WHERE HAVE YOU GONE, CHIP HILTON?
The High Court has imposed the first Building Liability Order under the Building Safety Act, passing liability for building safety defects from an SPV to its wealthier parent company....more
On November 15, 2024, the PRA issued a consultation paper (CP 15/24) proposing changes to the regulatory framework for UK insurance special purpose vehicles. Insurance special purpose vehicles (or ISPVs) are intended to...more
In Gibbins v Tierney [2024] EWHC 2004 (Ch), the High Court reaffirmed the principles that apply when deciding whether there has been unfair prejudice, within the meaning of section 994 of the Companies Act 2006, in a...more
Changes to the beneficial ownership regime took effect on 31 July 2024 and enforcement relating to the new requirements is suspended until early 2025. Many entities that previously had few or no obligations will have to...more
HM Treasury recently published a near-final draft of a statutory instrument that, together with rules to be made by the UK regulators, will replace the UK Securitisation Regulation. This will result in some noteworthy changes...more
In the final part of this four-part series, we explore some of the common issues that may arise in limited recourse structures, as well as ways to address or mitigate the risks and costs....more
Briefcase: Quarterly update on key real estate cases including: Pandemic Clause Included in Business Lease Renewal - ..A shopping centre lease renewal decision contains useful guidance on how the court will assess...more
It has been reported that the UK Treasury is considering a new bailout mechanism for privately held companies in sectors seen as making "a material contribution" to the UK economy, which would take the form of one or more...more
In the recent case of Melford Capital General Partner Ltd v HMRC, the FTT concluded that a UK GP was entitled to full recovery of input VAT incurred on the establishment and operational costs of a UK LP Fund of which it was...more
As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more
Yesterday, the UK tax authorities published a note finally clarifying the registration requirements imposed on such investors. In summary: A non-UK resident corporate investor making a direct or indirect sale of UK...more
Empty property rates are a tax on failure; the failure of the owner to let premises or to find its own use for the premises. Given they are charged at the same rates as occupied property, it’s no wonder property owners seek...more
On 31 January 2019, France, Germany and the United Kingdom (the "E3") announced the registration in France of INSTEX SAS ("Instrument for Supporting Trade Exchanges"), which is a special purpose vehicle aimed at facilitating...more
On Friday 8 December 2017, the Risk Transformation Regulations 2017 and the Risk Transformation (Tax) Regulations 2017 (the ‘Regulations’) will come in to effect bringing to fruition the Government’s plans to position the UK...more
- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State? - Rules of the (International) Road: Choosing and Appointing a Distributor ...more
Following accession to the Cape Town Convention1 by the UK on 27 July 2015, the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (the “Regulations”) will enter into force on 1 November...more
Last month, I got to experience what I consider a career highlight: I was invited to speak on “Perfecting the Class Action” at Middle Temple. The spiel I gave would be familiar to readers here (it was a basic description of...more
This Overview provides a general summary of the different corporate structures that may be used to hold, and transact in, UK real estate (such as special purpose vehicles, property unit trusts, partnerships and REITS), the...more