The following Environment practice note provides comprehensive and up to date legal information covering:
The CRC Energy Efficiency Scheme (CRC Scheme) was a mandatory emissions trading scheme in the UK that aims to cut carbon dioxide emissions and improve energy efficiency in large non-energy-intensive public and private sector organisations. It is important to note that although energy-intensive public and private sector organisations fall outside of the CRC Scheme, separate schemes apply, for example:
emissions from industrial processes (such as power plants), which would be relevant to project finance transactions, could be covered by Climate Change Agreements or the EU Emissions Trading Scheme—see Practice Notes: Climate change agreements (CCA),EU Emissions trading system—outline and When is a greenhouse gas permit required under Phase III EU ETS?
emissions from certain aviation activities, which would be relevant to aviation finance transactions, are regulated by the EU Emissions Trading Scheme—see Practice Note: EU emissions trading system and aviation
Organisations that qualified for the CRC Scheme had to purchase allowances for every tonne of carbon dioxide they emitted with financial penalties (both civil and criminal) for those organisations that failed to comply.
Lenders could be affected by the CRC Scheme if their organisation qualified in its own right or through their involvement with borrowers. They, therefore, need to understand how the CRC Scheme works, so that they are fully appraised of the costs involved and can risk profile their borrowers accordingly.
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
The offence of causing grievous bodily harm with intentWounding or causing grievous bodily harm (GBH) with intent is triable only in the Crown Court on indictment. Elements of the offence Under the Offences against the Person Act 1861 (OATPA 1861), the prosecution must prove the defendant unlawfully
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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