Restructuring & Insolvency analysis: The court held that a restructuring plan under Part 26A of the Companies Act 2006 (CA 2006), proposed by Argo Blockchain Plc (‘the Plan Company’ and ‘the Plan’), should be sanctioned. In addition to the fairness of the Plan, the judgment discusses the role of an independent advocate to protect retail creditors, the validity of class meetings attended by only one person, and the effect of a low turnout at class meetings generally. On these questions, it was held that (1) it was sensible to allow the independent advocate to criticise the fairness of a plan, (2) a valid class meeting required the attendance of at least two persons (except where the class only contained one creditor), and (3) a low turnout at the meeting does not preclude the relevant class from being treated as an assenting class, but it can in appropriate circumstances mean that the court should apply the test in CA 2006, s 901G rather than the ‘light touch’ rationality test usually adopted in respect of an assenting class. Written by Nora Wannagat, barrister at Tanfield Chambers.

The trustees of the pension scheme will be governed by the trust deed and rules of the scheme. The pension trust will require the trustees to pay any pension benefits to which the member is entitled during his lifetime to the member. We assume that the member has fully lost mental capacity as a result of the member’s dementia and there are no periods when the member is able to make his own decisions. We also assume that the member has begun

The think tank Labour Together has outlined a proposal for a new ‘Australian-style’ National Migration Plan to reform the UK's immigration system. The plan aims to reduce overall migration levels while ensuring the country's economic needs are met. Key features include multi-year banded targets for different visa routes, processes for in-year reallocation, and an emergency break mechanism if numbers exceed overall targets. The proposal emphasises more rigorous cost-benefit analysis of migration impacts and increased parliamentary accountability. Labour Together argues for replacing what it terms an ‘uncontrolled’ and ‘reactive’ approach with a system that prioritises the country's economic interests while addressing public concerns about high migration levels. It states that the plan would set credible, long-term targets for sustained reductions in immigration, complemented by strategies to increase domestic labour market participation and skills.

Dispute Resolution analysis: The Court of Appeal has overturned an exceptional order of Mr Justice Richard Smith which ordered a five-day hearing to determine whether documents used to obtain a freezing injunction were forged. The application to set aside that injunction would instead be heard alongside the substantive trial of the claim. Written by Phillip Patterson, barrister, Gatehouse Chambers.

Where a party finds that the provisions of a lease or other written contract appear to have an unexpected effect, or contain an error, the remedies open to it depend on the nature of the mistake and the way in which it arose. Where both parties to the lease are agreed as to how the provisions were intended to operate and are willing to stand by that original agreement, then the most straightforward and cost effective solution is to simply agree to a variation of the lease. It is more common, however, that there is disagreement as to how the provision was intended to operate, or that one party seeks to take advantage of the error in drafting. There are then three possible options open to the party who views the drafting as an error: • purposive interpretation of the lease • rectification of the lease • passing on losses

Employment analysis: A claimant’s mistake, if reasonably made, can justify an extension of a time limit on the basis of it being not reasonably practicable to have presented the claim in time. That is the case even if the claim was initially rejected by an employment tribunal under ET Rule 12 for being presented out of time on the basis that the mistake was not a minor error and it was not in the interests of justice to allow the claim to proceed, according to the EAT.

Corporate Crime analysis: In the May 2022 decision in Badea v Romania, the High Court was not persuaded by arguments advanced on behalf of the Requested Person (RP) that the post-Brexit Trade & Cooperation Agreement (TCA) necessitated a modified approach to the traditional ‘balancing exercise’ conducted in extradition matters where RPs rely on Article 8 of the European Convention on Human Rights (‘ECHR’—right to a private and family life). It was argued on the RP’s behalf that the current, narrow ‘proportionality bar’ under section 21A of the Extradition Act 2003 (EA 2003) was inconsistent with the language of the TCA which requires an assessment of proportionality in both accusation and conviction cases, distinct from Article 8 considerations. Written by Ben Brandon, partner and Jessica Dunk, associate at Mishcon de Reya.

Application of proceeds for sale Section 105 of the Law of Property Act 1925 (LPA 1925) provides thus: ‘Application of proceeds of sale The money which is received by the mortgagee, arising from the sale, after discharge of prior incumbrances to which the sale is not made subject, if any, or after payment into court under this Act of a sum to meet any prior incumbrance, shall be held by him in trust to be applied by him, first, in payment of all costs, charges, and expenses properly incurred by him as incident to the sale or any attempted sale, or otherwise; and secondly, in discharge of the mortgage money, interest, and costs, and

The standard order for sale requires the defendant to deliver possession of the property to the claimant by a certain date. A possession order can be enforced by a warrant of possession, entitling the bailiff to evict anyone found on the premises, whether they were parties to the judgment or not: see R v Wandsworth county court ex parte Wandsworth London Borough Council and Enforcement of possession orders: Claims to the Possession of Land [G1.48]. Therefore in a normal case it is not necessary to separately take possession proceedings against other occupiers. If, unusually, certain occupiers (in this case, tenants) have been excluded from the effect of the possession order, the mortgagee will need to obtain possession from them (or sell the property as an investment

By section 104 of the Law of Property Act 1925 (LPA 1925), a mortgagee exercising a power of sale may convey the property sold free from all estate, interests and rights to which the mortgage has priority, but subject to all estates, interests and rights which have priority to the mortgage. By LPA 1925, s 105 the proceeds of sale (after the costs of meeting any prior incumbrance, the costs of

It will depend on whether the equitable chargee and/or the purchaser are entitled to their monies from the proceeds of sale. This will depend on the validity of the equitable charge and the entitlement of the purchaser to the deposit and whether there is a lien

Enforcement options for a residential mortgage In order to establish whether the security document has created a valid residential mortgage, and what the enforcement options available are, it will be necessary to check the terms of the security document that has been entered into. This document should clearly set out how security can be enforced and the steps that need to be taken. For these purposes, it will be the security document rather than the loan agreement which is relevant. See: Types of security—overview and Practice Notes: Mortgages and land—an introduction to mortgages and legal charges over land and Mortgages. For information on how a lender can satisfy