What are Debt Purchase Transactions? Debt Purchase Transactions (DPT) under a facility agreement based on the Loan Market Association (LMA) form can broadly be divided into two main types: • DPT between lenders under a facility ('Lenders') and other existing Lenders, affiliates of Lenders or third parties not affiliated with the members of a borrower group (Borrower Group)(Lender DPT); and • DPT between Lenders and third parties affiliated with or the ultimate investors (Sponsor) in the Borrower Group (Borrower Group DPT). In response to the actions of borrowers following the credit crunch of 2008 (before which DPT were generally not controlled by loan agreements), the LMA provides drafting for Borrower Group DPT based on three options: • outright prohibition on all types of Borrower Group DPT • prohibition on DPT by the Borrower and Borrower Group, but permitting DPT by the Sponsor or an affiliate of the Sponsor (Sponsor Affiliate)

The difference between types of residential tenancies depends on when the tenancy was granted and the legislation in force at that time. The four main types of tenancies are regulated, assured, assured shorthold and common law tenancies. Regulated tenancies Most tenancies granted before 15 January 1989 are regulated tenancies that are governed by the Rent Act 1977. Regulated tenancies (also known as protected, statutory, Rent Act or fair rent tenancies) were the main form of tenure for private sector rentals of residential property before 15 January 1989. The Housing Act 1988 ended that form of tenancy for new tenants. Currently, the main form of residential tenancy is an assured shorthold (see below). At

There is a requirement under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, specifically in MLR 2017, SI 2017/692, reg 30A to report a discrepancy between the beneficial ownership information registered on HMRC’s Trust Registration Service (TRS) and the information made available to the relevant person in the course of carrying out customer due diligence (CDD) (during the customer’s onboarding process). The obligation to report a discrepancy under MLR 2017, SI 2017/692, reg 30A falls upon the ‘relevant persons’ to which MLR 2017 apply. The term ‘relevant persons’ is defined widely in MLR 2017, SI 2017/692, reg 8, and includes firms in the regulated and unregulated financial sector, and certain non-financial businesses and professions such as accountants and lawyers, which are considered ‘gatekeepers’ to the financial system. For the definition of ‘relevant persons’, see Practice Note: The Money Laundering Regulations 2017 (MLRs)—essentials for financial services, section headed ‘Scope

In order to be granted indefinite leave to remain in the UK as a Tier 2 (General) Migrant, an applicant must meet the requirements under Immigration Rules, Part 6A, paragraph 245HF, which includes ‘a continuous period of 5 years lawfully in the UK’ (para 245HF(b)). For further information, see Practice Note: Tier 2 (General): applying for indefinite leave to remain. ‘Continuous period of lawful residence’ is further defined at Immigration Rules, Part 6A, para 245AAA. For further information, see: ‘Absences and lawful continuity of residence’ in Practice Note: General requirements for indefinite leave to remain in work, business and investment categories. For the purpose of this Q&A, the relevant section is Immigration Rules, Part 6A, para 245AAA(c) which states that any absences from the UK during the relevant period of residence must have been for

When a company is financially distressed and formal insolvency proceedings become more likely, the directors’ duty to promote the company’s success pursuant to section 172(1) of the Companies Act 2006 (CA 2006) (ie to act in the interests of the members as a whole) is modified by the common law rule that the company’s interests are taken to include the interests of the company’s creditors as a whole. The period in which the directors’ duties shift from being primarily owed to shareholders to creditors is commonly referred to as the ‘twilight zone’ (which period may be long or short depending on the particular circumstances). The Supreme Court in the Sequana case considered when in the twilight zone, the directors should consider creditors’ interests. It held that when directors know, or ought to know, that the company is insolvent or bordering on insolvency, or that an insolvent liquidation or administration is probable, they must consider the interests of creditors, balancing them against the interests of shareholders where they may conflict (the creditor

There is no general duty for public authorities to consult those affected by their decisions or on a highways authority to consult with the public on proposed highway works. Section 31 of the Highways Act 1980 (HiA 1980) provides for the presumed dedication of a way as highway after public use

Banking & Finance analysis: Collateralised loan obligation (CLO) transactions have long been a prolific investor in sub-investment grade corporate debt both in Europe and the US. The combination of the outbreak of SARS-CoV-2 and the related respiratory disease (coronavirus (COVID-19), the impact of coronavirus on such corporate debt and the CLO market’s reliance on such corporate debt has, very quickly, created a perfect storm affecting various aspects of the European CLO market. Claire Puddicombe, David Quirolo, and Daniel Tobias, all partners at Cadwalader Wickersham & Taft LLP discuss the impact of COVID-19 on the European CLO market.

Part 1: If a migrant who currently has leave as a sponsored migrant under Tier 2 is applying for leave to remain in another, non-sponsored category, is their sponsor required to assign a Certificate of Sponsorship for the balance of time between the expiry of their Tier 2 leave and the grant of the new leave; and are they required to pay the immigration skills charge for any such period? An in-time application is one made by a person in the UK who at the time of application has leave to enter or remain. Where an in-time application to extend or vary leave is made and the application is not decided before the person’s existing leave expires, section 3C of the Immigration Act 1971 (IA 1971) extends the person’s existing leave until the application is decided (or withdrawn). Conversely, IA 1971, s 3C does not extend leave where the application is made after the applicant’s current leave has expired. The purpose of section

The term ‘casual worker’ is not defined in employment law. It is usually taken to mean someone engaged on a casual, as required, ad hoc basis, to meet an employer’s fluctuating, short-term staffing needs. Some employers recruit individuals for casual work on what are known as ‘zero hours’ contracts. Eligibility for statutory paternity leave The right to statutory paternity leave on birth and adoption is set out in: • sections 80A–80E of the Employment Rights Act 1996 (ERA 1996), and • the Paternity and Adoption Leave Regulations 2002 (PAL Regs 2002), SI 2002/2788 In order to be eligible for statutory paternity leave, an individual must be an ‘employee’. For these purposes, ‘employee’ means an individual who has entered into or works under (or, where the employment has ceased, worked under) a contract of employment. This is

Low cost discounted market housing We refer you to Practice Note: Affordable home ownership [Archived], which outlines what low cost market housing is and explains that term is not an exact term of art but is in fact used to cover a number of schemes. This contains information on low-cost home ownership, social housing, shared ownership and Social Homebuy. To be eligible for shared ownership applicants must have a (household combined) income of less than £80,000 (although in exceptional circumstances

A judgment may be set aside in the following: • following remission of the case by the Employment Appeal Tribunal back to the employment tribunal • following a reconsideration of the judgment by the employment tribunal itself For further information, see: • Practice

This response considers employee status from an employment law perspective, rather than from a tax or commercial perspective. When an employer wishes to engage or employ an individual, it is important for the employer to determine at an early stage what status it considers that individual should have, whether of an employee, an employee shareholder, a worker, an agency worker, an intern, a volunteer or as a genuinely self-employed person. This is important because: • the rights which attach to each of them are different, and • it will also be relevant to the individual’s treatment for tax purposes It should be remembered that, whatever status is chosen, the courts and tribunals will look to the reality of the arrangement, in preference to what the contract states, in order to determine the status of an individual. A consultant who is genuinely self-employed will not have the status of employee or worker and, depending on the circumstances, may not be willing or