The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:
Where a charge qualifies as a 'security financial collateral arrangement' (SFCA) under the Financial Collateral Arrangements (No 2) Regulations 2003, SI 2003/3226, this can confer significant benefits on the secured party, or 'collateral taker'. Practice Note: Key provisions of the financial collateral regulations sets out in detail the impact of qualifying as an SFCA. In particular:
Easier creation/registration of security explains how an SFCA does not need to be registered at Companies House in order to be valid and enforceable
Disapplication of insolvency law sets out which aspects of insolvency law are disapplied—of particular relevance in relation to floating charges are:
hardening period for new floating charges
requirement to set aside ring-fenced funds for unsecured creditors
requirement to pay preferential creditors out of floating charge assets
the right of an administrator to deal with or dispose of property
Enforcement of security over shares explains that security over shares will be easier to enforce (if they fall within the Financial Collateral Regulations) as the collateral taker may exercise a right of appropriation without needing to apply to court for an order for foreclosure
Situations in which the question of whether a floating charge falls within the ambit of the Financial Collateral Regulations may be relevant include:
where a charge is taken
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This Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international perspective and includes some comparative examples from other
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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