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03 December 2021
Directors, Insolvency Practitioners and Third Parties Must Tread Carefully as New Pensions Offences Lie in Wait for the Unwary
The Pension Schemes Act came into effect on 1 October 2021 introducing the possibility of criminal prosecution where the restructuring arrangements or corporate actions of directors, lenders, investors, advisers and other parties might affect the interests of a defined benefit pension scheme. The...
29 November 2021
Launch of leading book on schemes of arrangement
After almost 9 years in the making, the much anticipated 4 th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney.
05 November 2021
FAR moving forward: What’s new and what next?
The Financial Accountability Regime Bill 2021 ( FAR Bill ) was introduced in the House of Representatives on 28 October 2021. This legislation will replace and extend the Banking Executive Accountability Regime ( BEAR ) (which currently only applies to authorised deposit-taking institutions ( ADIs...
06 October 2021
Taking the Floor: Government proposes to legislate a recovery presumption for funded class action group members
On 30 September 2021, the Department of Treasury opened consultation on new laws which, if enacted in their proposed form, will introduce new hurdles for litigation funders intended to ensure fairer returns for group members in future funded class actions.
30 September 2021
TMA submissions on Australian creditors’ scheme of arrangement consultation
On 2 August 2021, the Treasury released a consultation paper seeking feedback on changes to improve creditors’ schemes of arrangement in Australia (the Consultation Paper ). The submissions process has now closed.
30 September 2021
ASIC’s views on stub equity: one year into new rules
One year after adopting new rules for stub equity scrip consideration in takeovers and schemes, ASIC has emphasised its view that target directors and experts should be including a recommendation or opinion on stub equity scrip consideration or giving reasons why no opinion is provided.
29 July 2021
Clearer guidance has arrived: The Takeovers Panel’s revised Equity Derivatives Guidance Note to come into effect from October 2021
The Takeovers Panel has given notice that the revised Guidance Note 20 on Equity Derivatives will come into effect from Monday, 4 October 2021. This article provides a reminder of the key changes contained in the new Guidance Note 20 on Equity Derivatives that market participants and their legal...
29 July 2021
Takeovers in the UK: addressing the proliferation of global regulatory approvals – recent changes to the UK's Takeover Code, effective 5 July 2021
The rules in the UK's Takeover Code relating to conditions to an offer and the offer timetable have been amended. The changes align the UK Takeover Panel's treatment of EU and UK merger control conditions with its approach to clearances in other jurisdictions; simplify the offer timetable; and make...
20 July 2021
Virgin Territory: What are the Implications of Restructuring Plans for Defined Benefit Pension Schemes?
The judgment in Re Virgin Active Holdings Limited [2021] EWHC 1246 has empowered the use of restructuring plans under Part 26A to the Companies Act 2006 (‘RPs’) to compromise the rights of unsecured creditors based on evidence that they would receive little or no return on an insolvency.
01 June 2021
Pensions Regulator Outlines Scope of New Pensions Criminal Offences but Uncertainty Remains
The UK Pensions Regulator has published its draft policy on investigating and prosecuting the new pensions criminal offences, which are due to come into force this Autumn. In this article for International Corporate Rescue, Samantha Brown and John Whiteoak consider the mixed messages contained in...
30 April 2021
‘GO SHOP’ PROVISIONS: THE EXCEPTION OR THE NEW MAINSTREAM?
A ‘go shop’ provision has recently been used to secure a superior proposal for a target company. That in turn led to another bidder emerging. We examine the use of ‘go shops’ in our market and whether they will become more common in the future.
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17 February 2022
Swedish Arbitration Days 2022
The Swedish Arbitration Association are hosting the Swedish Arbitration Days 2022, on the overarching theme Integrity in International Arbitration. Our Global Head of Arbitration, Paula Hodges QC will join a panel of globally prominent legal practitioners to discuss " Transparency v...
09 December 2021
Legal developments show data privacy trust critical for tech companies
Automated decision making based upon profiling which may be inaccurate or unfair is one of the great dangers of the digital age. It's easy to see the potential for serious harm: the allocation of a university place, a job, a mortgage, insurance or even lifesaving medical treatment on the basis of a...
09 December 2021
Abolishing digital taxes one part of the OECD's global tax reform
The OECD announced in October 2021 final agreement, by 136 of the 140 base erosion and profit shifting (BEPS) Inclusive Framework countries (including the UK, US and China), of a landmark global tax reform package, aimed at addressing the tax challenges arising from the digitalisation of the...
09 December 2021
Deal protection in the context of non-binding proposals: The Takeovers Panel’s decision in AusNet Services Limited 01 [2021] ATP 9
In AusNet 01, the Takeovers Panel considered a limited-period ‘hard’ exclusivity arrangement (without a ‘fiduciary out’) for the first time. These arrangements have been relatively common in recent times, but their use may be more limited following the decision.
09 December 2021
The UK Online Safety Bill: Harmful (but legal) content and what’s next
While regulation of the internet in the UK has (up until recently) been light-touch, the last decade has exposed countless examples of the harmful impact of online content and has highlighted the need for greater regulation in this area.
09 December 2021
Increasing localisation of data in Asia: Why this matters for tech
We are seeing a trend towards data localisation emerging in certain countries in Asia which is raising business-critical issues for the tech sector. Usually thought of as just a data privacy tool, regulation restricting cross-border transfers of data are gaining support with legislators in China,...
08 December 2021
UK Government opens consultation on "world-leading" due diligence law
The UK's new Environment Act 2021 (the "Environment Act") introduces a prohibition on the use of "forest risk commodities" in UK commercial activities, unless those commodities have been produced in compliance with local laws. It also introduces due diligence and reporting obligations in relation...