This is a glossary of common words and expressions used in Scottish property law with the nearest England and Wales equivalent (where relevant) and links to related guidance on differences between Scottish property transactions and law and useful property related websites. A non domino disposition Meaning Nearest English Equivalent A disposition of property granted by a party who has no title to it. This was a legitimate device for making good a lack of title if the grantee occupied the property openly peaceably and without judicial interruption for a period of ten years, following the registration of a non domino disposition. Since 8 December 2014 with the introduction of the Land Registration etc (Scotland) Act 2012 (LRE(S)A 2012), a party looking to acquire title to land where no owner can be traced must comply with the prescriptive claimant provisions in LRE(S)A 2012, ss 43–45 before submitting an a non domino disposition for registration. None, although possessory title is similar. Action of specific implement Meaning Nearest English Equivalent An action

This glossary explains many of the terms commonly used in the leveraged finance market. Terms contained in the definitions themselves that are in bold are defined elsewhere in the glossary. Please refer to the main Banking & Finance Glossary for additional banking terms. Acquisition finance glossary—A Acceleration Acceleration refers to the taking of a formal step by the agent on the instructions of the majority lenders following an event of default such as demand for early repayment of the loan. See Practice Note: Accelerating a loan for more information. Accordion feature/accordion facility An accordion, or incremental debt feature, refers to a mechanism in the facilities agreement under which, provided certain conditions are met such as pro forma compliance with a leverage test, lenders under the facilities agreement who wish to do so can lend additional debt. The terms of the additional debt will typically be documented in an increase notice. An accordion or incremental debt flexibility should be distinguished from structural adjustment which typically requires the majority consent of the syndicate.

Debt Capital Markets Glossary—A Accelerate To accelerate a note is the act of declaring that the note is immediately due and payable, prior to its scheduled maturity date upon the occurrence of an event of default. This action requires giving of notice. Agreement among managers An agreement among the managers setting out the nature and terms of their relationship. This is typically based on the International Capital Market Association (ICMA) standard form. Allotment The amount of notes offered by the lead manager to the syndicate. Allotment telex Where no co-managers are invited to the syndicate the lead manager performing the documentation role will send to the other lead managers an allotment telex, which confirms the allocation of the notes (subject to completion of the issue). Debt Capital Markets Glossary—B Basis point One one-hundreth of one percent (0.01%), ie an interest rate of a specified benchmark rate plus a margin of 75 bps is an interest rate of that benchmark rate plus a margin of 0.75%. Bearer form The

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary includes useful (re)insurance and underwriting definitions. For specific guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An accident is an unexpected or unplanned incident or event that usually causes damage or injury (physical or financial) to the insured or a third party. Accidental damage Unexpected or unplanned damage or harm caused to property or a person. Accidental death benefit Some life insurance policies will make an additional payment, over and above the original sum insured, if the insured dies as a result of an accident. Act of God (force majeure) An event out of anyone’s control, such as a natural disaster. Active underwriter The individual with principle responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. Also see Underwriter. Actuary A person who is qualified to calculate

This glossary explains many of the terms commonly used in the restructuring & insolvency market. Terms contained in the definitions themselves that are in bold are defined elsewhere in the glossary. A Article X The MLIJ includes one provision called Article X that is intended to be added by countries which have already implemented the MLCBI, such as England, or are considering its adoption. Article X provides that: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) Security supported by assets such as loans, leases and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ became known as ‘assimilated law’. The body of domestic law derived originally from EU obligations and established by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) as retained EU law is, from 1 January

This glossary explains many of the terms commonly used in the restructuring market. Terms contained in the definitions themselves that are in bold are defined elsewhere in the glossary. Please refer to the main Banking & Finance Glossary for additional banking terms. Restructuring glossary—A Acceleration Acceleration refers to the taking of a formal step by the agent on the instructions of the majority lenders following an event of default such as demand for early repayment of the loan. Ad-hoc committee A creditors' committee used on a temporary basis (often contrasted to a formal committee) with no rights to formal recognition. Administration Administration is a procedure under the IA 1986 under which a company in financial difficulties is run by an administrator as a going concern prior to the implementation of longer term options such as break-up and sale. Administrator An Insolvency Practitioner appointed by the court or by a Qualifying floating charge holder or the directors or the company to control the company and achieve one of the purposes set out in IA

Despite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order: Latin term Definition Meaning Acta iure imperii Legal acts of public nature Liability of the state for actions or omissions in the exercise of state authority Bona Fide In good faith A Bona Fide agreement is one entered into without intent to deceive Caveat Take care/caution A legal notice to the court to prevent another party taking action without informing the person who gave the notice Compos Mentis Of sound mind Legally fit to conduct the claim De Facto In fact As a matter of fact Ex Gratia As a matter of favour An ex gratia

Law360: More than 70% of financial advisers report their retirement clients fear they will outlast their money, according to research published on 22 February 2024 by insurer Aegon UK.

Going concern describes a business that is assumed to continue trading for the foreseeable future, rather than being wound up or broken up for its assets. In legal practice across England and Wales, Scotland, Northern Ireland and Ireland, it is most often used in corporate, insolvency, tax and transaction documents to distinguish a sale of a trading business from an asset-only sale.The term principally derives from accounting and insolvency concepts and is not generally defined exhaustively in legislation, though it appears in company law, insolvency law, tax guidance and financial reporting standards. A sale of a business “as a going concern” (often abbreviated to “TOGC”) typically implies continuity of operations, employees, contracts, goodwill and liabilities, subject to specific contractual allocation and statutory protections (for example, TUPE/transfer of undertakings rules).In insolvency, whether a company can be rescued as a going concern affects the choice between administration, restructuring and liquidation. In transactional practice, lawyers focus on whether the deal structure qualifies as a transfer of a going concern for VAT and stamp tax purposes, and on ensuring that the necessary assets, contracts and regulatory permissions pass to allow ongoing trade. Usage and legal implications are broadly consistent across the UK and Ireland.

STOP PRESS: This Practice Note refers to an earlier version of the UK Corporate Governance Code, rather than the current version that was published on 22 January 2024. For further information, see Practice Note: The UK Corporate governance Code. Following the 2007–2008 global financial crisis, there was much discussion about the nature and quality of information that companies provide to investors on their financial health and ability to withstand stresses in the short to medium‐term. This prompted the Financial Reporting Council (FRC) to launch an inquiry led by Lord Sharman (the Sharman Inquiry), which began in March 2011. The FRC’s aims in launching the inquiry were to ensure that the lessons of the financial crisis were captured, best practice was shared widely and the FRC guidance on going concern and liquidity risks was developed as necessary. The Sharman Inquiry was tasked with identifying lessons for companies and auditors who have to address going concern and liquidity risks and recommending measures to improve the existing reporting regime and guidance relating to those risks. The Sharman Inquiry

Law360: Brazilian budget airline Gol Linhas announced 1 May 2025 it struck a deal in which a group of its noteholders agreed to reverse its opposition to the company's restructuring proposal and supply an additional US$125m in financing when the debtor exits Chapter 11.

Law360, London: The High Court has disqualified the de facto director of a gold trading company from practice after he helped to defraud investors out of £360,000 by promising 'outrageously high returns' on commodity transactions in Africa.