*/
Contract – Construction of contract. The claimant applied for a declaration as to the meaning of a provision concerning reinvestment criteria, as defined in a collective management agreement (CMA), which governed a collateralised loan obligation structure (the CLO). The first defendant had, under the CLO, raised €602m through the issues of 14 classes of notes. An issue arose as to whether money, representing unscheduled principal proceeds, was available for reinvestment, in circumstances where the notes had been downgraded by a ratings group in 2010 and, subsequently upgraded in 2012. The Court of Appeal, Civil Division, reversed the Chancellor of the High Court's decision and held that the disputed provision did not have the effect of giving a historic downgrade in the notes a level of pre-dominance within the structure of the scheme that would prevent future reinvestment.
Contract – Construction of contract. The claimant applied for a declaration as to the meaning of a provision concerning reinvestment criteria, as defined in a collective management agreement (CMA), which governed a collateralised loan obligation structure (the CLO). The first defendant had, under the CLO, raised €602m through the issues of 14 classes of notes. An issue arose as to whether money, representing unscheduled principal proceeds, was available for reinvestment, in circumstances where the notes had been downgraded by a ratings group in 2010 and, subsequently upgraded in 2012. The Court of Appeal, Civil Division, reversed the Chancellor of the High Court's decision and held that the disputed provision did not have the effect of giving a historic downgrade in the notes a level of pre-dominance within the structure of the scheme that would prevent future reinvestment.
The Chair of the Bar reports back
By Kem Kemal, CEO, Henry Dannell
By BSK Financial Planning
Mário Barroso, Head of R&D and Method Development at AlphaBiolabs
Susie Griffin on the admin that keeps barristers from billable work
Clement Cowley, Partner at The Penny Group, explains how global events can influence the performance of pensions and ISAs, and why taking a long-term approach to investing is often the most effective strategy
Kick off your career at the Bar Council’s Pupillage Fair this October – it’s one of the most valuable opportunities for aspiring barristers, says Amelia Clegg
Join us on Saturday 21 November 2026 at Leeds Beckett University and see for yourself why the North continues to be an exceptional place to build a career at the Bar
The golden age of advocacy? David Langwallner pays homage to the filmic if contentious barrister Sir Edward Carson and some of his contemporaries
Henry Fingerhut outlines what the Bar Standards Board AI guidance means for early career barristers
Not yet, says Jacob Turner. Regulation, unlike the technology itself, is a domain the legal profession can still control
