil courts, like their counterparts in England and Wales, can and do decide certain employment disputes. However, there are very significant differences between the civil court systems in Scotland and in England and Wales which practitioners need to be aware of. This Practice Note provides an overview of: • the most common orders sought by employment lawyers in Scottish civil courts • the structure of the Scottish civil court system • the jurisdiction and key features of each relevant court • rights of audience • rules of procedure • important points about: ◦ breach of contract claims in Scotland ◦ injunctive (interlocutory) relief in Scotland ◦ dawn raids in Scotland ◦ industrial relations disputes in Scotland ◦ equality of terms claims in Scotland The purpose of this Practice Note is to provide an introduction to the key features of the Scottish civil court system for employment lawyers. It is not intended to and does not purport to be a comprehensive account of...

Bridge to bond facilities

Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...

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Special administration—witness statement in support of application for special administration

Special administration—witness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in [location]. It is in...

Confidentiality agreement — restructuring & insolvency

Confidentiality agreement — restructuring & insolvency This Agreement is made [insert day and month] 20[insert year] Parties 1 [insert name of debtor company] a company incorporated in [insert country eg England and Wales] under number [insert registered number] whose registered office is at [insert address] (the Company); and 2 The Creditors (as set out in the Schedule) (the Creditors); (each of the Creditors and the Company being a Party and together the Creditors and the Company are the Parties). Recitals (A) the Company agrees to disclose information to the Creditors and the Creditors agree to keep that information confidential and use it solely for the purposes of evaluating, negotiating, monitoring and implementing a [Standstill Agreement OR Restructuring Agreement]. (B) [insert any further recitals]. The parties agree: 1 Definitions and interpretation 1.1 Definitions In this Agreement, unless otherwise provided: Authorised Person • means any officer, employee, director, consultant, agent, affiliate or representative of the Creditors [the Reporting Accountant] and any other legal or financial...

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner?

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner? For the purposes of this Q&A, it is assumed that: • the relevant private fund limited partnership (PFLP) is established in England • the PFLP’s general partner is appointed as the relevant authorised person to manage the PFLP under the Financial Services and Markets Act 2000 (FSMA 2000) • the PFLP is a collective investment scheme (CIS) as defined in FSMA 2000, s 235 Limited liability status Where a limited partner of a PFLP also serves as the sole shareholder and director of the PFLP’s general partner (GP), this may have an impact on the limited liability status of the limited partner concerned. A key feature of limited partnerships, including PFLPs, is that their limited partners enjoy limited liability status, provided that such limited partners do not participate in the management of the limited partnership business. Where the limited partner in question is the sole shareholder and...

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Amending objects of a Royal Charter charity (Governors of the Free Grammar School of John Lyon v Attorney General)

Private Client analysis: This case examined how the charitable objects of Harrow School and The John Lyon School could be amended in principle. The court held that the schools' objects continued to be those that were set out in the 1572 Royal Charter by which Harrow School was established, despite the undertaking of the original corporation having been transferred to another body in the 19th century. Consequently, any amendments to the objects could only be made by the court (or the Charity Commission) giving effect to a scheme under section 68 of the Charities Act 2011 (ChA 2011) or by the charity exercising the statutory power of amendment set out in ChA 2011, s 280C, in both cases subject to approval by Order in Council. The court also found that ChA 2011, s 75ZA does not enable the court (or the Charity Commission) to make a scheme inconsistent with a Royal Charter or statute. This reaffirmed the ‘higher authority principle’ confirming that the scheme-making jurisdiction of the court cannot override...

EU Competition law—daily round-up (05/06/2025)

A round-up of EU competition law developments, including (amongst other things) (1) an AG opinion concerning a national reference from the Czech Republic seeking clarification as to whether a collective management organisation’s failure to account for hotel room occupancy when setting copyright royalties for licensed works constitutes a breach of Article 102 TFEU, (2) an AG opinion concerning a national reference from Sweden seeking clarification as to whether compensation provided to a company owned by a Swedish municipality constitutes new or existing aid, and (3) the Commission’s decision to launch a consultation on a revision of the SGEI State aid rules to address the issue of housing affordability.

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