In two recent judgments, both rendered on 16 October 2015 (which can be found here and here) the Supreme Court ruled on the sustainability of a legal construct often used by banks called the equity surplus-arrangement. A variant of the...

Generally speaking, where a contract sets down requirements for the service of notices under it, parties should comply with these strictly. A notice that fails to comply will be invalid. This has been established in a number of cases including the...

On 3 June 2016, the Supreme Court ruled that a valid right of pledge can be established on goods that are delivered subject to retention of title (of ownership). If the buyer is declared bankrupt, the conditional ownership can become an uncondition...

We are pleased to present to you our brochure which reviews the changes in the Polish law that we believe will have a major impact on business in Poland in 2017.

The case of So Sau Lai Connie v DBS Bank (Hong Kong) Ltd [2017] HKEC 29 is a typical letter of credit fraud case. This case illustrates whether certain “red flags” may constitute discrepant presentation or a fraud indication. Background ...

Introduction Financial services firms’ corporate governance and risk cultures is a ‘hot’ topic with financial regulators globally. Regulators have noted that serious corporate governance and conduct failings of financial services f...

On 28 July 2017 the Legislative Decree transposing Directive 2014/65/EU on markets in financial instruments (MiFID II) and Regulation (EU) 600/2014 (MiFIR) in Italy (the “Decree”) has been finally approved.The Decree amends and integrate...

The position of banks being served with a Mareva injunction order has been clarified in Hong Kong. In the recent case of Grasberg Capital Asia Limited v Bank of Communications Limited (HCA 2016/784)*, the Court considered the question of whether a b...

Key points: • In a judgment supportive of the rescue culture in English insolvency, the court has reaffirmed its flexible approach to the application of insolvency provisions and willingness to look at the practical effect of transactions in re...

The idea of shifting transactions into the digital space dates back to the beginnings of computer science. The development of blockchain technology has uncovered new possibilities for regulating contractual relationships. Parties to a contract now ...

A recent High Court judgment provides a reminder of the rules governing the priority of security interests in an insolvency scenario, and also illustrates some of the potential pitfalls of purchasing apartments off-plan (Williams & Anor v Broado...

Overview The Securitisation Regulation (Regulation) comes into force on 1 January 2019, establishes a general framework for securitisation and creates a specific framework for simple, transparent and standardised securitisation. The Regulation is a ...

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Key Points A disposition by a receiver, whether appointed by the court or under a fixed charge, is not a disposition by a mortgagor for the purposes of s284 Insolvency Act 1986 (“IA”). The wider implications of the decision may be to lim...

  The Singapore office of global legal practice Eversheds Sutherland today announced the appointment of Gerard Ng as a partner in the Banking and Financial Services Practice group. With over 20 years of experience, Gerard is a specialist in len...

Key Points • The self-dealing rule does not extend to a sale by a receiver to a party in which the mortgagee has an interest. • Although the duties of a receiver and a mortgagee are similar as to the Property, a receiver, unlike a mortgage...

New LIBOR transition publications On 16 January 2020, the Bank of England, Financial Conduct Authority and Working Group on Sterling Risk-Free Reference Rates published a set of documents outlining priorities and milestones for sterling LIBOR transi...

Changes to the insolvency, civil and criminal procedural law The German Federal Government is currently planning various support measures for entrepreneurs, sole traders, other small, medium and large companies and credit institutions to mitigate t...

State recapitalisation aid to companies in the Covid 19 crisis 1. Overview | within a very short time, the German legislator passed a law to establish an Economic Stabilization Fund (ESF) | the aim is to stabilize the companies in the real economy a...

Coronavirus and the related restrictive measures directly affect not only insolvency proceedings that are already in progress, but can also cause or accelerate financial problems that will lead to bankruptcy and subsequent beginning of insolvency pr...

On 20th April, the UK Government announced a £500m “Future Fund”, as part of its package of measures to support businesses in response to the coronavirus.  What is the Future Fund? The Future Fund is being set up with the aim ...

In Re Saint Benedict's Land Trust ...

In light of the recent market events, the trading prices of many loans have fallen dramatically. As a result, companies (or their private equity sponsors) may consider utilising the debt buy-back mechanics in their credit agreements. A debt buy-back...

