Restructuring & Insolvency analysis: The UK High Court recently approved a so called ‘credit bid’ in an application by the special administrators of Sova Capital Ltd (in special administration) (Sova) for a substantial portfolio of illiquid Russian securities. The transaction structure, involving the transfer of securities in exchange for the release of a £233m claim against the estate, is unprecedented in the UK where ‘credit bidding’ has no technical recognition. While it is not unusual for secured creditors to enter into a UK transaction with the economic effect of a ‘credit bid’, this is the first time such a structure has been used in relation to unsecured debt claims. Against a uniquely challenging back-drop of complex, evolving US, UK and Russian sanction regimes, the innovative structure will enable Sova to achieve materially higher recoveries for all its creditors than would otherwise have been possible. Written by Robert Peel, Oliver Humphrey and Tom Astle of Hogan Lovells LLP who acted for the joint special administrators of Sova.

Information Law analysis: The High Court of England and Wales struck out more than 400 claims made by police officers of Sussex Police against their pension administrator for breaches of data protection law and misuse of private information. The claims were struck out on the basis that they did not demonstrate a real prospect of success, resulting from a lack of evidence of damage and the absence of an act constituting misuse. The court held that for a compensation claim relating to a data breach, mere infringement of data protection obligations is not enough. Claimants must be able to demonstrate damage or distress. The court also considered, but did not conclusively rule on, whether a threshold of seriousness applies to non-material damage in data protection claims (as it does in the misuse of private information) in England and Wales. The court confirmed that the tort of misuse of private information requires a positive act or interference by a defendant to satisfy the element of misuse. An act which merely enables misuse to occur (eg sending a sealed letter to an unauthorised third party) is insufficient. Written by Marija Nonkovic, associate at Kemp IT Law.

What is anaerobic digestion? Anaerobic digestion (AD) is the creation of digestate and biogas (mainly methane), through the breakdown of an organic feedstock in the absence of oxygen by micro-organisms. This process occurs in an insulated sealed container, heated between 35°C and 55°C. Organic Feedstock Almost any biomass can be processed in AD, including food waste, energy crops, crop residues, slurry and manure. Biomass waste from wood cannot be used in AD because the micro-organisms cannot breakdown the lignin. Biogas Biogas is a mixture of methane (60%) and Carbon dioxide (40%) including traces of other contaminant gases. The exact composition depends on the type of feedstock being digested. Biogas can be refined into bio-methane, which can be combusted to provide heat, electricity or both. This is achieved by removing other gases and can be injected into the mains gas grid, burned for heat, generate power, or used as a road fuel. Digestate Digestate is made from left over indigestible material and dead micro-organisms. It contains valuable plant nutrients like nitrogen and potassium. It can be used as a fertiliser

The original cellular systems of the type used by Vodafone and Cellnet in the UK ie Total Access Communications System (TACS) and Extended Total Access Communications System (ETACS).

A telecommunication network in which information is conveyed as a continuously varying electronic signal (see also Digital network).

TMT analysis: Judit Garrido-Fontova, associate at Kemp Little, discusses the data protection law in relation to the creation and sharing of deepfakes, what remedies are available, and considers guidance provided by the Information Commissioner’s Office (ICO) and the European Data Protection Board (EDPB).

There is little point in collecting data on a firm's financial performance if that data is not used to improve its performance. A firm’s fee income, fee-earning capacity and fees per fee earner are all critical indicators of its current financial performance. This Precedent can be used to analyse these indicators and to undertake a modelling exercise to understand the potential financial impact if any of the current variable figures change. To complete this analysing and modelling exercise you need to follow a three–step process: • step 1—calculate key variables • step 2—calculate and analyse the firms current fee income, fee-earning capacity and fees per fee earner • step 3—undertake a modelling  exercise to understand the potential financial impact of adjusting any of the variables This Precedent will assist with steps 2 and 3. It should be used in conjunction with Precedent: Variable calculations, which will assist with step 1 of this process. Please click for an Excel version of this Precedent. In this version each worksheet has auto-calculation

There is little point in collecting data on a firm's financial performance if that data is not used to improve its performance. A firm’s fee income, fee-earning capacity and fees per fee earner are all critical indicators of its current financial performance. This Precedent provides a worked example showing how to analyse these indicators and undertake a modelling exercise to understand the potential financial impact if any of the current variable figures change. To complete this analysis and modelling exercise you need to follow a three-step process: • step 1—calculate key variables • step 2—calculate and analyse the firm’s current fee income, fee-earning capacity and fees per fee earner • step 3—undertake a modelling exercise to understand the potential financial impact of adjusting any of the variables This Precedent illustrates how you would undertake steps 2 and 3 of this process. A blank version of this Precedent is available for use—see: Analysing fee income, fee-earning capacity and fees per fee earner—blank. Please click for an Excel

This Practice Note summarises the EU Guidelines on the applicability of Article 101 of the Treaty on the Functioning of the European Union (TFEU) to horizontal co-operation agreements (Horizontal Guidelines). The Practice Note also refers to the revised Research and Development Block Exemption Regulation (R&D BER) and the Specialisation Block Exemption Regulation (SBER), together referred to as the Horizontal Block Exemption Regulations (HBERs). The Horizontal Guidelines provide guidance on how to apply the HBERs and how to assess other types of cooperation agreements, such as R&D agreements, production agreements, purchasing agreements, commercialisation agreements, information exchange, standardisation agreements, standard terms and sustainability agreements. NOTE—This Practice Note does not cover the HBERs or sustainability agreements in full detail. See the following separate Practice Notes: EU competition law and research and development agreements, EU competition law and joint production agreements and Sustainability and EU competition law. Introduction What is a horizontal agreement? A ‘horizontal agreement’ is an agreement entered into by separate undertakings that operate at the same level of the supply chain (ie actual or

This Practice Note summarises the Competition and Markets Authority’s (CMA) guidance on the application of the Chapter I prohibition in the Competition Act 1998 (CA 1998) to horizontal agreements (Horizontal Guidance). The Horizontal Guidance replaces the European Commission Guidelines on Horizontal Cooperation Agreements, which no longer apply in the UK. This Practice Note also refers, where appropriate, to the Competition Act 1998 (Vertical Agreements Block Exemption) Order 2022 (VABEO) and the CMA’s guidance on the VABEO (VABEO Guidance). NOTE—The Horizontal Guidance includes an outline of the application of the block exemptions for research and development (R&D) and specialisation agreements, which came into force on 1 January 2023. These block exemptions are covered in summary only in the Practice Note. Sustainability is not covered by the Horizontal Guidance; it is subject to separate guidance and is not covered in this Practice Note. Introduction What is a horizontal agreement? A ‘horizontal agreement’ is an agreement entered into by separate undertakings that operate at the same level of the supply chain (ie, actual or potential competitors),

Local Government analysis: Holly Bontoft, associate at Fieldfisher, summarises the key changes introduced by the Children and Social Work Act 2017 (CASWA 2017) and considers the implications for local authorities and social workers.

Law360, London: On 10 September 2024 , the UK's Financial Conduct Authority (FCA) launched a criminal prosecution against Olumide Osunkoya, the first of an owner of a firm enabling crypto asset trading, who pled guilty to the charges. The regulator announced that it had secured its first conviction on 30 September 2024 for two offences relating to the unlawful operation of multiple crypto automated teller machines that were not registered with the FCA.