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Can beneficial noteholders commence insolvency proceedings? Diverging views emerge across the offshore world
This article discusses the recent flurry of cases in the BVI, Hong Kong and the Cayman Islands determining the standing of individual bondholders to bring liquidation proceedings against issuers. It examines the reasons for the divergent outcomes of the cases, and the factors which may contribute to the success or failure of future actions.
18 March 2024Hybrid facilities: the promise, the reality and the hope
Have hybrid facilities evolved from a niche product into a full-fledged market? This article considers the features of subscription facilities, NAV facilities and hybrid facilities and explores why hybrid facilities have failed to flourish to date. It also considers how continuation funds can potentially rewrite this narrative.
18 March 2024Unlocking the predictive power of AI in the investment management industry
Artificial intelligence (AI) typically “learns” through data points that are fed into its system. Firms using AI-powered tools in the provision of financial services will need to navigate the risks of using such technology, including ensuring there is data integrity to mitigate against the risk of embedded biases within the system’s decision-making process. Transparency and explainability are key to ensuring the decision-making processes of the AI technology can be clearly articulated to clients and regulators. This article considers the regulatory implications of relying on AI in financial services by considering the example of investment advice or portfolio management.
18 March 2024Taking robust security over warranty and indemnity insurance policies
This article addresses the legal and practical issues for lenders on leveraged buy-outs in relation to taking security over warranty and indemnity insurance policies.
18 March 2024Avanti Communications and the use of textbook and articles when undertaking research
This article considers the recent case of Avanti Communications in which the judge disagreed with one part of the analysis of the fixed charge/floating charge characterisation issue in two practitioner textbooks and in one academic article.
18 March 2024Don’t put all your debt in one basket: debt incurrence flexibility in leveraged finance transactions
The era of cheap debt is over (at least for now). However, debt of course remains a key financing strategy for European companies. Sophisticated sponsors and borrowers are focused on ensuring maximum flexibility for debt incurrence under the terms of their facilities agreement – both to protect against a downside scenario and to ensure sufficient capacity to meet the requirements of their business plans. This article outlines what those flexibilities currently look like in market documents and where they are heading, with a close focus on the institutional term loan market.
18 March 2024Change is the only constant: how to avoid static regulation in the age of AI and other emerging technologies
In this article Wojtek Buczynski considers different approaches to the regulation of artificial intelligence (AI) to ensure it remains future-proof and relevant in the age of continuous technological change.
18 March 2024Identifying floating charges after Re Avanti Communications Ltd (in Administration)
This article discusses the decision in Re Avanti Communications Ltd (in Administration) and how the criteria laid down in the case affect the characterisation of charges over different types of assets as being either fixed or floating.
18 March 2024Limited liability partnerships: authority to borrow and to give security
This article addresses two related practical issues which arise in acquisitions, restructurings and financing transactions where a limited liability partnership (LLP) is involved in the group structure. The first is the authority needed by a lender where an LLP is giving a guarantee of group companies’ liabilities and/or granting security. The second is the related point about charging the interests of a member in an LLP.
18 March 2024ESG litigation in the context of financial services: a global gear change?
This article examines the way that ESG-related cases in the context of financial services have evolved over the past few years, and the themes emerging from the high number of court dismissals during 2023, which indicates that legal merits continue to be the prevalent factor.
18 March 2024
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