From the description of the transaction in this Q&A, the method being used by the bank to exercise its security is the exercise of a power of sale. That method involves the borrower (in default) being required to transfer the property directly to a third party nominated by the bank and the sale proceeds being held by the bank on trust for the benefit of the borrower’s creditors. If that is correct, the bank should not be required to pay stamp duty land tax (SDLT)

The Joint Contracts Tribunal (JCT) announced the latest addition to the JCT contract suite, the JCT Target Cost Contract, and concluding the publication of all documents within the JCT 2024 Edition. The documents will include a main contract, sub-contract, and their respective guides, which will be released on 25 June 2025.

This Practice Note is aimed at real estate practitioners. It introduces the basic elements of liquidation and considers key provisions required in contracts for the sale of land if the seller is in liquidation. 'Liquidation' or 'winding up' is the process by which a company is brought to an end. When a company is liquidated its business is terminated, although it may need to be carried on temporarily as part of the winding-up process (eg to enforce any valuable contracts), its assets are realised and the proceeds are distributed to those entitled. Forms of liquidation Liquidation may be either insolvent (where a company is unable to pay its debts or liabilities are greater than its assets) or solvent, and may be commenced: • by court order ('compulsory liquidation')—see: Compulsory liquidation—overview, or • out of court (‘voluntary liquidation’) A voluntary liquidation of: • an insolvent company is a creditors' voluntary liquidation (CVL)—see: Creditors' voluntary liquidation (CVL)—overview • a solvent company is a members' voluntary liquidation (MVL) and is dependent on a declaration of solvency by

This week's edition of Construction weekly highlights includes the release of the 2024 edition of the Joint Contracts Tribunal (JCT)’s Measured Term Contract, a case in which the Sheriff Appeal Court rejected a ‘multiple contracts’ defence to enforcement of an adjudicator’s decision (George Beattie & Sons v Gareloch), and the launch of an Information Management Initiative (IMI) by the Construction Leadership Council (CLC) and nima.

A contract for sale.

In most cases, once an employer has decided that he no longer wants to retain a particular employee, he will want to dismiss him as soon as possible. Before taking that step, however, the employer should first consider: • what needs to be done in order to minimise the risk of contractual and/or statutory claims, and • what is consistent with good employment practice In summary, the employer should consider: • the reason for dismissal, and the risk of an unfair dismissal claim if a fair process is not followed • the provisions of the employment contract, including the right to notice and whether there is a payment in lieu of notice (PILON) clause • the protections the employee may enjoy against discrimination or other prohibited conduct under the Equality Act 2010 (EqA 2010), relating to any protected characteristic • other relevant statutory entitlements, such as the minimum period of notice and the right to a written statement of reasons for dismissal • whether any regulatory requirements apply, eg Prudential

This Practice Note looks at the practical steps which a practitioner may take in order to ensure that a property is ready for sale at the outset of a transaction or in anticipation of a proposed sale. Ensuring that a property is ready for sale: • reduces or eliminates unnecessary delays which in turn may reduce legal costs • enables the seller’s solicitor to draft the sale contract from a position of knowledge, and • enables the seller’s solicitor and the seller to anticipate what, if any, adverse issues the buyer’s solicitor may discover during the due diligence process. Early detection may enable the seller to take steps to resolve the issue or, at the very least, formulate a negotiating strategy with a view to minimising the risk of the buyer seeking to renegotiate the price and/or the transaction becoming abortive Initial steps A seller’s solicitor will need to familiarise themselves with the seller’s title in order to be able to provide a buyer with a full package of legal documentation (including a

We have assumed that • the contract is a business-to-consumer contract • the contract is a distance contract for services Generally, where a consumer has entered into distance contract for the supply of services (service contract), the consumer has 14 days after the day on which the contract is entered into to cancel the contract. A ‘service contract’ is a contract, other than a sales contract, under which a trader supplies or agrees to supply a service to a consumer and the consumer pays or agrees to pay the price. Provision of services during the cancellation period Traders should not start providing services during the 14 day cancellation period unless the consumer has expressly requested this. If the consumer makes such an express request

