Banking & Finance Bulletin - Summer 2018

Banking & Finance Bulletin - Summer 2018

Banking & Finance Bulletin - Summer 2018

Welcome to the summer edition of our Banking & Finance bulletin, our smorgasbord of recent musings on all things finance and law related.

Hopefully this bulletin arrives before you head off on your summer holidays, as it has everything you could possibly ask for in terms of your poolside reading. Among other topics covered in this bulletin, we provide an overview of IFRS 16 and its impact on financial covenants in loan agreements. We take stock of a recent Supreme Court case which upheld the validity of a ‘no oral modification’ clause. And we digest the latest Law Society guidance on whether intra-group loans and guarantees constitute distributions.

And if you’re still worried you won’t have enough material to get you through your summer sojourn, why not take a look at our sister publication produced for our Restructuring & Insolvency contacts. Click here to read more. Happy holidays!

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  1. IFRS 16 and its impact on EBITDA/debt and financial covenants

    IFRS 16 – the new lease accounting standard – will take effect from 1 January 2019. IFRS 16 introduces a new lease accounting model, removing the distinction between operating and finance leases. Currently operating leases are off balance sheet... Read more
  2. 'No oral modification' clauses are binding - Supreme Court

    In Rock Advertising Limited v MWB Business Exchange Centres Limited [2018] UKSC 24, the Supreme Court  held that a contract containing a provision that “all variations to this licence must be agreed, set out in writing and signed on behalf of... Read more
  3. New guidance on whether guarantees and loans are distributions

    The accountants sent the lawyers into somewhat of a panic last year when the Institute of Chartered Accountants in England and Wales (ICAEW) together with their Scottish counterparts published a Technical Release suggesting that companies which guarantee the... Read more
  4. Loan Market Association ("LMA") - an update on recent documentary developments

    Super Senior/Senior ICA Earlier this year we wrote about how the LMA had updated its suite of super senior loan and intercreditor documentation.  The LMA has now gone one step further and recently pushed a new recommended form of intercreditor... Read more
  5. Pre-export finance and prepayment finance - overview

    Despite recent political and economic events we have seen an increase in volume of trade finance facilities, especially in pre-export finance and pre-payment finance over the months. This overview explains the structure, parties and risks that are involved... Read more
  6. Overcoming the challenges direct lenders face when seeking recourse

    Jonathan Porteous and Matthew Padian recently wrote for the  Butterworths Journal of International Banking and Financial Law  on the challenges direct lenders commonly face (and the potential solutions which they may consider using) when seeking... Read more
  7. The death of schemes of arrangement for non-UK companies?

    The Restructuring & Insolvency team at Stevens & Bolton has collaborated with Sebastian Mielke and Bertram Bombe at German law firm, Menold Bezler, on an article, which was first published in April 2018 in Zeitschrift für Wirtschaftsrecht (ZIP),... Read more

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