The Lang Cat has published a report on the likely future for defined contribution (DC) pension schemes, stating that the DC market is ‘stuck in a cycle of short-term thinking’, and highlighting that a solution to this is the implementation of an independent long-term savings commission. The report was produced following discussions with 24 recognised pension policy and technical experts to provide a consensus view of the outlook in the DC market.

Mr Justice Langstaff has been appointed as the new President of the Employment Appeal Tribunal for a period of three years with effect from 1 January 2012, succeeding Mr Justice Underhill, the Lord Chief Justice has announced following consultation with the Lord Chancellor and the agreement of the Lord President.

Arbitration analysis: The Supreme Court of New South Wales (Court) considered the proper construction of a multi‑tier dispute resolution clause and held that the language and structure of the clause in question did not culminate in arbitration. While the clause contemplated arbitration as one potential step, its language and structure ultimately directed unresolved disputes to litigation if the parties were unable to agree on the arbitration process. The clause required the parties to use reasonable efforts to resolve disputes amicably, failing which the dispute would proceed to arbitration. However, if the parties could not agree on the arbitration process, the clause provided that the ‘dispute’ must be resolved by litigation. The court held that term ‘dispute’ in the clause referred to the underlying dispute, meaning that if the parties failed to agree the procedural arrangements necessary to commence arbitration, the entire dispute defaulted to court proceedings. This interpretation was preferred because it reflected commercial common sense: the parties would not have intended to generate two parallel disputes, one about the process of arbitration and the other about the merits, across different forums, duplicating cost and effort. Written by Muizz Drabu, associate at Stewarts Law LLP.

Commercial analysis: This case concerns the applicable principles of construing a term in a bespoke relational contract. In summary, the strict rules of construction when interpreting contracts, even when they are relational in nature, firmly remain. The court was asked to decide if the meaning of ‘Services’ (a defined term) which were to be provided by the defendant included tendering for new and or repeat business. The court agreed that the long-term nature of the agreement and the efficient operation of the claimant’s business were important factors to consider in interpreting the agreement. However, those facts did not override the natural and ordinary meaning of the language used in the agreement. This case is a reminder of the importance of clear comprehensive drafting in relational contracts. Written by Ashley Blood-Halvorsen, barrister at 3PB Chambers.

Lao People's Democratic Republic (PDR) became the 74th World Trade Organization (WTO) member to formally accept the Agreement on Fisheries Subsidies on 13 May 2024. The Agreement was adopted during the WTO's 12th Ministerial Conference held in Geneva and bans illegal, unreported and unregulated fishing, bans fishing overfished stocks and removes subsidies for fishing on the unregulated high seas. In addition, the Agreement recognises that developing countries will require support in their implementation of the agreement. The WTO's Director-General, Ngozi Okonjo-Iweala, was presented with the instrument of acceptance by Lao PDR's Ambassador, Latsamy Keomany.

Questions What is the primary legislation which governs corporate insolvency? Are there any other laws in force dealing with corporate insolvency? The primary legislation governing corporate rehabilitation and bankruptcy is the new Enterprise Rehabilitation and Bankruptcy Law (№ 75/NA, 26 December 2019) (‘Bankruptcy Law’). The Bankruptcy Law was posted on the official gazette on 25 May 2020 and came into effect 15 days later, replacing the previous Law on Enterprise Bankruptcy (№ 06/NA, 14 October 1994). Voluntary enterprise liquidation/winding-up is handled via the Enterprise Law (№ 46/NA, 26 December 2013), but is not addressed in this Practice Note. Are there any conflict provisions in the corporate insolvency laws? The Bankruptcy Law repeals the previous 1994 Law on Enterprise Bankruptcy in its entirety, so there are no conflicting provisions. Who can initiate a corporate rehabilitation proceeding under the insolvency laws? Corporate rehabilitation or bankruptcy proceedings can be initiated by the following: • the corporate entity itself which is in a state of insolvency or near insolvency (referred to as a ‘debtor enterprise’ under

