Insights: July 2020

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City and CAS – FFP not down and out yet

Alan Wetterhahn, Thomas Edwards |

The Court of Arbitration for Sport (CAS) recently handed down its decision in the matter of Manchester City FC (MCFC) v UEFA. The decision had been much anticipated in sporting circles as it is the first real test of UEFA’s Club Licensing and Financial Fair Play (FFP) rules that were put in place to regulate […]


New ICO guidance: explaining decisions about individuals made using AI systems

Tim Wright |

Background In April 2019, the UK Government published the AI Sector Deal policy paper[1] which placed machine learning, AI and big data at the heart of the UK’s Industrial Strategy[2]. Other Sector Deals announced at same time include life sciences, construction, and the automotive sector. Recognising the need to make sure AI benefits everyone in […]


English Court considers the proper presentation of documents under the ICC Uniform Rules for Demand Guarantees

Tom Bolam |

The recent decision in Tecnicas Reunidas Saudia For Services and Contracting Co. Ltd v The Korea Development Bank [2020] EWHC 968 (TCC), considered the meaning of the beneficiary’s obligations to present documents under a demand guarantee where the express requirements for a compliant demand were ambiguous. The judgment provides important guidance on the application of […]


ECJ declares EU-US Privacy Shield invalid

Alexandra Cooke |

On 16 July 2020, the European Court of Justice (ECJ) examined and ruled on the EU-US Privacy Shield (Privacy Shield), and declared it invalid. The Privacy Shield was the mechanism that facilitated the compliant transfer of personal data from the European Union to the United States. The decision means that businesses relying on the Privacy […]


CGT reform

Jonathan Riley, Helena Luckhurst, Helen Cox, Mark Spash |

On 13 July the Chancellor wrote to the Office of Tax simplification requesting that it reviews capital gains tax and those elements of corporation tax that relate to chargeable gains.  This is not an unexpected development and it follows closely a consultation in respect of proposed inheritance tax reform. The rate of CGT for higher […]


The Corporate Insolvency and Governance Act – will it help?

Jeremy Whiteson |

On 26 June 2020 the Corporate Insolvency and Governance Act (Act) came into force after a rapid passage through all Parliamentary stages, in a little over a month. This is a major piece of legislation (stretching to 245 pages). It is a centrepiece of the Government’s response to the fallout of the COVID-19 pandemic for […]


English Court considers the proper presentation of documents under the ICC Uniform Rules for Demand Guarantees

Tom Bolam |

he recent decision in Tecnicas Reunidas Saudia For Services and Contracting Co. Ltd v The Korea Development Bank [2020] EWHC 968 (TCC), considered the meaning of the beneficiary’s obligations to present documents under a demand guarantee where the express requirements for a compliant demand were ambiguous. The judgment provides important guidance on the application of […]


Stakeholder Capitalism – Will it become the “New New Normal”?

Amy Collins |

Stakeholder Capitalism is not new:  but is this management theory (popular in the 1950s and 1960s) poised to make a comeback as the world seeks to recover from the Covid-19 crisis? What is Stakeholder Capitalism? Investopedia refers to it as “a system in which corporations are oriented to serve the interests of all their stakeholders. […]


Restructuring plans and cross-class cram downs

Nigel Gordon |

On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (CIGA) came into force after a rapid passage through all Parliamentary stages, in a little over a month. CIGA introduced several well-publicised changes to the law relating to insolvency and general meetings, but there is one proposed change which deserves greater attention. CIGA provides […]


Fladgate advises E3 Wind Limited on SPV

Luke Morris, Gemma Grunewald, Sam Tye |

Fladgate LLP has advised E3 Wind Limited on its acquisition of a Special Purpose Vehicle (SPV) which owns a wind farm in Scotland and benefits from the Feed-In Tariff Scheme The Fladgate team, led by Sam Tye, assisted E3 Wind with obtaining the necessary change of control consents, agreeing transaction documentation, amendments to existing facility […]


COVID 19 & Employee Share Schemes: The Good, The Bad and The Ugly

Gemma Grunewald, Helen Cox |

The Good? With the economic impact of COVID-19 likely to be felt for many months (and perhaps years) to come, companies may look to alternative methods of remuneration as a way to incentivise key members of staff.  Share schemes offer an efficient way of rewarding employees without companies having to make cash payments, and with […]


AGMs AND THE CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020

Nigel Gordon |

On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (CIGA) came into force after a rapid passage through all Parliamentary stages, in a little over a month. The objective of CIGA is to help UK companies and similar entities to continue to trade during the current worldwide pandemic and to avoid insolvency. CIGA […]