What are you usually doing on a Monday morning? Imagine it is 8am next Monday and you receive a frantic call from your company’s MD telling you there are a number of people in his office, going through his papers. Ten minutes ago, they arrived unannounced at reception and produced a document to your receptionist. They explained that they are from the Serious Fraud Office (SFO) and asked to be taken to the MD’s office immediately. What are you going to do? Continue reading “Dawn raids – expecting the unexpected”

Businesses and natural persons that trade with Libyan ‘designated persons’ in contravention of the recent targeted economic sanctions, could face prosecution and severe fines. This article focuses on how targeted sanctions have been imposed against Libya by the United Kingdom, United States, European Union and the United Nations, how they operate and what businesses, particularly financial institutions, should be aware of, so that they do not inadvertently breach them. Continue reading “Libyan sanctions – an overview”

Legislative drivers and market demands have transformed waste management from a disposal at the lowest price operation to a sophisticated global resource (materials/energy) trading organisation. The transition from disposal to resource recovery and reuse is not without its difficulties, but while the market continues to develop, legislation will continue to drive and encourage the transition towards the environmentally sound management of wasted resources. Continue reading “Waste: moves towards a global resource”

The European public procurement market is enormous. Governments in the European Union (EU) and in non-EU member states in Europe will invest approximately €4trn in government contracts in 2011. This is also an intriguing market environment for investors outside of Europe, which, as of recently, include those from the United States particularly.

Despite these opportunities, Transparency International, the leading global organisation tracking corruption trends, ranks various Central and Eastern Europe (CEE) countries particularly poorly on the issue of corruption among politicians and public officials. This presents significant risks for US companies doing business in the CEE when competing for government contracts and otherwise interacting with local officials. Continue reading “The FCPA and corruption in government procurement in the CEE”

Investment activities between the UK and Germany are substantial. However, until recently, taxpayers resident in these two countries have been encumbered by a rather outdated regime dealing with the avoidance of double taxation.

On 30 March 2010, Germany and the UK signed a new version of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital (the Convention), which will replace the convention dated 26 November 1964 (the 1964 Convention, amended 23 March 1970). In many respects, the Convention reflects the model double tax convention issued by the OECD (the OECD model). Continue reading “Changes to the UK-Germany double taxation convention from a German tax perspective”

In the recent case of Destiny 1 Ltd v Lloyds TSB Bank plc [2011] the Court of Appeal was asked to consider whether Judge Richard Seymour QC was correct to reject a claim that a legally binding contract had been created where that agreement was one of many in a ‘contractual package’ and the negotiations for that package had subsequently broken down.

The decision provides useful guidance as to when a contract has been formed, and the impact upon the perceived intention to create legal relations where there have been negotiations for a number of different, but related, agreements. It is particularly relevant to those people that want to ensure individual contracts survive the breakdown of wider negotiations. Continue reading “Agreement not enforceable where negotiations for connected package of contracts had broken down”

There is some confusion among practitioners and even regulators with regards to a pledge over ‘commercial premises’ or ‘businesses’. It is important to clarify how a pledge over commercial premises can be legally applied under UAE law from a definition perspective and under basic civil law concepts. Continue reading “Clarifications on pledges over commercial premises under UAE law”

In the current economic climate, perhaps more than ever before, cash is king. Companies supplying goods and services, their debt collection agents and solicitors on their behalf, are all intent on recovering overdue receivables as quickly and effectively as possible. With insolvency staring many debtors in the face, the creditor who is not fast is last – and, if insolvency intervenes, may recover nothing at all. Continue reading “Expedited enforcement in Scotland (and beyond?)”

Licensing decisions by local authorities and regulatory bodies can have a very significant commercial impact for those entities and individuals that they affect. It is not surprising therefore that, depending upon the sector and context, appeals are common. This in turn gives rise to possible financial, and potentially reputational, risk for the decision-making bodies themselves. For those advising either party – licensor or licensee – it is essential to have a clear understanding of the basis upon which the decision is to be taken and, once it has been taken, the grounds on which it may be challenged. Continue reading “Licensing appeals in the spotlight”