Where a contract is formed on the basis of a mistake as to the law or certain facts, the contract can potentially be deemed void from its inception. In certain circumstances, however, the court has the authority to remedy the mistakes, by construing the contract in a way that will correct the mistakes, or by …
Two recent high-profile cases involving BSkyB/News Corporation and Ryanair/Aer Lingus have highlighted the importance of the merger control rules. These cases have also demonstrated the extensive scope and potential flexibility of the UK merger control regime and why anyone considering the acquisition of even a minority stake in a business may need to consider competition …
On 6 January 2011 The Emirates Securities and Commodities Authority (ESCA) released a new draft regulation on investment funds in the UAE (the Regulation) for public consultation. The deadline for submitting comments or responses to ESCA is now closed, and it is expected that the Regulation will soon be discussed and approved by ESCA. It …
A recent Supreme Court judgment in Holland v Revenue and Customs (HMRC) [2010] has considered the status of de facto directors and, on a 3-2 split decision, limited the applicability of the concept. The decision is controversial because it will provide a defence in certain circumstances for persons controlling companies who are not officially directors …
The Special Economic Zones Act (SEZA) 2005 was enacted with the underlying objective to boost economic activity, promote exports and investment from domestic and foreign sources, create employment opportunities and develop infrastructural activities. Keeping such objectives in mind, various fiscal incentives were provided to the special economic zones (SEZs) under the Income Tax Act (ITA) …
December 2010 was an incredibly eventful month for UK immigration practitioners, with further information published concerning the mechanisms of the permanent annual immigration limits (due to be implemented in April 2011), a judicial decision rendering the interim limits introduced by the coalition government as unlawful and the almost immediate removal of one of the UK …
In a speech on 13 December, Financial Services Authority (FSA) chief executive Hector Sants outlined what firms can expect of the supervisory approach under the new regulatory structure following the abolition of the FSA in 2012. Sants attributed the financial crisis ‘first and foremost to massive misjudgements’ made by key financial institutions, before going on …
At the start of 2011, with environmental and energy issues high on the political agenda, this article highlights some of the key developments that can be expected by businesses and in-house lawyers in these fields this year.
Not least due to the financial crisis, the situation surrounding the public budget in central and eastern Europe (CEE) and southeastern Europe (SEE) countries is fraught with complications. Nonetheless, governments (including the states, provinces and municipalities) in the EU will invest a barely credible €2.5trn (ie €2,500bn) in various government contracts in 2011 – purchasing …
Continuing the recent trend of expanding the UK’s already extensive body of tax legislation, 2011 looks likely to be a busy year for the law makers. This article summarises the key tax changes that are set to take place over the next year.
