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The holder of a beneficial interest is entitled to enjoy the use of the property in issue although not necessarily being the legal owner of the property.
Once a beneficial interest is established, it would entitle a party to long-term rights in respect of the property notwithstanding that party not being a party to a marriage/civil partnership or being a joint/sole owner of the property.
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Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...
Trustees and beneficial ownership information—checklist This Checklist should be read alongside Practice Notes: Trusts—disclosure of beneficial ownership information via the Trust Registration Service (TRS) and record-keeping and Trust Registration Service (TRS). See also Practice Notes: Trust Registration Service (TRS)—table of registration requirements and deadlines and Trust Registration Service (TRS)—trusts excluded from registration. These Practice Notes contain guidance on trustees’ obligations imposed as a result of the implementation (in relation to the registration of trusts) of the EU’s Fourth Anti-Money Laundering Directive Directive (EU) 2015/849 (4MLD) through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 and the EU’s Fifth Anti-Money Laundering Directive Directive (EU) 2018/843 (5MLD) through the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991. In this Checklist, references to MLR 2017, SI 2017/692 include the amendments incorporated as a result of MLR 2020, SI 2020/991 coming into effect, unless otherwise stated. Beneficial owners of a trust include the settlor(s), trustee(s), beneficiaries and...
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Where two or more people together own real property, they hold it under a trust of land. Where property is held on a trust of land, the legal estate and equitable estate are separate. The legal estate must be held by the co-owners as joint tenants. The beneficial interest in the property can, however, be held by the co-owners either as:•joint tenants, or•tenants in commonIf the co-owners are joint tenants, each has an indivisible share in the property, where each owns the whole, rather than an identifiable share of the property. The right of survivorship applies so on the death of one joint tenant, the deceased's interest in the property passes automatically to the other(s).Where the beneficial interest is held as tenants in common, interests can be unequal, and the share of one does not pass to the survivor but is part of the deceased's estate.A tenancy in common may arise on the original transfer or conveyance where there is an express declaration of trust, or where an existing joint...
Post-completion matters (share purchase)—checklist This checklist briefly summaries the key tasks and responsibilities that are likely to fall to the buyer's lawyers (and in some cases the seller's lawyers) following completion of a private M&A acquisition involving a target company incorporated in England & Wales. The terms of the SPA should always be carefully checked following completion so that the parties' lawyers can appropriately diarise what has been agreed, particularly with regards to timing, by way of specific post-completion obligations of the parties. Therefore, while this checklist summarises tasks that are typically required, each transaction is different and this list cannot therefore be exhaustive. Issue Guidance Registration of share transfers Buyer's lawyers: —submit to the Stamp Office stock transfer form(s) (or declaration of trust—see note below) in relation to the target company shares, for adjudication and payment of any stamp duty/transfer taxes (within 30 days after their execution)—update the register of members of the target company (and subsidiaries)—where relevant, update the people with significant control (PSC) register (CA 2006,...
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Memorandum on the responsibilities and obligations of a director of an AIM company 1 Introduction 1.1 This memorandum has been prepared for the directors and proposed directors (the Directors) of the Company to provide a general introduction to the principal responsibilities and obligations of a director of a company whose shares are admitted, or will be admitted, to AIM, a market operated by London Stock Exchange plc (LSE). 1.2 Once a company’s securities are admitted to trading on AIM, a company and its directors are subject to an increased layer of regulation. This includes requirements set out in the AIM Rules for Companies published by the LSE (AIM Rules), the Disclosure Guidance and Transparency Rules sourcebook (DTRs), the Prospectus Rules and the Market Abuse Regulation. 1.3 As a Director, you will be responsible (individually and collectively with your fellow Directors) for the Company's compliance with these provisions. The LSE has the power to fine or publicly censure an AIM company in the case of a...
Share purchase agreement—pro-buyer—corporate seller—conditional—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of selling corporate entity] incorporated in [England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Seller); 2 [Insert name of purchasing corporate entity] incorporated in England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Buyer), and 3 [Insert name of guarantor entity] incorporated in England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Guarantor) [(each of the Seller, the Buyer and the Guarantor being a Party and together the Seller, the Buyer and the Guarantor are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in [England and...
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What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...
What will be the applicable limitation period where a settlement agreement is secured by way of a charging order and the debtor under the agreement subsequently defaults on repayment of the debt, which entitles the creditor to immediate repayment of the whole sum, and the creditor now wishes to enforce their charging order? We have assumed that reference is being made to a charging order. When seeking to enforce the charging order it would have been subject to the previous rules in this area (CPR 73 and CPR PD 73 were amended with the changes coming into force on 6 April 2016). Where such orders charge a beneficial interest under a trust in land, the charge is protected by means of a restriction under the Land Registration Act 2002. We also assume that the charging order was validly obtained. If seeking to apply for an order for sale to enforce a charging order made prior to 6 April 2016 you should still follow the regime set out in the amended...
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This week's edition of Property weekly highlights includes: progress of the Renters’ Rights Bill, the first reported decision on the interpretation of the Renting Homes (Wales) Act 2016 (specifically the obligation to provide an electrical condition report) and cases on the statutory right of pre-emption, assertion of a third party beneficial interest in mortgage possession proceedings and defining a transaction defrauding creditors.
Restructuring & Insolvency analysis: A transaction may be impugned under section 423 of the Insolvency Act 1986 (IA 1986) if it was done for the purpose of putting assets beyond the reach of creditors, even if the transferor had no current creditors and contemplated only future hypothetical creditors at the time of the transaction. The focus is on the ‘purpose’ of the transaction, and not on ‘the degree of knowledge that a transferor has of the persons who are making, or may make, claims against him’. In this case, the appellant had disposed of a 50% beneficial share in a property at a time when he had no creditors (and a number of years before his liability to the respondent arose), but when he intended to engage on a course of litigation which could (and ultimately did) lead to costs awards against him. The prohibited purpose was established, and the transfer was set aside. Written by Alex Peplow, barrister at XXIV Old Buildings.
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