ARCHIVED: This Practice Note was archived and is not maintained. Enforcement is an important area regulated by the intercreditor agreement. This note discusses: • the situations in which mezzanine lenders typically can and cannot take enforcement action • issues around any mezzanine option to purchase provision, and • the situations in which each class of creditor typically has control over enforcement strategy The note also highlights commonly negotiated issues in each area. For an explanation of the different provisions found in intercreditor agreements, see Practice Note: Introductory guide to Intercreditor Agreements and for an introduction to senior/ mezzanine intercreditor agreements in particular, see Practice Note: Senior/mezzanine creditor intercreditor issues—introduction [Archived]. For a straightforward intercreditor agreement with accompanying drafting notes, see Precedent: Intercreditor deed—single company borrower—single secured senior lender—single secured junior lender—single unsecured subordinated lender. More detailed information on payment controls and document amendments can be found in Practice Note: Senior/mezzanine creditor intercreditor issues—document amendments and payment controls [Archived]. Practice Note: Intercreditor rights comparison table—junior debt instruments provides a table setting out commonly negotiated

ARCHIVED: This Practice Note was archived and is not maintained. Leveraged finance transactions are often funded from a number of different sources. Equity and senior debt are typically used, and in circumstances where an additional source of funds is required, mezzanine or another form of junior debt (such as second lien, payment in kind (PIK) or high yield notes) can be used. Mezzanine debt is so called because it ranks after senior debt but ahead of equity. See Practice Notes: Structure of a buy-out and Sources of finance for more information about common structures and the different types of funding typically used. Practice Note: Introductory guide to acquisition finance provides an introductory guide to acquisition finance while the Glossary of acquisition finance terms and jargon explains some commonly used terms. This note provides introductory information on: • the mezzanine facility agreement • how mezzanine debt can be subordinated to senior debt, and • key intercreditor agreement issues for senior and mezzanine lenders More detailed information on the key intercreditor issues highlighted

Sensitive personal data means information as to the racial or ethnic origin of the data subject; political or religious beliefs; trade union membership; physical or mental health or condition; sexual life and any offence the data subject has actually or allegedly committed, and any resulting proceedings. Information on a person’s financial affairs is not, in itself, sensitive personal data.

Analysis testing the impact of varying inputs into a scheme appraisal on the resultant output (land value or profit).

This Practice Note provides an overview of the different types of sentences and disposals which sentencing courts in England and Wales may impose following conviction in accordance with the Sentencing Act 2020 (SA 2020), known as the Sentencing Code. The Sentencing Act 2026 (SA 2026), which received Royal Assent on 22 January 2026, makes wide-ranging amendments to the Sentencing Code, including significant changes to the law on suspended sentence orders, custodial sentences and release provisions. For further information, see Practice Note: Sentencing Act 2026—commencement tracker. For a summary of the sentencing procedure that applies in the magistrates’ and Crown Court, see Practice Note: Sentencing Procedure in the magistrates’ and Crown Courts and for more information on the Sentencing Code, see Practice Note: Sentencing Code. For an introduction to the Sentencing Council and its sentencing guidelines which are relevant to every sentencing exercise, see Practice Note: Sentencing criminal offences—sentencing guidelines and resources. Custodial sentence Practitioners should always consult the legislation creating the relevant offence to determine the maximum custodial sentence which can be imposed following conviction

Sentencing is the stage in criminal proceedings where the court determines and imposes the penalty on a convicted offender. It involves selecting the appropriate type and length of sentence within statutory limits, having regard to the offence, harm, culpability, aggravating and mitigating factors, and relevant sentencing guidelines.In England and Wales, sentencing is structured by the Sentencing Code (Sentencing Act 2020) and Sentencing Council guidelines, with a range of disposals including custodial sentences, community orders, fines, discharges and ancillary orders. Northern Ireland operates under separate sentencing legislation and guidance but with similar concepts and disposals.In Scotland, sentencing is governed by distinct statutory provisions and case law, with guidance from the Scottish Sentencing Council. Courts may impose custodial sentences, community payback orders, fines and other orders. In Ireland, sentencing is largely case-law driven within legislative maximum penalties, with considerable judicial discretion guided by proportionality and rehabilitation principles.Across all four jurisdictions, sentencing is central to criminal justice practice, engaging issues of deterrence, public protection, rehabilitation, reparation and consistency, and is a frequent focus of appeal and judicial review.

