Restructuring & Insolvency analysis: The English court held that a charge granted by Avanti was properly characterised as a fixed (and not floating) charge. In a helpful decision for creditors taking fixed charge security, the court held that limited permissions for the chargor to deal with the charged assets were not fatal to this characterisation. Critically, Avanti was not permitted under the transaction documents to dispose of the relevant assets in the ordinary course of its business and the relevant assets did not constitute anything resembling ‘fluctuating assets’ or ‘circulating stock in trade’. Written by Kate Stephenson of Kirkland & Ellis LLP.

The court considered whether a purported allotment of shares was valid and if there had been a valid agreement to allot shares.

In (re)insurance, the pro-rating of an indemnity payable under a (re)insurance policy in proportion to the ratio between the sum insured and the actual value of the insured property.

Except for the banned practices which are unfair in all circumstances, whether a commercial practice is unfair will be judged by reference to its effect on the ‘average consumer’. There is therefore no requirement to show evidence of actual consumers being affected by the unfair commercial practice. The relevant ‘average consumer’ against which the practice will be judged is defined in the CPUTR 2008 by reference to the type of consumer the practice reaches or affects. There are three types of ‘average consumer’: • the ordinary average consumer, who is reasonably well informed, reasonably observant and circumspect • the average member of a targeted group of consumers—this is relevant where a commercial practice is directed to a particular group of consumers. Indications that a particular group is targeted may include: ? the placement of advertising ? the language used ? the nature of the product, and ? the context • the average member of a vulnerable group of consumers, where: ? a clearly identifiable group of consumers is particularly vulnerable to the practice or to the underlying product because of their mental or physical infirmity, age or credulity in a way which the trader could reasonably be expected to foresee, and ? the practice is likely to materially distort the economic behaviour of only that group

The length of time on average an investment manager holds an investment. If there is a low holding period then the manager might be suspected of churning the portfolio in order to earn fees, or be charged by HMRC for tax for trading rather than investment (which is tax free for registered pension schemes).

Law360: The average value of a defined contribution retirement savings pot has plunged by 66% in just over a decade, official figures revealed on 16 May 2024, as experts warned there was a risk of employers becoming stingier with pension benefits.

Average revenue per user—usually expressed per month but also per year.

Employment analysis: In the period from 1 April 2020 to 31 March 2021 the average waiting time, from receipt of a claim to the first hearing in an employment tribunal, was 335 days for single claims and 388 days for multiple claims. This is the most recent available data because the employment tribunals have moved to a new case management system and HM Courts & Tribunals Service (HMCTS) is currently working to incorporate the new IT system alongside longer-established data sources to provide a more complete and consistent data set for this jurisdiction, according to the response by James Cartlidge, Parliamentary Under Secretary (Ministry of Justice) to a written question as published in Hansard. He also clarified that the Ministry of Justice aims to upload employment tribunal judgments to the public register within ten working days of promulgation.

The Convention on International Interests in Mobile Equipment (the Convention) and the associated Protocol to the Convention on Matters Specific to Aircraft Equipment (the Protocol) (together more commonly known as the Cape Town Convention) came into force on 1 March 2006. The Cape Town Convention establishes a uniform set of rules guiding the constitution, protection, prioritisation and enforcement of certain rights in aircraft and aircraft engines. Central to the purpose of the Cape Town Convention is the creation of the International Registry for aircraft objects where certain categories of interest may be recorded, including a security interest in an aircraft. The Cape Town Convention also provides protection for creditors if there is a default or insolvency situation. Primary purpose of the Cape Town Convention The Convention on International Interests in Mobile Equipment is designed to: 'provide a stable international legal regime for the protection of secured creditors, conditional sellers and lessors of aircraft objects… through a set of basic default remedies and the protection of creditors’ interests by registration in an International Registry, thus

Aircraft in commercial operation may be financed from several sources, including support from governmental or quasi-governmental entities known as export credit agencies (ECAs). The level of ECA support for aircraft finance typically fluctuates depending on the availability in the market of commercial financing. In times of financial crisis, where commercial financing may not be as readily available, the proportion of aviation finance transactions involving ECA support usually increases and vice-versa. ECA support has fluctuated more than normal over recent years. Historically, the key aircraft finance transactions supported by ECAs were for Airbus and Boeing aircraft. Most Airbus aircraft are partly manufactured in the UK, France and Germany and traditionally, the main ECAs involved in financing Airbus aircraft were: • Export Credits Guarantee Department (ECGD), which is a department of the government of the United Kingdom that operates under the name UK Export Finance (for more information, see Practice Note: UK Export Finance (UKEF)) • Bpifrance Assurance Export, which is the French Export Credit Agency. It took over the French state’s export guarantees activity from Compagnie

The Islamic finance industry has seen rapid growth in recent years as financial institutions and their clients look towards exploring alternative methods of financing. Islamic finance is an asset-based system and there has been an increase in the use of Islamic finance in the complete and partial financing of aircraft, assets which are permissible investments under the Islamic law (Shariah). Principles of Islamic finance The principles of Islamic finance are derived from the Shariah prescribed in the Quran, the sacred book of Islam believed to record the Word of God as revealed to the Prophet Mohammed and the Sunnah, the practices of the Prophet Mohammed. Islamic finance is established in order to ensure that wealth remains pure and is utilised in a just manner in accordance with the following general principles: No unjust enrichment—Riba • the charging of interest, or Riba, is strictly prohibited • in Islamic finance, money should not be treated as a commodity and does not have any intrinsic value; it is only viewed as a means of exchange.

Pre-delivery payment financing (PDP financing) has developed into a commonly used financing tool for airlines and lessors. However, the increase in the number of PDP financings has led to close scrutiny by the aircraft manufacturers into the industrial and commercial issues which arise as a result of the involvement of a financier in aircraft purchase arrangements. In any PDP financing there may therefore be significant commercial issues to be negotiated, as well as sometimes complex legal issues, particularly in relation to security, to be considered. PDP financing, and the protection available to any lender, is very different to the situation that exists under other types of aviation finance. Funding is provided while the asset itself is under construction and security cannot be obtained in the same manner as for a completed aircraft. As a result, the provisions setting out the steps that will be taken in the event of enforcement are extremely important for the manufacturer, purchaser and lender. PDPs and purchase agreements What are pre-delivery payments? Pre-delivery payments (PDPs) are stage payments which are payable by the purchaser