Management buy out—an LBO where the existing management acquire the target company.

The buy-out of a business where the transaction is driven by existing management, frequently backed by a equity'>private equity house.

The position of management under a management buyout (MBO) or management buy-in (MBI) is often one of conflict between that of owners and participants in the target business on the one hand, and that as employees and officers under the effective control and employ of the primary investor (ie the private equity fund) on the other. An MBO or MBI is undoubtedly an attractive proposition for management to obtain funding to grow an existing business and to enjoy the benefits of that growth as part-owners of the business. However there are significant risks for management, both at the initial investment stage as well as throughout the life of the investment. In an MBO and MBI, management is a buyer of the business along with the investor. In secondary and subsequent MBOs, management is also a seller. For further information, see Practice Note: Buyouts. The key issues for management and their advisers are generally as follows: • provision of warranties • disclosure • commercial terms of the investment • directors' duties, and • employment Advisers

View or print a full-size PDF versio

Manual Backup Notification System

The Maritime and Coastguard Agency (MCA) has launched a consultation on new merchant shipping regulations. The first proposed set of regulations is the Merchant Shipping (Carriage of Cargoes) Regulations 2024 which will revoke and replace the current Merchant Shipping (Carriage of Cargoes) Regulations 1999. The proposed changes will include the implementation of the International Maritime Solid Bulk Cargoes Code. The second proposed set of regulations is the Merchant Shipping (Carriage of Dangerous Goods and Harmful Substances) Regulations 2024 dealing with substances like marine pollutants and irradiated nuclear fuel, which will revoke the Merchant Shipping (Dangerous Goods and Marine Pollutants) Regulations 1997 and six other dangerous goods related Statutory Instruments. The International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk will also be included in the updated regulations. The consultation on both proposed set of regulations will run until 26 January 2024.

The Maritime and Coastguard Agency (MCA) has launched a consultation on a draft Marine Guidance Note (MGN) regarding towing requirements for offshore floating structures (excluding oil and gas infrastructure). The draft MGN provides guidance on obtaining the MCA approvals for towing floating and partially submerged structures used in the offshore renewable energy and aquaculture industries. It outlines that evidence for obtaining or complying with load line certification, the International Convention for the Prevention of Pollution from Ships (MARPOL), ballast water, wreck removal, inventory of hazardous materials, and emergency towing requirements must be submitted to the MCA prior to towing floating or partially submerged structures. The consultation closes on 8 November 2024.

The Maritime and Coastguard Agency (MCA) has published the consultation outcome report for the proposed Merchant Shipping (Control and Management of Ships' Ballast Water and Sediments) (Amendment) Regulations 2026. The consultation, which ran from 22 October 2025 to 19 November 2025, sought views on draft legislation intended to update UK regulations in line with International Maritime Organization Resolution MEPC.383(81), adopted on 22 March 2024 and in force from 1 October 2025. The amending regulations aim to implement amendments to the International Convention for the Control and Management of Ships' Ballast Water and Sediments relating to electronic record books and to clarify application provisions of the existing 2022 regulations. The consultation summary report was published on 20 February 2026, marking the conclusion of the public consultation process on the proposed statutory instrument designed to align UK domestic law with international maritime obligations under the Ballast Water Management Convention.

The Mumbai Centre for International Arbitration (MCIA) has released its 2024 annual report, highlighting substantial growth and key developments. The institution experienced a 48% increase in caseload, with 34 new matters filed. Notably, 91% of awards were delivered within 18 months, and none were set aside by courts. The MCIA Council expanded to 25 members, welcoming 13 new additions. The year also saw the launch of the Arbitration Bar of India and the announcement of a public consultation for the Draft MCIA Arbitration Rules, 2024 (3rd Edition). Additionally, the MCIA conducted its fourth annual India ADR Week and second Tribunal Secretary Training Program, while collaborating with CArb India for arbitrator accreditation courses. These developments underscore MCIA's commitment to enhancing India's arbitration ecosystem and its growing prominence in international dispute resolution.

The Mumbai Centre for International Arbitration (MCIA) has published its 2025 annual report, highlighting significant growth in case administration and continued institutional development. The institution recorded a 79.5% increase in caseload, with 61 new matters, the majority arising from contracts incorporating MCIA arbitration clauses. MCIA maintained procedural efficiency, with most awards delivered within expected timelines and none set aside by courts. The report notes continued emphasis on innovation and transparency, including virtual-first proceedings, use of tribunal secretaries, and a partnership with Jus Mundi to publish redacted awards. MCIA also promoted diversity in arbitrator appointments and expanded its capacity-building initiatives through training programmes and collaborations. Additionally, the fifth India Alternative Dispute Resolution Week attracted over 750 participants, and MCIA undertook international roadshows across multiple jurisdictions. These developments reflect MCIA’s growing credibility and its efforts to strengthen India’s position in international arbitration.

The Mumbai Centre for International Arbitration (MCIA) has published its annual report for 2023. The report highlights the work the MCIA undertook over 2023 including receiving 23 new matters and organising road shows in five different jurisdictions, as well as supporting a number of events.

The Model Commercial Lease (MCL) Committee has published the first two agreements for lease (AFLs) as part of the MCL document suite. The MCL AFLs are based on the same principles as the MCL Lease and are intended to provide a fair and balanced starting point for landlord and tenant relationships prior to the grant of a lease. Two versions have been published: (1) MCL-AFL-01, intended for straightforward agreements where landlords undertake minor repurposing works alongside tenant works and (2) MCL-AFL-02, for arrangements involving tenant works only, with no landlord works. The Committee is inviting feedback on the style and content of the MCL AFLs before developing longer form documents or introducing additional supplementary provisions and obligations for more substantial landlord works.