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Malus and clawbackFORTHCOMING CHANGE: On 18 March 2021, it was announced that the government was launching a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime, targeting the UK’s biggest businesses and ensuring markets work effectively. In relation
Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role
Common financial covenantsThis 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
Defects liability period and rectification of defectsIt is common in construction projects for defects to manifest or appear in the works. Most construction contracts require the contractor to return to site to rectify (also known as ‘make good’) defects which arise or are discovered during a
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