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04-11-2022 / Energy & Infrastructure, Insurance

As we get ready for COP27, we've prepared a summary some of the key developments relating to climate and environmental policies over the last few weeks.

14-06-2022 / TMT

In June 2022, LCX, a prominent centralised cryptocurrency exchange based in Liechtenstein, effected legal service upon anonymous hackers through the use of NFT.

12-04-2022 / Maritime

We were delighted to be part of the Marine Money London Ship Finance Forum on 11 April 2022.

13-08-2021 /

Hong Kong has always been a robust hub for private equity and venture capital in Asia.

28-10-2020 /

The Gibraltar Government has today announced the publishing this week of the Limited Partnerships Bill and Protected Cell Limited Partnerships Bill; key aspects in the modernisation and development of the jurisdiction's fund sector.

26-05-2020 /

The coronavirus pandemic has presented unprecedented challenges to our clients, and leaves our clients uncertain as to what actions they can and are entitled to take to best protect their rights in a potential default situation. We are here to help our clients to analyse the situation so they can make an informed decision.

19-05-2020 /

Over the past weeks, the UK has witnessed an unprecedented governmental response to counteract the impact of COVID-19 on the economy, from the furloughing scheme, which has now been extended to October, to the ever-expanding government-backed debt financing options. However, concern is mounting over the viability of debt financing as a solution in light of the scale of the challenge that business is confronted with. Last week saw growing discussion of the need for government intervention to support equity financing or other solutions to ensure the viability of businesses going forward.

15-05-2020 /

The COVID-19 crisis presents UK businesses with serious challenges, and in many cases will test their continuing viability. The government has set out an unprecedented range of supporting measures in order to assist business through this challenging period. Lockdown measures have in many cases reduced revenue significantly if not to zero in some industry sectors. As the lockdown measures are slowly rolled back the shape of the economic recovery will become apparent. Predictions range from a V to a lazy U shaped recovery. What is clear is that a raft of previously viable businesses will need continued assistance in order to ensure that they are able to continue to trade as the recovery develops.   

12-05-2020 / Energy & Infrastructure

Successful creditor challenges to schemes of arrangement are incredibly rare, and ARCM’s challenge to Premier Oil’s scheme [1] has not bucked this trend. This scheme raised a broad range of issues which, subject to the outcome of the appeal, have been addressed to confirm the broad, flexible scope of the scheme of arrangement to implement creative restructuring solutions in the face of opposition from minority creditor groups. We provided an overview of the scheme of arrangement process and some of the issues raised by the Premier Oil scheme in our previous bulletins [2] .

11-05-2020 /

The nation spends this morning assessing yesterday evening’s ‘roadmap to reopening society’ announcement by the PM. While the government has revealed its proposal for the country’s first steps back to a new normal, it is clear that the process will be an incremental one. What is unclear is how normal this new normal will be.

06-05-2020 / Maritime

In a recent decision, the Hong Kong courts held that, as of 2009, it was not trade practice for shippers to weigh the container and cargo contents before loading it onto a vessel for carriage between Hong Kong and Guangzhou It may be that this would be the trade practice on other regional and global routes This ruling provides a timely reminder to the liner trade of changes to the law which will be in force in 2016

04-05-2020 /

With the Prime Minister set to reveal the UK’s roadmap out of lockdown this week, there is a note of optimism in the air. However, the economic recovery will take some time yet, with Deloitte finding that CFOs of large UK companies expect their revenues to be 22% lower, on average, this year than estimated in their pre-COVID plans. This level of decline in CFO confidence is daunting as it represents the lowest ebb on record and is well below the level seen at the height of the 2008 financial crisis.

29-04-2020 /

In our update on 25 March 2020, we outlined the government’s newest stream of financial measures introduced in the wake of the novel Coronavirus; the Coronavirus Business Interruption Loan Scheme (“CBILS”).

27-04-2020 /

Another lockdown week is behind us. One during which much talk centred on how many more might lie ahead. While an exit strategy has stolen the recent corona limelight, the topic of economic assistance has remained a stalwart.

25-03-2020 /

This Q&A considers the government’s newest stream of measures introduced to provide financial support to business struggling with the impact of Covid-19. Our focus in this article is on two new government backed funding schemes: the Covid Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS). These schemes were made available to businesses as of 23 March 2020.

