This Practice Note gives guidance on taking enforcement action in the care home industry. It includes insight into ways to structure a sale of an insolvent care home business around potential regulatory issues and flags issues to watch out for. It also includes some points to consider when drafting a sale agreement relating to an insolvent care home business. The enforcement and sale process for distressed care homes can be a long road with various pitfalls. While this Practice Note highlights some of the key areas that will need to be considered, every case will have its own unique issues. Insolvency and the care home industry—overview Care homes offer accommodation and personal care for people who may not be able to live independently. Some care homes also offer care from qualified nurses or specialise in caring for particular groups such as younger adults with learning disabilities. The care home industry as a whole suffered greatly in the past few years. It is a sector which is struggling in certain

This Practice Note considers common issues that may arise out of insolvency in the construction industry. It considers the effect and relevance of adjudication as a recovery method where insolvency may be imminent, and contains some practical tips on steps that can be taken in the event of a party’s insolvency. This Practice Note contains general tips and advice and, as such, will not be applicable to every insolvency situation experienced in a construction context. This Practice Note should be considered carefully alongside the relevant facts of each case. Introduction to the construction industry and construction procurement There are often a large number of participants with different roles on any one construction project. A non-exhaustive list of those participants is set out below: • employer—the person or entity that wants the construction project to go ahead and commissions other professionals to carry out the work. The employer can be a public or private-sector entity and is also often called ‘the client’

As an asset class, hotels are capital intensive operations and are susceptible to volatile economic conditions, as consumer and corporate expenditure on hotels is generally viewed as a discretionary expense. There are various ways to structure the corporate ownership of a hotel. This Practice Note will concentrate on one of the most common structures in the hotel industry—the hotel management agreement (HMA). It has become increasingly common for a hotel property to be owned by a separate third party investor or developer (Hotel Owner) rather than by the chain that runs the hotel (Hotel Operator). Typically, the Hotel Owner will finance part of the acquisition or investment/development cost with bank debt. To provide operational expertise and obtain for the hotel the benefits of being part of a larger operating platform or brand, the Hotel Owner will enter into an HMA with the Hotel Operator. The HMA governs the way in which the Hotel Operator will run the business as part of its group/brand. Operation of the HMA structure Under the HMA, the Hotel

Despite record levels of profit being reported by a number of professional services firms in the UK in recent years, there have also been some notable examples of firms faring less well and eventually collapsing. For example in the legal sector, international law firm Ince & Co was sold to listed firm Gordon Dadds via pre-pack administration in December 2018 and King & Wood Mallesons’ European arm fell in administration in late 2017, with the UK branch’s collapse being the largest UK law firm to enter insolvency proceedings as at that date. Similarly in 2017, Cluttons LLP, a firm of property consultants and chartered surveyors, was placed into administration. Professional services firms in the corporate finance sector are reporting a slowdown on levels of inward M&A activity due to the prolonged uncertainty created by Brexit. The potential impact on the level of EU nationals coming to work in the UK may also mean that firms struggle to attract and retain the talent required and remain competitive.

This Practice Note provides a brief summary of the retail operating landscape and highlights some of the key legal and practical issues facing office-holders appointed over a retail business. It also reviews some considerations for different restructuring options, including ‘light touch’ administrations, company voluntary arrangements, and restructuring plans under Part 26A of the Companies Act 2006. In this Practice Note, the assumption is made that any meaningful retail insolvency will occur through an administration process. A liquidation will essentially result in a close down, with limited or no trading activity, although some of the points below will nonetheless be relevant to a liquidation and so should be considered when deliberating appropriate strategies. Overview of the retail insolvency landscape Analysis of Companies House accounts, conducted by FRP in December 2024, showed more than 13,000 retail businesses across the UK showing signs of financial distress. This reflects what has been a period of challenging operating conditions for retailers, exacerbated by, but long preceding, the onset of the coronavirus (COVID-19) pandemic. Recent years have seen

Insolvency law and admiralty or shipping/maritime law frequently deal with cross-border transactions and considerations of assets in multiple jurisdictions. Thus, over the years, rules on the recognition of international legal regimes and steps towards harmonization have been taken in each area of law, either by development of legal practice or the unification of certain rules through the use of international conventions. However, maritime law and insolvency law have developed separately with little regard for one another. Therefore, although both regimes look for international harmony, a number of tensions have, in fact, arisen between insolvency and maritime practice, and parties dealing with a maritime insolvency need to bear these in mind. The biggest challenge to the traditional insolvency routes are the rights that stakeholders in the shipping industry have over the major tangible assets of shipping companies, ie ships, which arise by operation of: • internationally recognised traditional maritime law (known as maritime liens) • international conventions, such as the International Convention Relating to the Arrest of Sea-Going Ships,

