A form of investment style which looks at the value of each individual investment – as opposed to ‘top-down’, which looks at sectors. Many managers use both.

CASE HUB ARCHIVED—this archived case hub reflects the position at the date of the decision of 17 March 2020; it is no longer maintained. See further, timeline and commentary Case facts Outline UK merger investigation into the completed acquisition by Bottomline of Experian’s EPG business and related assets. The transaction involved horizontal overlaps in markets for payment software. Latest developments On 17 March 2020, the CMA issued its final report, finding that the transaction had not resulted, and may not be expected to result, in an SLC in markets for payment software. As a result, the CMA unconditionally cleared the transaction. Parties • Bottomline Technologies, (de) Inc (Bottomline), a US-based company, provides electronic payment, invoice and document automation solutions primarily in the US, Europe and the Asia-Pacific.Experian Limited (Experian) is part of a group of companies whose parent company is listed on the London Stock Exchange as Experian plc. Experian plc is a multinational consumer credit reporting company; it collects and aggregates information on over one billion people and businesses.• Experian Payments Gateway (EPG) is a global

Bottomry is an historic form of maritime financing where the master of a ship borrows money for the necessities of the vessel or voyage and pledges the ship itself as security, on the condition that repayment is only due if the ship survives the voyage. If the ship is lost, the lender loses the money advanced. In modern UK and Irish shipping and admiralty practice, bottomry has been largely superseded by marine mortgages, marine insurance and standard ship finance arrangements, and is now mainly of academic or historical interest. The concept appears in older case law and commentary on maritime law and general average, but is not a commonly used instrument in contemporary commercial practice in England and Wales, Scotland, Northern Ireland or Ireland. Key legal features traditionally associated with bottomry include: a loan made in extremis for maritime necessities; security limited to the maritime adventure (the ship, and sometimes freight in a related “respondentia” bond); and risk of total loss borne by the lender. Modern practitioners may still encounter bottomry in the interpretation of historic shipping documents, older authorities and comparative maritime law analysis.

Restructuring & Insolvency analysis: The High Court (ICC Judge Barber) has made an 11-year disqualification order under section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) and a compensation order of £50,000 plus interest under CDDA 1986, s 15A against the sole director of a dormant company who knowingly or recklessly inflated turnover on a Bounce Back Loan (BBL) application to extract the maximum £50,000 and applied virtually the entire sum for non-business purposes. The judgment confirms the now-settled robust approach to BBL misconduct cases, and is particularly noteworthy for two points. First, eleventh-hour conditional offers to repay a BBL in exchange for a short period of disqualification will not be treated as legitimate mitigation. Second, a defendant’s claimed impecuniosity will rarely, of itself, defeat a compensation order (confining Re St Aimie’s Sports Academy) to its facts. Written by Justin Perring, barrister at New Square Chambers.

Restructuring & Insolvency analysis: This case concerned disqualification proceedings against Mr Ahmedivand, the sole director of a company called UK Dream House Ltd (the company). The grounds on which the Secretary of State alleged unfitness pursuant to section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) was a single issue of misconduct, namely the deliberate overstating of the company's turnover in its application for a bounce back loan (BBL), in order to obtain a loan greater than the company would be entitled to receive based on the BBL scheme rules. Relying on that single instance of misconduct, the Secretary of State sought disqualification for a period of nine years. Granting disqualification for nine years, this case demonstrates the court considers a single instance of misconduct relating to misuse of the BBL scheme to be sufficiently serious to warrant a lengthy period of disqualification, even where there is no risk of the misconduct recurring. Written by Katie Farmer, partner at Trowers & Hamlins LLP.

Crime analysis: British nationals taking out loans in the United Arab Emirates may have heaved a sigh of relief at the UAE v Allen extradition case in the High Court in which the requested extradition was not granted. A request to appeal is seen as unlikely. Anand Doobay, a consultant with Peters & Peters, discusses the implications of the case and why Britons still need to be very careful.

This Practice Note discusses the boundaries of responsibility between the NHS and a local authority when dealing with healthcare and social care matters. It explains NHS and local authority statutory care responsibilities, circumstances in which each body should be challenged, and the appropriate routes of challenge. For example, an individual who’s care funding was supported by both the NHS (South East London Integrated Care Board) and the local authority (Lambeth Council) was revoked following an NHS assessment. They are now appealing the decision (source: independent journalism). When referring to the NHS this is to mean NHS England. Boundary disputes commonly arise where a client needs long-term health and/or social care. This may include assisted living, nursing home care, a community care package, reimbursement for care that has been privately funded or care provided following a hospital discharge assessment. Therefore, imposing responsibility on the NHS and the local authority to provide such care as outlined under the Care Act 2014 (CA 2014), National Health Service Act 2006 (NHS Act 2006), and Health and

A written description of a property by reference to the actual boundaries of the property

Smaller fund managers who specialise in particular areas of investment. Collections of boutiques (some operated by larger firms) are known as ‘multi-boutiques’.

Law360, London: Bouygues (UK) Ltd has issued High Court proceedings challenging the Department for Education (DfE)'s evaluation of tenders for a £15.4bn framework agreement for the construction of new and refurbished schools. Bouygues bid for the lot covering the south and southeast of England but was ranked 11th, missing out on appointment by 0.13%. Bouygues alleges manifest errors in scoring, including in relation to ‘nature-based solutions’, courtyard design compliance and ‘technology’ and contends that the DfE failed to provide adequate reasons for its assessment. Bouygues maintains that a one-grade increase in the disputed scores would have secured it a place on the framework.

Often used in corporate governance, to emphasise that pension funds should look at the broad issues rather than detailed rules when deciding whether the companies they are invested in are compliant with guidance.

Law360, London: The average cost of comprehensive motor insurance eased for the first time in two years in the second quarter of this year, and dropped 2% to £622 from £635 in the first quarter, according to data published on 5 August 2024 by UK insurers.