1 Definitions and interpretation 1.1 In these Conditions, the following definitions apply: Adequate Procedures • shall be construed in accordance with BA 2010 and guidance published under it; Affiliate • means any entity that directly or indirectly Controls, is Controlled by or is under common Control with, another entity; Applicable Law • means all applicable laws, legislation, statutory instruments, regulations and governmental guidance having binding force whether local or national[ or international in any relevant jurisdiction]; Associated Person • means all or any of the following: (a) the officers, employees, agents, subcontractors, subsidiaries and persons Associated With a party (Associates); and (b) persons Associated With any of the Associates, in each case involved in performing services for or on behalf of that party, the Services and/or the Contract; Associated With • when used in: (a) clause 9 and in relation to bribery matters, shall be construed in accordance with BA 2010 and guidance published under it; (b) clause 11 and in relation to tax evasion facilitation, shall be construed in accordance with Part 3 of CFA 2017 and guidance published under it; (c) clause 12 and in relation to fraud, shall be construed in accordance with Part 5 of ECCTA 2023 and guidance

While the use of arbitration in domestic construction disputes in the UK has waned due to the continuing popularity of adjudication, it remains a popular forum for resolving disputes arising from construction projects where the contracting parties are from different jurisdictions. The costs of international arbitration can be similar to those of litigation, but this is highly dependent on the circumstances of the case, such as the size and complexity. However, arbitration provides a number of advantages over litigation for parties, particularly for projects undertaken in jurisdictions where the local courts may not have sufficient experience or expertise, or where there are fears of local bias. The main advantages of international arbitration are: • the ability for parties to select a neutral forum and the laws that will govern the arbitration (seat) • the ability to select arbitrators and ensure they have the characteristics the parties desire, such as technical expertise, legal knowledge, or experience as an arbitrator • the ability to determine the rules that the arbitrators will apply to the arbitration and the option

This Practice Note identifies the key issues for employers and employees to consider when making or receiving an offer of employment. While in many areas employers and employees may be concerned about the same issues (eg making sure the terms of the offer are accurately recorded), their interests will be different. The end of this note identifies some specific areas commonly of particular concern on each side. For more detailed guidance on discrimination considerations and other issues that may arise during the recruitment process, including competition law considerations, see Practice Note: Recruitment—methods, discrimination and other issues. For information on data protection issues in recruitment, see Practice Note: Recruitment and selection—data protection issues. Form of the offer An offer of employment can be made orally or in writing but it is advisable that it is in writing to remove uncertainty as to its terms. If it is made orally, there is a risk that not all terms have been fully identified and that the parties are proceeding on different understandings. When interviewing, it can be important to be clear

1 Definitions and interpretation 1.1 In these Conditions the following definitions apply: Adequate Procedures • shall be construed in accordance with BA 2010 and guidance published under it; Affiliate • means any entity that directly or indirectly Controls, is Controlled by or is under common Control with, another entity; Applicable Law • means all applicable laws, legislation, statutory instruments, regulations and governmental guidance having binding force whether local or national[ or international in any relevant jurisdiction]; Associated Person • means all or any of the following: (a) the officers, employees, agents, subcontractors, subsidiaries and persons Associated With a party (Associates); and (b) persons Associated With any of the Associates, in each case involved in performing services for or on behalf of that party, the Services and/or the Contract; Associated With • when used in: (a) clause 10 and in relation to bribery matters, shall be construed in accordance with BA 2010 and guidance published under it; (b) clause 12 and in relation to tax evasion facilitation, shall be construed in accordance with Part 3 of CFA 2017 and guidance published under it; (c) clause 13 and in relation to fraud, shall be construed in accordance with Part 5 of ECCTA 2023 and guidance published under