William Ballmann, chair of insolvency trade body R3 in Yorkshire and partner at Gateley, has commented on the government’s consultation document on insolvency practitioner fees. The document includes proposals for changing the way insolvency practitioners’ fees are calculated in the absence of an engaged secured creditor from the fees-setting process. On the issue of fees, […]
As with any change, there’s good news for some and bad news for others. In a consultation paper published today, the Bank of England’s (BoE) Prudential Regulation Authority (PRA) has set out new hoops for non-EU banks to jump through if they want to do business in the UK. It will mean a longer to-do […]
DLA Piper’s 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically as a result of an increase in liquidity and the rapid influx of alternative sources of capital offering new products. The report polled more than 250 debt providers, advisers, sponsors and corporates active in the European debt markets. […]
Eversheds has advised NewRiver Retail, a UK REIT specialising in value-creating retail property investment and active asset management, on its latest £85m equity fundraising. The size of the fundraising, originally targeting £75m, was increased following significant investor demand. The fundraising is the second that NewRiver has successfully completed in just more than six months after […]
Allen & Overy has been recognised as the ‘Best Overall Law Firm in Islamic Finance’ for the third consecutive year at the annual Islamic Finance News Awards ceremony, held in Dubai. The firm received a record 15 awards, which beats the previous record of 12 awards that the firm received in 2012. Allen & Overy […]
Opinions are common legal documents, although their importance is often overlooked. This post explains what they are and why they can be of critical importance on a cross-border transaction. What is a legal opinion? A legal opinion is a formal document of advice relating to a specific point of law, usually whether certain aspects of […]
The Brits and Baftas have recently come and gone, but do its international stars need immigration permission to ‘work’ in the UK? With the Brits and Baftas having taken place recently in London to recognise the achievements of those who work in the music and film industry, have you ever wondered how our much loved […]
Employee loses bid for slice of employer’s profits but patent case clarifies employment case hurdles An employee inventor, Professor Shanks, has lost his claim against his employer, a subsidiary of Unilever, for a “fair share” of the royalties received by his employer from his invention. UK patent law provides that if an employee’s patented invention […]
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed, i.e. the ‘underlying obligations’ of the guarantee, can result in a discharge of the guarantor’s obligations. Amending the underlying obligations (for example, by a change to the loan agreement) can even result in existing obligations being […]
There is always a conflict between treating creditors of an insolvent company fairly and allowing insolvency practitioners sufficient leeway to facilitate a disposal of a business as a going concern. The general view is that such a disposal will always produce a better result for the creditors than the simple asset sale approach of a […]
A cross-discipline team from Gateley has advised on the recent management buyout (MBO) of Reader Offers, an independent cruise specialist for all the major cruise lines, from its privately held owner. The MBO forms part of Reader Offers’ ongoing succession plan and sees founder Peter Beadles exit the business after 19 years. Founded in Colchester in 1995, […]
Paul Hastings has posted a 3.6 per cent rise in revenue for the 2013 financial year, with turnover increasing from $908m to $941m. In a year when most of the firm’s key fiscal metrics rose, average profit per partner grew by 4.6 per cent from $2.08m to $2.17m while revenue per lawyer increased by 5 […]