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The facilities agreement will often contain undertakings from the obligors that may provide sufficient protection against a potential competing debt claim from an obligor—this needs to be considered on a case by case basis. The guarantee wording in the loan market association standard form leveraged facilities agreement, for example, prevents an obligor from claiming or proving as a creditor in competition to a finance party. The document also obliges a creditor obligor to grant security over its rights as a creditor in favour of the finance parties. Therefore, it is not invariably be the case that a subordination deed is used in the context of loans between obligors.
Non-obligor group creditors will not, however, typically b
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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