This Practice Note is an introductory guide to insolvency in the sports industry, covering football, rugby union, Formula 1 and cricket. It covers regulatory requirements and sporting sanctions, key stakeholders, players, fans, ownership, stadiums, sponsors and suppliers, the football creditors rule, Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246, sporting disputes and practical issues for office-holders seeking to rescue or sell an insolvent sports club. Overview of insolvency in the sports industry The sports sector has experienced a series of high-profile insolvencies affecting clubs across multiple disciplines, including football, rugby and Formula 1. The standout example in football is Sheffield Wednesday, which entered administration in October 2025, triggering an automatic 12-point penalty in the Championship. PREM Rugby in England is now comprised of ten teams only after London Irish, Wasps and Worcester all went out of business during the 2022–23 season. In English cricket, both Middlesex County Cricket Club and Sussex County Cricket Club have been placed under England and Wales Cricket Board special measures

This Practice Note discusses the statutory right (subject to statutory qualifying criteria) of a tenant who holds a long lease of a flat to buy a 90-year extension of the lease under the Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993), including guidance in respect of valuation and calculation of premium, procedure including service of a section 42 notice and section 45 counter-notice, treatment of intermediate landlords, registration, assignment, deposit, failure to comply, terms of the new lease, First-tier Tribunal (FTT) (or Leasehold Valuation Tribunal (LVT) in Wales) and County Court procedure, payment of premium, completion, and withdrawal of claim. For a table setting out common time limits involved in the lease extension procedure, see Practice Note: Quick guide to time limits for lease extensions under the Leasehold Reform, Housing and Urban Development Act 1993. The right to an extended lease A tenant who holds a long lease of a flat has a statutory right (subject to compliance with

Parties often wish to renegotiate the terms of an existing lease. A deed of variation is a useful tool to record and give effect to agreed changes but it is not the only way to change the terms of a lease and is not always appropriate. The most appropriate transaction structure for a change in lease terms depends on: • the type of change that the parties want to make, and • the specific circumstances affecting the existing lease As with any other transaction, it is important to carry out necessary due diligence and manage risks appropriately. This Practice Note covers: • key risks arising from a lease variation • changes to a lease that should not be made by a deed of variation • necessary due diligence in relation to a lease variation transaction • the contents of a deed of variation • pre-completion matters (existing breaches of covenant, completion mechanics) • post-completion matters (registration, notices, tax) For guidance on structuring a lease re-gear transaction, see Practice Note: Lease re-gears—what, when and how?. For

This Practice Note is an introductory guide to listing debt securities on the London Stock Exchange (LSE). It explains the concepts of listing and admission to trading and focuses on the principal markets for listing debt securities. It does not purport to set out all applicable requirements and includes links to relevant resources for additional information. It does not cover disclosure requirements or ongoing continuing obligations. Principal markets for debt securities listings The LSE operates several markets, however, the markets typically used for debt capital market listings are: • the Main Market • the International Securities Market (ISM), and • the Professional Securities Market (PSM) (Note: As from 19 January 2026 the PSM is closed to new admissions) In addition, the LSE maintains two markets for specific segments of the debt securities market: • the Order book for Fixed Income Securities (OFIS), and • the Sustainable Bond Market Listing or admission to trading––what is the difference? ‘Listing’ refers to admission of securities to the Official

High yield bondholders have been playing an increasingly significant role in restructurings. In previous cycles, even though high yield bonds have featured in some larger European corporate capital structures, restructuring negotiations had been primarily driven by senior bank or other syndicated lenders. This is mainly because high yield bonds were often unsecured, with little or no prospect of any real recovery in a liquidation, unlike leveraged loans which are usually secured. Consequently, high yield bondholders typically had limited influence on restructuring negotiations. Strategy and types of holders Since the 2008 global financial crisis, the leveraged finance market has experienced a shift towards the use of high yield bonds, partly due to tightened leveraged lending guidelines applicable to leveraged loans. Coupled with strong M&A activity fuelling the continued growth of the market, European borrowers have increasingly turned to the high yield bond market to refinance their senior, mezzanine and second lien leveraged loans. Such refinancings often resulted in the new high yield bond taking the benefit of

This Practice Note provides an overview of the Council of the European Union, its composition and powers. The Council of the EU—formerly known as the Council of Ministers—is the main decision-making body and, with the European Parliament, the EU’s legislative institution (it is also known as the Council). The Council represents the governments of the individual Member States. Legal basis In the EU single institutional framework, the Council exercises the powers conferred on it under Article 16 of the Treaty on European Union (TEU) and Articles 237–243 of the Treaty on the Functioning of the European Union (TFEU). The Council should not be confused with two other bodies with similar names: • the European Council, which defines the EU's overall political direction and priorities. The European Council is not one of the EU's legislating institutions, so does not negotiate or adopt EU laws. Instead it sets the EU's policy agenda, traditionally by adopting 'conclusions' during European Council meetings which identify issues of concern and actions to take (for more information, see Practice