The following Banking & Finance 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 lending lawyers?
This Practice Note considers the enforcement options available to lenders where they hold fixed security. In particular it covers:
the options available when taking enforcement action
a list of specific considerations when enforcing over specific asset types, and
registration of enforcement of security
Secured lenders will normally aim to ensure that as much of their security is fixed as possible. It is generally not possible to take fixed security over all asset types because the level of control that is required to ensure that the security is fixed is incompatible with the borrower running its business effectively, eg stock and cash in current accounts. A lender will often, therefore, take a debenture to enable it to take both fixed and floating security over all the assets of the company. A debenture may include legal and/or equitable mortgages over land and shares,
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
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