05-03-2020 /

Both the supply and demand side of the economy are likely to undergo significant pressures as a result of the Coronavirus outbreak. Certain industry sectors are already being significantly disrupted, including aviation, shipping, tourism, retail and manufacturing; however, this list is likely to expand if the Coronavirus outbreak continues to worsen around the world. It will be important that businesses plan for this period of uncertainty and take the necessary steps to minimise the potential impact of a difficult trading environment.

28-08-2018 / Insurance

In November 2017, China announced an unprecedented reform to its financial sector whereby foreign ownership limits in the sector will be phased out. In April 2018, more details of the reform as well as their implementation timelines were published.

12-07-2018 /

On 19 June 2018, China Banking and Insurance Regulation Commission (CBIRC) issued Notice on Permitting Foreign Investors to Operate Loss Adjusting Business in China (FILA Notice)

11-07-2018 / Insurance

On 19 June 2018, China Banking and Insurance Regulation Commission (CBIRC) issued Notice on Permitting Foreign Investors to Operate Insurance Agency Business in China (FIIA Notice)

04-06-2018 / Aviation & Travel, Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

Qatar Sanctions: the Anniversary 5 June 2018 marks the one year anniversary of “sanctions” against Qatar introduced by UAE, KSA, Bahrain, Egypt and a number of other nations.

01-06-2018 /

On 28 April 2018, Measures for the Administration of Foreign-Funded Securities Companies (the “New Measures for FFSCs”) was published and took effect. The New Measures for FFSCs are in place to cater for the opening up of the securities market to foreign investors, strengthening and improving the supervision and administration of foreign funded securities companies (“FFSCs”). They specify the conditions and procedures for the formation of FFSCs.

23-05-2018 / Insurance

During November 2017 China announced its reform to foreign investors in the financial sector. In April 2018 more detailed policy changes were published.

21-05-2018 / Insurance

From 27 April 2018, foreign-funded insurance brokers can have the same business scope as Chinese-funded insurance brokers.

21-05-2018 /

From 27 April 2018, foreign-funded insurance brokers can have the same business scope as Chinese-funded insurance brokers.

16-04-2018 /

In a year fast becoming dubbed the “year of the CVA” in the retail sector, there was a cautionary tale for insolvency practitioners following the recent High Court judgment in Re SHB Realisations Ltd (formerly BHS ltd (in liquidation).

16-04-2018 /

The English High Court’s decision in Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors [2017] EWHC 2928 (Comm) issued in November 2017 (and updated in February 2018 following re-hearing) has alleviated some concerns about the robustness of the Islamic finance structures. It highlighted the fact that the Dana Gas saga in many ways is a beast of its own making (both from a sukuk structure and documentation perspectives), and when these risks are misunderstood, they are erroneously extended to Islamic financing as a whole. This case has raised important questions regarding the enforcement of security documentation in an Islamic finance transaction and whether non-compliance with Shari’ah principles is likely to make security documents unenforceable. This article discusses the approach taken by the High Court to these issues and the potential implications of the High Court’s judgment on Islamic finance transactions.

12-03-2018 /

Under the amended Companies Ordinance, which became effective on 1 March 2018, companies incorporated in Hong Kong are required to identify persons who have significant control in the company ("significant controllers") and keep a register of such significant controllers ("SCR").

01-03-2018 /

The United Arab Emirates (UAE) implemented the Value Added Tax (“VAT”) on 1 January 2018 under Federal Decree No. 8 of 2017 on Value-added Tax (“VAT Law”). Further guidance as to application of the VAT Law was provided by the Executive Regulations promulgated by Federal Decree Number 52 of 2017 (“Executive Regulations”) and Cabinet Resolution No. 59 of 2017. Unfortunately none of these documents clarifies the VAT status of offshore companies established in free zones in the UAE, which is the subject of this article.