On 7 February 2020 the Competition and Markets Authority (“CMA”) launched a review into the IVF sector. The review stems from concerns that IVF clinics may not be compliant with UK consumer law on the basis that they are not aware of the...

Implications of Covid-19 on the conduct of clinical trials The current Covid-19 pandemic’s impact on European healthcare systems, such as limited or no patient contact; restricted site access; shortage of investigational medicinal products; t...

Eversheds Sutherland has helped to secure Electricity Act 1989 consent from the Scottish Ministers and deemed planning permission for Limekiln Wind Farm, a 21 turbine wind farm with an estimated generation capacity of 64MW based in the Highlands. Th...

Eversheds Sutherland’s Africa Group has recently announced a number of new leadership roles for John Kemkers (Head of the Africa Group), Wesley Pydiamah (Deputy Head of the Africa Group) and Farès Koussay El Heni (Deputy Head of the Afr...

Background The Procuring Authority has engaged the International Finance Corporation, acting through its Public Private Partnerships Transaction Advisory Services division, to act as lead transaction advisor in relation to the Project. The RFQ will ...

The European Commission (“EC”) has now completed its in-depth investigation of Britain’s capacity market scheme (“CM scheme”), which was introduced in 2014 following EU state aid approval to help safeguard security of e...

Read our full newsletter in PDF Keep calm and breathe With 2019 coming to a rapid close, and because of the significant impacts that recent environmental trends and changes have on the Mining and Natural Resources Sector, we have decided to consolid...

Tanzania, like several African and other jurisdictions, is facing significant demands from its citizens to benefit more from Tanzania’s vast mineral resources, particularly gold and diamonds, with other minerals such as gemstones, nickel, copp...

  The BEE Commission’s report 2018, between 2017 and 2018, had no significant change in the levels of transformation, with black ownership reflecting a decline to 25.2% from 27% and current management control still sitting at 38% for blac...

Eversheds Sutherland Clean Energy and Sustainability Group is delighted to tell you that we have created the Energy Transition Club (ETC), which will operate globally and will bring together key participants focused on delivering the transition to ...

Ofgem:Amendments to Gas Transmission Charging regime-minded to decision and draft impact assessment (published on 23 December 2019) The Office of Gas and Electricity Markets (Ofgem), the regulator for downstream natural gas markets, has published a ...

At the end of 2019, China dominated the world’s generation of installed capacity and consumption of renewable energy, with wind power capacity accounting for one third of the world’s total and PV power capacity accounting for one fo...

Weare delighted to have partnered with the International Renewable Energy Agency and the Terrawatt Initiative in the development of the Open Solar Contracts which were launched recently at the World Future Energy Summit in Abu Dhabi. The publication...

UK GOVERNMENT RECOGNISES ROUTE TO MARKET CHALLENGES AND SHOWS SIGNIFICANT SHIFT IN APPROACH FOR UK RENEWABLES On 2 March 2020, the UK Department for Business, Energy and Industrial Strategy (BEIS) published a consultation on the Contracts for Differ...

As the situation with the COVID-19 outbreak continues to develop in the UK and beyond, there are a few recent developments for UK companies to be aware of. Year end reporting and filing accounts Year end reporting As a reminder, the Financial Report...

Eversheds Sutherland was delighted to be involved in a project to develop proforma clauses and model laws looking to tackle climate change. The Chancery Lane Project involved 143 participants from 63 organisations, including law firms, climate chang...

Eversheds Sutherland has advised Energetický a prumyslový holding, a.s. (EPH), on the acquisition, by its subsidiary EP UK Investments Ltd. (EPUKI), of Humbly Grove Energy Limited from PETRONAS, Malaysia's integrated petroleum corporat...

The lockdown of public life in Germany and the disruption of global economy due to the Coronavirus also complicate and delay the development, construction and commissioning of renewable energy projects in Germany. This has dangerous consequences as ...

The Low Carbon Contracts Company (“LCCC”), the counterparty for the UK’s Contracts for Difference (“CFD”) scheme, issued an advice note on 7 April 2020 confirming that COVID-19 is capable of constituting a Force Majeure...