1. What is the applicable legislation? The primary legislation governing both foreign and domestic investment in the Lao PDR is the Law on Investment Promotion (№ 62/NA, 28 June 2024) (the Investment Promotion Law), which outlines promoted activities, forms of permitted investment, investment terms, investment and tax incentives, rights and duties of investors, and the investment licensing process, which applies equally to domestic and foreign investors. Furthermore, the Enterprise Law (№ 33/NA, 29 December 2022) (Enterprise Law), which governs the establishment and governance of enterprises is also applicable. The Controlled and Concessionary Business Decree (№ 334/PM, 22 July 2024) (the Controlled and Concessionary Business Decree) and the Notification of Conditional Businesses for Foreign Investors (№ 1823/MOIC, 11 November 2025) (the Conditional Business List) detail various shareholding and registered capital requirements for foreign investment in specific sectors. The Notification of Reserved Businesses for Lao Citizens (№ 2822/MOIC, 11 November 2025) (the Reserved Business List) details sectors that are not open

1. Have there been any recent developments regarding the Laos merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Laos? Although the Law on Competition (No. 60/NA, 14 July 2015) (Competition Law) was enacted in December 2015 and the regulatory authority was established in October 2018, there has not yet been any implementing regulations enacted, so the Competition Law is not currently being implemented notwithstanding the establishment of the Business Competition Commission. 2. Under the Laos merger control law, is the control test the same as the EU concept of ‘decisive influence’? If not, how does it differ and what is the position in relation to ‘minority (non-controlling) shareholdings’? Unclear. The current definition for an acquisition only includes part or all of another entity’s assets. We expect that this will be interpreted to apply to share acquisitions and greater clarity will

This Practice Note is part of a multi-jurisdictional guide addressing essential aspects of forming specific business entities in global jurisdictions. Leading law firms in the Multilaw global law firm network answer key questions on this topic. This guide discusses key considerations when forming a limited company in Laos. Current as of 16 February 2023. Author: Dino Santaniello, Tilleke & Gibbins Lao, Co. Ltd., a Multilaw member firm Common entities 1. What form of entity is the subject of this questionnaire? What other forms of entities are commonly used in this jurisdiction and are the subject of another questionnaire response? The subject of this response is the limited company (Bolisat chamkat) – Private Limited Company, Co., Ltd, and Sole Limited Company (Bolisat chamkat phoudiaw). 2. Identify other types of entities in your jurisdiction that exist but will not be the subject of a questionnaire response at this time • Public company (Bolisat mahason) • Partnership (Houn souan) • Branch (Sakha) • State-owned enterprise (Lat wisahakid) General principles 3. What is the main source of

A policy lapses or comes to an end as a result of non-payment of the premiums at the end of any grace period.

A lapse statute is a statutory provision under which a legal right, claim, power or proceeding automatically ends, expires or becomes unenforceable after a specified event or period of time. It is not a single defined concept, but a descriptive term used across multiple legislative contexts in the UK and Ireland.Examples include provisions causing: criminal proceedings to lapse after a statutory limitation period; planning permissions to lapse if development does not begin within a set time; options, consents or authorisations to lapse if conditions precedent are not satisfied; or statutory powers to lapse on a sunset or review date. In wills and succession, “lapse” is commonly used for gifts that fail because a beneficiary predeceases the testator, subject to anti‑lapse provisions in succession legislation.The detailed effect of any lapse statute is determined by the specific Act or regulations in England and Wales, Scotland, Northern Ireland and Ireland, with broadly similar usage across these jurisdictions. For practitioners, identifying whether a relevant provision operates as a lapse statute is critical to advising on time limits, preserving rights, drafting around potential lapse, and assessing whether a claim or authorisation remains legally effective.

A patent lapses where the renewal fees have not been paid.