The Ministry of Justice (MoJ) has updated the offences excluded from the Sentencing Act 2026 progression model applicable to standard determinate sentences. Building on the exclusions for rape, serious child sex offences and grooming, the update introduces exclusions for offences relating to unlawful killing and indecent assault.

The Sentencing Act 2026 (SA 2026) makes wide-ranging reforms to sentencing law and procedure, principally through amendments to the Sentencing Code in the Sentencing Act 2020. The reforms include changes to sentencing powers and principles, community orders and suspended sentence orders, financial orders, release and recall arrangements, post-sentence supervision and the deportation framework for foreign criminals. For further information on SA 2026, see: LNB News 23/01/2026 5. This Practice Note tracks the commencement of the key provisions within SA 2026 which apply to England and Wales. It is arranged by Part and section to mirror the structure of the legislation and provides a single point of reference for determining whether provisions have been commenced, together with links to related practical guidance resources. For additional guidance on sentencing law and procedure in England and Wales, see the following Practice Notes: • Sentencing Code • Sentences imposed following conviction • Sentencing procedure in the magistrates’ and Crown Courts • Sentencing criminal offences—sentencing guidelines and resources Part 1—Sentencing Section Provision Details Commencement status Further reading SA 2026,

Corporate Crime analysis: The Sentencing Bill very much gives with one hand but takes with the other. The government hopes it will serve a public demand to punish more severely the very worst criminals, while simultaneously tackling the crisis of prison overpopulation that this demand has fuelled. The Bill was introduced as part of the legislative programme for 2023–2024 and at the time of writing has cleared its second reading in the House of Commons without controversy and will proceed to the committee stage. Harry O’Sullivan, barrister at Goldsmith Chambers, considers the main proposed provisions and the impact they will have.

This Practice Note explains the scope of the Sentencing Code which was created by the Sentencing Act 2020 (SA 2020) and which, since 1 December 2020, provides the single consolidated law on sentencing criminal offences in the courts in England and Wales. The Sentencing Act 2026, which received Royal Assent on 22 January 2026, makes wide-ranging amendments to the Sentencing Code, introduces amended sentencing powers, including financial orders, expands the availability and requirements of community orders and suspended sentence orders, and makes significant changes to bail and sentencing principles. It also reforms aspects of release, recall, post-sentence supervision and the deportation framework for foreign criminals. For further information on commencement, see Practice Note: Sentencing Act 2026—commencement tracker. What is the Sentencing Code? The Sentencing Code is the name given to SA 2020 (Pts 2–13) which together comprise the consolidated rules of procedure for the sentencing of criminal offences by the criminal courts in England and Wales. Criminal lawyers practising in the criminal courts should be familiar with the Sentencing Code in conjunction with the Criminal Procedure Rules

This Practice Note provides an introduction to the Sentencing Council’s General Guideline—overarching principles (the General guideline), which should be read in conjunction with offence-specific sentencing guidelines and other overarching guidelines covering, eg community and custodial sentences, offences taken into consideration, totality and reduction in sentence for a guilty plea. For further information on sentencing practice, and the role of the Sentencing Council and its published definitive guidelines on sentencing, see Practice Note: Sentences imposed following conviction. For further information on the Sentencing Council’s sentencing guidelines for use in the magistrates’ court (often referred to as the Magistrates’ Court Sentencing Guidelines or MCSG) and offence-specific guidelines (previously described as definitive guidelines) for use by Crown Courts in England and Wales, see Practice Note: Sentencing criminal offences—sentencing guidelines and resources. The General guideline—application The General guideline applies to all individual offenders aged 18 or over and to organisations sentenced after 1 October 2019, regardless of the date of the offence. The General guideline applies in two ways: • for sentencing offences where there is no applicable offence-specific

The Sentencing Council has published two minor amendments to the Imposition of community and custodial sentences guideline following requests for clarification since its publication on 1 March 2025 and implementation on 1 September 2025. The amendments clarify Section 3 regarding pre-sentence reports by specifying 'intention to plead' guilty and 'at the Crown Court', and revise Section 9 on suspended sentence orders to separate guidance for offenders aged 21 and over from those aged 18-20. The Council states these amendments do not affect the substantive meaning of the provisions and are made solely to enhance clarity. The changes follow the Council's established policy for minor amendments, with details logged in the Updates to guidelines section of its website.