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Considerations and next steps for victims of fraud—checklist

Considerations and next steps for victims of fraud—checklist This Checklist is designed to assist individuals and companies who suspect they have been a victim of fraud. It considers the immediate steps they should take to gather and preserve evidence, obtain legal advice, mitigate and reduce risk and obtain emergency or urgent relief (such as freezing orders and insurance cover), including whether it is necessary to report a suspected fraud to the police and how to do so using the Action Fraud service. It also addresses the choice between issuing civil and criminal proceedings for fraud and explains the possibility of running a civil fraud claim in parallel with a criminal prosecution (private or public). This Checklist should be read in conjunction with the Practice Notes: • Starting a civil fraud claim—a practical guide • Civil fraud—heads of claim • Civil fraud—frequently asked questions (FAQ) • Commencing criminal proceedings—applying for the issue of a summons • Fraud—civil claim and private criminal prosecution compared For full guidance on fraud offence under criminal...

Rights of light—identifying provisions in leases—checklist

Rights of light—identifying provisions in leases—checklist This Checklist sets out which clauses in a lease and other relevant documents should be reviewed to determine whether a right of light exists. A right of light is an easement that entitles a landowner to receive natural light through an aperture in a building on its property. The owner of the land that is burdened by the right of light (the 'servient Building') cannot interfere with it without consent. On any proposed development it is therefore necessary to identify any neighbouring properties potentially enjoying a right of light (the 'dominant Building'). For further information regarding rights of light, see the following Practice Notes: • Establishing and maintaining rights of light • Rights of light—obstruction notices • Rights of light claims • Rights of light—insurance for developers Section 2 of the Prescription Act 1832 (PA 1832) requires actual enjoyment of light, which means that a right of light can be acquired for their own benefit and in their own right by those with a...

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Client due diligence process workflow

Client due diligence process workflow This Flowchart suggests a workflow for the practical steps and factors you should consider when conducting an appropriate level of client due diligence (CDD). You can refer to this whenever you are taking on a new client or matter. It is intended to help you comply with the CDD requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended. This workflow dovetails with the New client, New matter, CDD client risk assessment and CDD matter risk assessment form Precedents in the Client and matter inception subtopic. Other precedents Other Precedents that may be of use include: • CDD client risk assessment form—law firms • Explanatory notes—CDD client risk assessment—law firms • CDD matter risk assessment form—law firms • Explanatory notes—CDD matter risk assessment—law firms • New client form • New matter

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Pensions due diligence in share sales—an introduction

THIS PRACTICE NOTE APPLIES TO ALL PRIVATE SECTOR PENSION SCHEMESIn a share sale, the buyer purchases the issued share capital of the target company. Through this acquisition, the buyer is commercially impacted by the contracts and deeds entered into by the target company. Moreover, the acquisition of the target does not change the contracts of employment the target company has agreed with its employees: the rights of both the target company and its employees continue irrespective of the target's change of ownership. This Practice Note summarises the pensions aspects of the due diligence carried out by the buyer in a share sale. For a detailed review of the due diligence issues that may arise where the target company:•participates in a defined benefit (DB) arrangement, see Practice Note: Pensions due diligence in share sales—issues specific to DB schemes•participates or contributes to a defined contribution (DC) arrangement, see Practice Note: Pensions due diligence in share sales—issues specific to DC schemesThe purpose of due diligenceDue diligence is the process by which a buyer...

Pensions due diligence in business sales

THIS PRACTICE NOTE APPLIES TO ALL PRIVATE SECTOR PENSION SCHEMESBusiness sales (also referred to as asset sales) involve a seller selling part, or all, of its physical business to a buyer. The buyer ends up assuming ownership of the contracts and assets specified in the business sale agreement. These contracts will typically include business contracts and the employment contracts for some, or all, of the seller’s employees as well as any plant, machinery, property, goodwill, etc.This Practice Note should be read in conjunction with the following Practice Notes:•Pension issues on a business sale—acting for the buyer•Pension issues on a business sale—acting for the seller•TUPE—what pension benefits should the transferee provide?The purpose of due diligenceDue diligence is the process in which a buyer obtains information on the seller's business and the accompanying liabilities. Lawyers acting on behalf of the buyer are often given access to an actual or virtual data room which holds copies of documents providing information on the seller and its business. Lawyers analyse the documents provided before preparing...

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Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

Property due diligence questionnaire for share or asset purchases

Property queries to be included in a due diligence questionnaire for an asset or share purchase Real property 1   1.1 Please provide details of all properties owned, occupied or used [by any Group Company OR in connection with the Business] (the Properties), including whether freehold or leasehold. 1.2 In respect of the Properties, please provide the following information: 1.2.1 full address; 1.2.2 approximate size of site and total size of buildings; 1.2.3 legal owner; ...

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How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

Is an introducer an associated person for the purpose of tax evasion facilitation prevention—law firms?

Is an introducer an associated person for the purpose of tax evasion facilitation prevention—law firms? What is the issue? The Criminal Finances Act 2017 (CFA 2017) created a new corporate offences of failure-to-prevent facilitation of tax evasion. Your firm can be held liable for this corporate offence if a person acting in the capacity of an associated person criminally facilitates a tax evasion offence. The definition of associated person is broad and can embrace a wide range of business relationships: • an employee who is acting in the capacity of employee • an agent (other than an employee) who is acting in the capacity of an agent, and • any other person who performs services for or on behalf of the firm who is acting in the capacity of a person performing such services—questions as to whether a person is performing services for or on behalf of a firm will be determined by reference to all relevant circumstances, not merely the nature of the relationship, contractual status or label...

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Crying over spilt ‘milk’? Oatly loses TM battle to Dairy UK (Dairy UK v Oatly)

IP analysis: The Court of Appeal allowed an appeal by Dairy UK Ltd and reinstated a declaration made by the UK Intellectual Property Office that Oatly AB's trade mark ‘POST MILK GENERATION’ was invalidly registered for oat-based goods. The court of appeal followed the ruling in VSW v TofuTown,and held that trade marks would fall within the definition of ‘designation’ under Regulation (EU) 1308/2013 (the ‘Regulation’) on labelling of agricultural products. Both the Regulation and VSW v TofuTown being assimilated law pursuant to the Common Organisation of the Markets in Agricultural Products Framework (Miscellaneous Amendments, etc) (EU Exit) Regulations 2019. The trade mark ‘POST MLK GENERATON’ containing the term ‘milk’ shall be used exclusively for dairy products derived from animals. The court found that the trade mark was not of such a nature as to deceive the public, however, it failed to describe any characteristic of the oat-based products in question and was invalidly registered. Written by Andrew Rigden Green, partner, head of International Arbitration at Stephenson Harwood (Hong Kong).

Klarna fined US$46m by Sweden for AML violations

Law360, London: Sweden's Financial Supervisory Authority (FSA) hit Klarna Bank AB with a 500m krona (US$45.7m) fine on 11 December 2024 for breaching anti-money laundering (AML) rules, after finding that the payments service provider failed to assess its potential role in economic crime.