What happens when a judgment is awarded in a foreign currency? Where a judgment is awarded in a foreign currency then, per CPR PD 40B, para 10, the defendant has the option to pay the judgment sum in the Sterling equivalent: '10. Where judgment is ordered to be entered in a foreign currency, the order should be in the following form: "It is ordered that the defendant pay the claimant (state the sum in the foreign currency) or the

An award of costs is an order which states that one party shall pay to another party the costs, which may be in full or in part, which have been incurred by the receiving party during the process by which the Secretary of State/Welsh Ministers/inspector’s decision is reached. The costs order states the broad extent of the expenses the party can recover from the party against whom the award is made. It does not determine the actual amount. It is not mandatory to convert a costs award into an order of the

This Q&A deals with the question of whether an inter-company debt can be the subject of a debt for equity swap. It looks particularly at some of the advantages and disadvantages for the company and its shareholders in making such a conversion. The Q&A assumes that both the debtor and the creditor companies are private companies limited by shares and that no part of their group is listed. There is no reason in principle why an inter-company debt within a private group should not be the subject of a debt for equity swap. Such a swap involves shares being issued in return for the release of all or part of the debt obligation. For other debt management options, see Practice Note: Debt waivers, extending maturity and debt rescheduling. Valuation considerations The directors of the debtor company will need to agree the type and number of shares to be issued. The present capital structure should be considered, together with the likely recoverability

Often a specific number of shares are ‘ring-fenced’ for use in employee share schemes. This pool is often pre-agreed with other shareholders and investors. Details of the number of such shares are often contained in the articles of association and/or any shareholders’ agreement. When shares have been ring-fenced for use in satisfying awards being made to employees/directors, often they will fall within an applicable exemption to the provisions in the Companies Act 2006 (CA 2006) requiring the company to have authority to allot shares under CA 2006, s 549 and to first offer any equity securities to be allotted to its existing shareholders in accordance with CA 2006, ss 560 and 561 (ie giving those existing shareholders statutory pre-emption rights). The exemptions in CA 2006, s 549(2) (relating to authority to allot) and CA 2006, s 566

In order to remove a trustee from office, either the trustee himself, the remaining trustee(s) and/or the beneficiaries must enter into a formal retirement or removal of trustee document. Where a trustee is willing and able to retire from the role, he will usually join in the appropriate trust document to effect the retirement (and often the simultaneous appointment of a replacement trustee). See Practice Note: Trustees—retirement of trustees for more information. Where it is necessary to remove a trustee without his cooperation, there are various options available to the other trustee(s) and/or beneficiaries: • under section 36(1) of the Trustee

A contract is a legally binding agreement that grants rights and creates duties. It can be oral, written or partly written and partly oral or inferred entirely from the conduct of the parties. For a contract to be effective, four key elements must be present: • offer • acceptance • consideration, and • the intention to create legal relations Uncertainty of terms in contracts may result in contracts being unenforceable, although the courts are usually willing to find certainty if possible. Traditionally, contracts which contain an agreement to agree certain contractual terms in the future have been held unenforceable as being too uncertain. The existence of a binding contract is determined by an objective test, whether: • on the basis of the evidence, the reasonable man would say that the parties were in agreement and had intended to create legal relations (the test disregards the parties’ own views), and • the contract is sufficiently certain

As explained in Practice Note: Applicable law—a guide for dispute resolution practitioners: 'The applicable law is the law that governs a dispute between the parties. Generally, parties have the freedom to choose the applicable law. However, where they have failed to do so or have chosen a law which is prohibited for some reason, then the applicable law will be determined by the application of the relevant directive,

The arrangements for each conversion to academy status or merger acquisition by another academy are fact-specific and are governed by transfer scheme agreed for the predecessor school which formalises the merger or conversion. This is provided for in section 8 of the Academies Act 2010 (AcA 2010) which deals with the arrangements for other property, rights and liabilities in relation to a conversion to an academy. AcA 2010, s 8(5) provides

Definition of personal data under the General Data Protection Regulation (GDPR) Article 4(1) of Regulation (EU) 2016/679, General Data Protection Regulation (GDPR), defines personal data as: ‘any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.’ An identified or identifiable person is a data subject according to the GDPR and therefore, personal data is defined by reference to the definition of data subject. For further information, see Practice Note: Key definitions under data protection law, in particular section ‘Data subject’. As such there are a number of factors that one should consider when determining if the data that is being processed is to be considered

Background to employment agencies and employment businesses An employment agency is one that introduces work-seekers to hirers to become permanent employees, usually known as 'permanent recruitment'. An employment business is one that arranges temporary work for work-seekers with a 'hiring company', usually known as 'the supply of temporary workers' or 'the supply of agency workers'. For further information, see Practice Note: Employment agencies and employment businesses. Definitions of ‘data controller’ and ‘data processor’ The definition of ‘controller’ and ‘processor’ under the General Data Protection Regulation (GDPR), Regulation (EU) 2016/679 is similar to the definitions under the Data Protection Directive, Directive 95/46/EC and Data Protection Act 1998 (DPA 1998). A comparison is set out below: Data Protection Directive DPA 1998 GDPR Directive 95/46/EC, Art 2(d):'controller' shall mean the natural or legal person, public authority, agency or any other body which alone or jointly with others determines the purposes and means of the processing of personal data; where the purposes

Contract formation Under English contract law, a contract is formed when: • a valid offer is accepted • there is valid consideration • the parties intend to create legal relations A purchase order for goods or service may be sufficient to comprise a legally binding contract if the terms and conditions (T&Cs) attached to it make the purchase order capable of acceptance. Incorporation of standard T&Cs To establish that express T&Cs have been incorporated into a contract, the party seeking to rely on them must show that it has done what is reasonably sufficient to give the other party notice of them (Thornton v Shoe Lane Parking Ltd). This will be a question of fact in each case. The more onerous or unusual the terms, the more that needs to be done to bring them to the notice of the other party. If the court finds that the T&Cs were not incorporated into

We have assumed that the relevant limited liability partnership (LLP) is established in England and Wales. There are two options for the sale and purchase of an LLP. The first option is for the members of an LLP to transfer their interests in the LLP to one or more third parties. See Q&A: How might a member of an LLP transfer or assign their partnership interest to a new member? As an alternative to the LLP’s members transferring their interests in such LLP to a third party,