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Sanctions update: UK bans services exports to Russia, cutting Russia off from UK services

Madeleine Byron

Madeleine Byron

Last week, the UK Foreign Secretary, Liz Truss, announced a ban on certain professional and PR services exports from the UK to Russia. The banned services include management consulting, public relations and accounting. The Foreign Secretary commented that the ban will help to ensure that Putin fails in Ukraine, by cutting off service exports that are fundamental to the Russian economy.

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Third Party Debt Orders Ineffective

We were rather surprised recently to see a commercial law firm attempt to impose Third Party Debt Orders (“TPDOs”) both on an invoice financier and on debtors whose debts had been assigned to it, in each case in favour of a claimant who had secured a court judgment against the assignor.

TPDOs were formerly known as Garnishee orders, and are governed by Rule 72 of the Civil Procedure Rules which provides:

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Court of Appeal decision on Commercial Confidentiality in Proving Assignment

In a recent Briefing we commented on the case of Haydock Finance Limited v Starcruiser Bussing Limited [2021] EWHC 622 (Comm) in which we successfully represented a funder in defeating an unmeritorious challenge, backed up by the debtor’s “expert evidence,” to the technical aspects of an asset financier’s securitisation process: see https://www.bermans.co.uk/securitisation-and-the-right-to-sue/

We wondered whether this sort of challenge might spread across to invoice finance, so we were interested to see the Court of Appeal reject a series of technical challenges to the assignment process in the recent judgment in a series of cases reported at [2021] EWCA Civ 1682.

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Invoice Finance for Lawyers

The business of law has changed significantly over the last couple of decades, ranging from significant developments in terms of the structure and operation of commercial law firms servicing business clients, to the funding models of “ambulance chasing” litigation covering a wide range of claims from alleged financial mis-selling to simple road traffic accident claims.

It is some time since we examined the topic of invoice finance for lawyers in a Briefing, and we were reminded of its significance in a recent court judgement involving a claim by a funder against a solicitor’s insurer which would have been of great interest to the invoice finance industry had it succeeded.

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Boris Becker is familiar with being in the spotlight for financial trouble

Tara Farrelly

Tara Farrelly

James Whittaker

James Whittaker

In 2002 Becker was charged and convicted of tax evasion by Munich District Court after pleading guilty to evading about 1.7m euros tax by claiming to live in Monte Carlo at a time when his main residence was in Munich.

More recently, on 21 June 2017, Becker was declared bankrupt by the High Court following a petition from private bank Arbuthnot Latham presented against him on 28 April 2017 after Becker defaulted on loan repayments for a loan of circa £3.5m for a property in Mallorca.

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Commercial rent arrears: the new law

andrew-koffman

Andrew Koffman

Guy Pattison

Guy Pattison

Late March saw the end of some long-standing temporary changes in the law due to COVID-19, and the introduction of some new ones!  Commercial landlords and tenants are affected.

From early in the first lockdown in 2020, commercial landlords were banned from exercising most of the usual remedies available to them to enforce rent arrears that fell due during the period of the pandemic, as a measure to protect tenant businesses.

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New restrictions to company purchase of own shares

Becky Tsang

Becky Tsang

In February 2022, the Chartered Institute of Taxation (“CIT”) received clarification from HMRC in relation to their position on legislation relating to a company’s purchase of its own shares under section 1033 of the Corporation Tax Act 2010 (“CTA 2010”). In particular, HMRC have outlined their interpretation of the word ‘possesses’ in section 1062(2) CTA 2010 in instances where the purchase has multiple completion dates.

 

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