Planning, localism and the new economy | Berwin Leighton Paisner

Legal Briefing

The Localism Bill, which is now going through Parliament, has been highlighted by the government as a driver of housing supply improvement and sorely needed growth in the regions independent of financial wizardry. There has been much comment recently about whether localism will take us to the right place and really generate growth.

Major developments in UK nuclear liability legislation | Burges Salmon

Legal Briefing

Substantial changes to current legislation governing nuclear liability in the UK are afoot, following the recent release of the government’s public consultation ‘Implementation of changes to the Paris and Brussels Conventions on nuclear third party liability’ in January (the consultation). The proposed amendments are significant and will impact throughout the nuclear sector, from those involved …

Is the UK a desirable holding company location? | Watson Farley & Williams

Legal Briefing

Various corporate groups have recently relocated or announced that they are considering relocating their holding companies from the UK to places such as Switzerland and Ireland. Talk of tax moves has become common place. Does this mean the UK is an undesirable place to base a global corporate group’s operations? This article suggests that the …

Lehman and Nortel : balancing the interests of the pension scheme and the unsecured creditors | Druces LLP

Legal Briefing

In Bloom & Ors v The Pensions Regulator (Nortel, Re) [2010] in the High Court recently, Briggs J had to decide whether financial support directions (FSDs) and contribution notices (CNs) issued by the Pensions Regulator (the Regulator) to companies in administration or liquidation would rank as ‘expenses’ having super priority in the insolvency proceedings, or …

New Incoterms: Incoterms® 2010 rules A brief look at the principal changes | Boekel

Legal Briefing

The International Chamber of Commerce (ICC) sets standardised international commercial terms, the so-called Incoterms® rules, to facilitate international trade. The Incoterms are frequently referred to, for instance, in general terms and conditions, as well as in sales agreements governed by Dutch law. The former Incoterms were drawn up in 2000 and now a new version …

VAT and outsourcing in the financial services sector | Eversheds Sutherland

Legal Briefing

VAT is potentially a significant cost of outsourcing for businesses in the financial services sector. Several methods are used to eliminate or reduce this VAT cost. This article highlights some recent and prospective changes to VAT law and its interpretation, which affect outsourcing transactions.

Beware: unprinted e-mail could prompt stamp duty in Austria | Wolf Theiss

Legal Briefing

A peculiarity in austrian law is the Austrian Stamp Duty Act (GebG). The Act contains a list of agreements, such as suretyships, settlement agreements, assignments of rights and rental agreements, which are subject to stamp duty if a ‘written deed’ is executed in Austria, or if any link to Austria exists. However, the Act itself …

ISDA Master Agreement – “probably the most important standard market agreement used in the financial world” | Macfarlanes

Legal Briefing

In the recent Lomas & Ors v JFB Firth Rixson Inc & ors [2010], the joint administrators (the administrators) of Lehman Brothers International (Europe) (LBIE) applied for directions as to the true meaning and effect of certain terms under interest rate swap agreements (the swaps), governed by the International Swaps & Derivatives Association (ISDA) Master …

Make no mistake: High Court refuses to rectify erroneous contract | Edwards Wildman Palmer UK LLP

Legal Briefing

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 …