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Sentencing Guidelines for Corporate offenders—Money laundering checklist

Sentencing Guidelines for Corporate offenders—Money laundering checklist This Checklist summarises the Sentencing Council’s guidelines for money laundering offences committed by a corporate (Money Laundering Guidelines). The Money Laundering Guidelines can be accessed here: • Magistrates’ Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the magistrates’ court • Crown Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the Crown Court The Sentencing Council also publishes a number of overarching guidelines, which should be considered in respect of all sentencing exercises. These include: • Totality guideline (Crown Court) • Totality guideline (magistrates’ court) • General guideline—overarching principles (Crown Court) • General guideline—overarching principles (magistrates’ court) • Reduction in sentence for a guilty plea (Crown Court) • Reduction in sentence for a guilty plea (magistrates’ court) For more information, see Practice Note: Sentences imposed following conviction. Among these overarching guidelines, the General guideline: overarching principles (the General guideline) is specifically designed...

Perfecting security in real estate finance transactions—checklist

Perfecting security in real estate finance transactions—checklist This Checklist sets out the steps which property lawyers need to take to perfect security in a real estate finance transaction. Real estate finance lenders will typically want to take a full security package over all of the assets relating to the real estate. A real estate lawyer in a multi-disciplinary team will likely be responsible for arranging or inputting into the following securities and documentation: • security over the land, rental income, insurance proceeds, development and construction and contractual rights • reviewing the management agreement and negotiating a duty of care agreement (although in a multi-disciplinary team, this is sometimes handled by the banking and finance lawyer) • dealing with completion undertakings and post completion registration of the legal charge at Companies House and HM Land Registry as well as giving third party notices regarding rent payment, notice of charge where necessary of assignment of contractual rights or warranties See Practice Notes: Security in real estate finance transactions, Taking security over land...

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What rate of SDLT applies to my transaction?—Flowchart

What rate of SDLT applies to my transaction?—Flowchart This Flowchart assists with establishing which rate of stamp duty land tax (SDLT) applies to a transaction. There are various rates of SDLT that can apply to acquisitions of different types of property (residential, non-residential (commercial property) or mixed use property). This Flowchart should be read in conjunction with Practice Note: Rates of SDLT. This Flowchart assumes that: • the purchaser is acquiring one property and that the acquisition is not linked to any other transaction. For more on linked transactions see Practice Note: SDLT chargeable consideration—Linked transactions • no relief from SDLT applies to the transaction. For more on reliefs from SDLT, see Practice Note: SDLT—general reliefs and exemptions, and • to the extent that the property being acquired is residential: ◦ the acquisition is of a major interest in a dwelling that is not subject to a long lease and the consideration is £40,000 or more. For the meaning of major interest see Practice Note: Higher rates of...

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Charity litigation key case—HM Attorney General v Zedra Fiduciary Services [Archived]

Charity litigation key case—HM Attorney General v Zedra Fiduciary Services [Archived] ARCHIVED: This Charity litigation key case has been archived and is not maintained. The case of HM Attorney General v Zedra Fiduciary Services provides a practical illustration of: • the court’s approach to construing the meaning of a charitable trust • the court’s initial consideration of different types of schemes • procedural points relevant to charity litigation of this nature See News Analysis, which includes a case summary: National debt fund worth £500m is held on charitable trusts (Attorney General v Zedra Fiduciary Services). Key facts In 1928 a donor settled an initial sum of £500,000 plus income and profits to be held on trust until the date when—either alone or together with other funds available for the purpose—the fund was sufficient to discharge the national debt of the UK. The belief in 1928 was that the cost of the First World War should be borne by the current generation rather than being passed on...

An introduction to the World Trade Organization

An introduction to the World Trade Organization What is the World Trade Organization? The World Trade Organization (WTO) provides the institutional and legal framework for trade between Member States. As such it administers the agreements agreed by Member States of the WTO. In addition, it also settles disputes among Member States, monitors Member States’ compliance with the various agreements and functions as a negotiating forum for all manner of trade related issues. The WTO had its inception on 1 January 1995, but its history dates to 1948 when, the General agreement on Tariffs and Trade of 1947 (GATT 1947) was agreed. Over numerous subsequent rounds of negotiations, in 1994, Member States agreed, in Marrakesh, to the Marrakesh Agreement Establishing the World Trade Organization (Marrakesh Agreement). The Marrakesh Agreement established the WTO and provides the institutional and legal framework for the multilateral trading system. There are also four annexes to the Marrakesh Agreement which are complemented by certain decisions and declarations. In total the legal texts consist...

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Subsidiary definition

subsidiary

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

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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...

What is meant by the phrase ‘piercing the corporate veil’?

What is meant by the phrase ‘piercing the corporate veil’? A properly formed registered company is a separate legal entity from its shareholders and has separate rights and liabilities as a separate legal person. This principle is colloquially described as the corporate veil or the Salomon principle, being most famously stated by Lord MacNaghten in the case of Salomon v Salomon: The company is at law a different person altogether from the subscribers to the memorandum; and, though it may be that after incorporation the business is precisely the same as it was before, and the same persons are managers, and the same hands receive the profits, the company is not in law the agent of the subscribers or trustee for them. Nor are the subscribers as members liable, in any shape or form, except to the extent and in the manner provided by the Act. A company, as a separate legal entity, continues to exist irrespective of changes to its membership. It owns its...

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Dyson must face forced labour allegations in UK court

Law360, London: Appliance manufacturer Dyson has lost its dispute to keep a forced labour case out of England, as a London appeals court ruled on 13 December 2024 that claims that migrant workers were abused in Malaysian factories should be heard in Britain.

Google beats patients application to revive mass data privacy claim

Law360, London: Google has dodged a class action from patients who alleged the tech giant misused their health records for a kidney injury alert app, after a London appeals court on 11 December 2024 refused to revive the mass data privacy claim.