The decision as to the basis on which to engage individuals seeking work experience opportunities will be dictated by a number of factors including what the organisation can offer, what it hopes to gain from offering such opportunities and whether or not the individuals will be paid. An organisation may offer any or all of the following arrangements: • work experience: a temporary work placement with a company or organisation where an individual spends a limited time to learn directly about the work and the particular industry. Although such placements are more common in smaller firms and charities, larger organisations do offer work experience, in particular media, marketing and PR organisations where it is the accepted first step on the ladder. A limited number of tasks may be performed, but generally the placement provides an opportunity for the individual to watch and learn. Most work experience opportunities are aimed at those of compulsory school age • volunteering:

There are six potentially lawful grounds for processing personal data under the UK GDPR: • the data subject has given consent to the processing of their personal data for one or more specific purpose • processing is necessary for the performance of a contract to which the data subject is a party or to take steps at the request of the data subject before entering into a contract • processing is necessary for compliance with a legal obligation to which you are subject • processing is necessary to protect the vital interests of the data subject or another natural person • processing is necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in you • processing is necessary for the purpose of the legitimate interests pursued by you or a third party, except where such interests are overridden by the interests

A creditor which is unlikely to receive a full 100% return/dividend in a restructuring/insolvency.

Restructuring & Insolvency analysis: In sanctioning a restructuring plan of Revolution Bars Ltd (the plan) the court held that there were particular circumstances as to why the fairness of the plan ought to be considered in relation to both ‘in the money’ and ‘out of the money’ dissenting creditor classes. This was despite the views of the latter generally counting for very little as per Re Virgin Active. Among the classes of creditors who had approved the plan were a group of landlords and business rate creditors. The court, guided by Re Altitude Scaffolding, proceeded on the basis that since only one person had been physically present at the meeting, notwithstanding they held a number of proxies, it could not be considered a meeting and therefore that class of creditors should be viewed as dissenting. Written by Ben Channer, barrister at 3 Hare Court.

Employment analysis: Where discriminatory acts, that appear to be well outside tribunal time limits, form part of a chain of events that lead up to a ‘last straw’ constructive dismissal, and those acts sufficiently influenced the overall repudiatory breach in response to which the employee ultimately resigned, then a claim for discriminatory constructive dismissal may still be in time, as time will run from the resignation, even though all later within-time events in the chain were not discriminatory, according to the EAT.

Payments made by one network operator to another for the purpose of conveying messages between the two systems.

Out-of-court appointments This Practice Note covers: • the out-of-court procedure for an appointment by a qualifying floating charge holder (QFCH), and • the documents that are required to make the appointment The main provisions dealing with administrator appointments by a QFCH using the out-of-court route are set out in paragraphs 14–21 of Schedule B1 to the Insolvency Act 1986 (IA 1986) and the Insolvency Rules (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 3.16–3.22. The process is broadly made up of three steps: • Pre-appointment • Notice of intention to appoint, and • Notice of appointment For guidance on who is entitled to use the out-of-court procedure to appoint an administrator, see Practice Note: Out-of-court administrator appointments—who can appoint and in what circumstances?. For a checklist of the procedure, see: Appointment of an administrator using the out-of-court procedure by a qualifying floating charge holder (QFCH)—checklist and timeline. For information on e-filing in the context of administration appointments by a QFCH, see: E-filing and appointment of administrators below. Pre-appointment QFC

Out-of-court appointments This Practice Note covers: • the out-of-court appointment procedure for both company and director appointments, and • the documents that will be required to make the appointment The main provisions dealing with administrator appointments by a company or its directors using the out-of-court route are set out in paragraphs 22–34 of Schedule B1 to the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 3.23–3.26. Broadly the appointment process involves three steps: • Pre-appointment • Notice of intention to appoint • Notice of appointment For a checklist of the procedure, see: Appointment of an administrator using the out-of-court procedure by the director(s) or the company—checklist and timeline. For details of who is entitled to use this procedure and when it may be used, see Practice Note: Out-of-court administrator appointments—who can appoint and in what circumstances?. For information on electronic filing (CE-filing) of appointment documents at court, see: CE-filing and appointment of administrators below. Pre-appointment Decision making—directors appointing Where

This Practice Note has been archived and is not maintained. It is for background information only. It considers the decisions in NJM Clothing, Towcester Racecourse, and Spaces London Bridge, regarding the effective date and time of appointment stated in the notice of appointment of an administrator pursuant to the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 3.24–3.25. These provisions were amended by the Insolvency (England and Wales) (Amendment) Rules 2026 SI 2026/561, effective, 22 June 2026, thereby alleviating the issue identified in this Practice Note going forward. Background Prior to the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, there was no requirement to specify the date and time of appointment in a ‘Notice of Appointment’ of an administrator. The position changed as a result of IR 2016, SI 2016/1024, r 3.24 ‘Notice of appointment after notice of intention to appoint’ and IR 2016, SI 2016/1024, r 3.25 ‘Notice of appointment without prior notice of intention to appoint’ which require that the ‘Notice of Appointment’

This Practice Note will cover: • the purpose of administration • who can appoint an administrator out of court, and in what circumstances This Practice Note does not cover: • the procedure for out-of-court appointments. See Practice Note: Out-of-court administration appointments by a QFCH—the procedure and Out-of-court administration appointments by a company or its directors—the procedure • court appointments of administrators. See Practice Note: Court appointments—who can apply and in what circumstances? and Court appointment of administrators—the procedure • administrations of partnerships or limited liability partnerships. See Practice Notes: Insolvency of general partnerships—administration and Administration of a Limited Liability Partnership, and Limited partnerships and insolvency—overview Introduction to administration Administration is designed to be a rescue procedure. It is accompanied by a moratorium on proceedings (see Practice Note: The moratorium in administration), which gives a company some breathing space in which to allow for a sale or a restructuring without the threat of imminent legal proceedings or winding up hanging over it. It is designed to achieve a better

NOTE: On 1 October 2026, a newly formed Business and Property Division replaces the Chancery Division—see News Analysis: The new Business and Property Division of the High Court. This Practice Note contains references to, and information derived from, the Chancery Guide. It is understood that a Business and Property Division Guide is being drafted and it is assumed this will replace the Chancery Guide. Existing links to the Chancery Guide will remain in content until a replacement is released. The offices of the High Court are normally open from 10 am to 4.30 pm every day of the year except (CPR PD 2A, para 2.1): • Saturdays and Sundays • Good Friday • Christmas Day and a further day over the Christmas period determined in accordance with the table annexed to CPR PD 2A • bank holidays in England and Wales The High Court does not sit all year round. There are four terms, between which there are vacations. The term times are defined by CPR PD 2F, para 1.1 and

For a call option, when the market price of the underlying asset is below the exercise price. For a put option, when the exercise price is below the market price.