If the legatee is under the age of 18 and the legacy is contingent on the child attaining that age (or a later age), the child or its parents cannot give a valid receipt to the executors for the legacy. On reaching the age of entitlement, the child can then give a valid receipt. If a contingent or conditional legacy is paid before the contingency or condition precedent is met, and the legatee then fails to meet the contingency

Do firm quote requirements apply to UK systematic internalisers in respect of non-equity instruments and derivatives? Prior to amendment by the Financial Services and Markets Act 2023 (FSMA 2023), Article 18(1) of Assimilated Regulation (EU) 600/2014 (UK MiFIR) required systematic internalisers (SIs) to publish firm quotes in relation to bonds, structured finance products (SFPs), emission allowances and derivatives traded

The fixed costs regime in respect of certain types of claim are found in Civil Procedure Rules 1998 (CPR), SI 1998/3132, Pt 45. CPR 45 sets out certain specific fixed costs which are recoverable in respect of claims that fall within its ambit. CPR 45.1(2)(c) applies the regime to claims for the recovery of land, including a possession claim under CPR 55, whether or not the claim includes a claim for a sum of money and the defendant gives up possession, pays the amount claimed and the fixed commencement costs. Thus, where a claim for possession (which may include a claim for money, such as arrears of rent) is issued and the defendant complies with what is claimed, only the fixed costs are recoverable.

CPR 45.1 sets the fixed amounts which are recoverable in respect of legal representatives’ charges unless the court orders otherwise. In respect of proceedings issued following the service of a section 8 notice, the fixed costs regime will apply where the claim is for the recovery of land (including possession claims issued under CPR Part 55) and where the following situations apply: • a possession claim (with or without a money claim) and the defendant gives up possession, pays the amount claimed with the fixed commencement costs as stated in the claim form • a possession claim based on arrears

For the purposes of this Q&A, wehave focussed on a brief overview in terms of the rights under the Package Travel, Package Holidays and Package Tours Regulations 1992, SI 1992/3288 (the Regulations) and fixed costs in general. The Regulations set out a number of requirements that the tour operator must comply with, both before and after the package tour. Further, a failure to comply with certain regulations will also result in criminal liability. Crucially, the Regulations provide the consumer with the ability to sue the tour operator directly irrespective of whether they were the supplier of services, as SI 1992/3288, reg 15 provides as follows: ‘15.— Liability of other party to the contract for proper performance of obligations under contract • The other party to the contract is liable to the consumer for

Under English law, insolvency office-holders are permitted to assign certain claims and causes of action, including wrongful trading and antecedent transaction claims. For further information, see Practice Note: Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986. Whether these powers may be extended to a foreign office-holder in a foreign insolvency proceeding will depend on the basis of recognition sought and whether the office-holder intends to open separate insolvency proceedings in the UK. The first issue to consider is whether the Regulation (EU) 848/2015 (Recast Regulation on Insolvency) applies. If so, and main proceedings have been opened in another EU member state, the laws of that Member

Since 2000 and the coming into force of the Welfare Reform and Pensions Act 1999 (WRPA 1999), a person's rights under a pension scheme can no longer be forfeited by reference to their bankruptcy. Basic state pension (and State Second Pension) rights do not form part of the bankruptcy estate. The same will generally be true in respect of statutory pension schemes for the benefit of certain categories of public sector employees. A trustee in bankruptcy may claim such pension entitlements by way of an income payments order (IPO) or income payments agreement, but only if the pension is already in drawdown and in the event that the bankrupt’s total revenue (including the pension income) exceeds their reasonable domestic needs (and those of his family). Further, as a result of the changes made under the WRPA 1999, if a pension arrangement is an approved pension arrangement, it is excluded from the bankrupt’s estate. Note however that

A fuel card could be viewed as a ‘payment instrument’ under regulation 2 of the Payment Services Regulations 2009, SI 2009/209. The first Directive 2007/64/EC, Payment Services Directive (PSD1) was required to be implemented by 1 November 2009 by the Member States. PSD1 was intended to regulate payment services providers (PSPs) and harmonise the payments sector within the EU. You will note that a number of those services relate to payment instruments. A 'payment instrument' is defined in SI 2009/209, reg 2 as: ‘any—(a) personalised device; or (b) personalised set of procedures agreed

Family analysis: Martin Henley, barrister at Great James Street Chambers and counsel for the appellant in Hakki, explains the issues in the case and advises practitioners to always check the detail of any Child Support Agency (CSA) assessment to ensure that non-taxable income, especially gambling income, is not included in the assessment.

For information about what a class right is and what constitutes a variation of class rights, see Practice Note: Class rights and variation of class rights and Q&A: What is a class right? What constitutes a variation of class rights? Section 630 of the Companies Act 2006 (CA 2006) requires that if class rights are to be varied it is necessary to comply with any procedure in a company’s articles of association for such variation,

Under section 306 of the Insolvency Act 1986 (IA 1986), the bankruptcy estate vests in the trustee in bankruptcy. It does this automatically on the trustee in bankruptcy's appointment without any conveyance, assignment or transfer. The bankruptcy estate includes all property belonging to or vested in the bankrupt at the commencement of the bankruptcy (IA 1986, s 283(1)(a)). 'Property' is defined very widely in IA 1986, s 436, and non-exhaustively includes 'money, goods, things in action, land and every description

For the purposes of this Q&A we have assumed that the gift is between individuals and is of freehold land. Stamp duty land tax (SDLT) is charged on chargeable land transactions. A land transaction is a chargeable transaction if it is not a transaction that is exempt from charge to SDLT (FA 2003, s 49(1)). A number of transactions involving UK land are expressly excluded from falling within the SDLT charging provisions. They are generally referred to as exempt transactions. Exempt transactions are set out in FA 2003, Sch 3 and include land transactions where there is no