08-01-2018 / Aviation & Travel, Maritime

Ince & Co is pleased to announce the promotion of Aymeric de Tapol to partner in its Paris office

31-10-2017 /

As most readers will be aware, the Financial Conduct Authority (FCA) announced at the end of July that it will be supporting a transition from LIBOR to other benchmark rates by the end of 2021 Panel banks have been asked to continue to submit rates until this date so that the transition can be planned and executed smoothly Although UK and EU legislation gives the FCA the power to compel banks to make submissions, where necessary, the FCA has made clear it would prefer not to use these powers, but will if it has to

02-08-2017 /

Abu Dhabi Global Market (ADGM), the UAE-based international financial free zone, has announced that its own Arbitration Centre is to be established by early 2018nbspThe ADGM was established pursuant to Abu Dhabi Law No 4 of 2013 as a free financial zone in the Emirate of Abu Dhabi with its own civil and commercial laws, including the Arbitration Regulations of 2015

07-07-2017 / Aviation & Travel, Energy & Infrastructure

Since diplomatic ties were severed between the UAE and Qatar, we have received various queries regarding how this impacts our clients’ businesses. We have collated the most commonly asked questions and answers below, as well as some points to bear in mind, to provide a handy reference point as first port of call in case any queries relating to the Qatar situation arise.  Please note that, as this is a live situation, the information below is correct as of 5 July 2017. We will update this Q&A as and when needed.

06-06-2017 / Aviation & Travel, Commodities & Trade, Maritime

On 5 June 2017, Bahrain, Saudi Arabia, the United Arab Emirates (UAE) and Egypt severed tied with Qatar and required the closure of land, sea and air borders Since then a number of other countries have also joined these states in adopting such measures The reason for these measures is stated to be the belief that Qatar has been supporting extremist groups and has not complied with the Riyadh Agreement of 2014

10-04-2017 / Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

On 8 December 2017, negotiators for the European Union and United Kingdom issued a joint report confirming that the parties have reached an agreement in principle across the following three areas under consideration, which together form the first phase of Brexit negotiations:

07-04-2017 / Commodities & Trade

On 29 March 2017, the UK sent a formal notice of withdrawal from the European Union by triggering the process envisaged by Article 50 of the Lisbon Treatynbsp

09-03-2017 /

Over the last few years the issue of the arbitrability of a real estate dispute has been hotly debated in the UAE courts and in the legal press The issue is obviously important to the parties who want to know whether they can submit a real estate dispute to arbitration, whether the arbitration clauses in their existing contracts will be upheld, and whether any of the awards that have been already issued are enforceable in the UAEnbsp

07-03-2017 / Aviation & Travel

Do airline rostering arrangements fall within the scope of statutory collective bargaining This question was recently considered by the Court of Appeal in British Airline Pilots' Association v Jet2com Limited

07-03-2017 /

It's time to get ready for the annual compensation increases which take effect from 6 April and make sure your redundancy calculations are correct The unfair dismissal limit just edges over 80,000 and we set out the main changes below for you to keep handy

27-10-2016 / Commodities & Trade, Energy & Infrastructure, Maritime

One Belt One Road (OBOR) is arguably the most ambitious and controversial capital and infrastructure project of the 21st century Led by the government in China this long term investment will involve 65 countries and impact 44 billion people

09-08-2016 /

Overseas clients, especially from China, the wider Asia Pacific region and Russia, are increasingly taking the opportunity to invest in high quality property in London and locations within easy reach of the capital. Following Brexit, we have seen an increase in investment from overseas investors looking to invest in what they see as a discounted market helped by the drop in the value of the pound.

24-06-2016 / Commodities & Trade, Energy & Infrastructure, Insurance, Maritime

On 23 June 2016, the UK electorate voted to leave the European Union by 51.9% to 48.1%. This will start a process with profound political, economic and social consequences for the UK and its neighbouring European countries. While some constitutional experts have expressed doubt that a Referendum vote is legally binding on a UK Government, there is no doubt that, politically, the present UK Government has no option but to respect the popular will and start the process for the UK to leave the EU. The 2016 Conservative Party leadership election occurred as a result of David Cameron's resignation as leader following the European Union Referendum. Theresa May won the contest on 11 July 2016 after the withdrawal of Andrea Leadsom left her as the sole candidate. She thus succeeded Cameron as leader of the Conservative Party and Prime Minister of the United Kingdom and immediately made sweeping changes to the cabinet. These changes included appointing a Brexit team led by David Davis as a new EU Exit Secretary, with Boris Johnson as Foreign Secretary and Liam Fox as International Trade Secretary. The high court has been told that Theresa May will not trigger article 50 of the Lisbon Treaty to initiate the UK’s departure from the European Union before the end of 2016. If Article 50 of the Lisbon Treaty is invoked in January 2017, the withdrawal negotiations are unlikely to be completed before January 2019. An extension to the two year period will have to be agreed by the remaining 27 EU Member States (by unanimity) and the UK.