The following Corporate practice note provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Corporate lawyers?
A company applying for admission to trading on AIM (AIM admission) must meet the requirements of the AIM Rules for Companies (AIM Rules) as well as complying with:
the legal requirements for offers of securities in the United Kingdom (UK)
financial promotions restrictions
any legal requirements of a jurisdiction where the securities are being offered, and
if the company is incorporated outside the UK, the corporate and securities laws of the country of incorporation
This Practice Note deals with the requirements as they apply to a company incorporated in the UK which is not a ‘quoted applicant’. The London Stock Exchange offers an AIM fast-track admission route to certain companies which have had their securities traded on an AIM Designated Market (which includes the Official List) for at least 18 months prior to applying to AIM (referred to as quoted applicants
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When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
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