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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 Bar Council faces both opportunities and challenges on our key areas this year
Rachel Davenport, Co-founder and Director at AlphaBiolabs, discusses the role that drug, alcohol and DNA testing can play in non-court dispute resolution (NCDR)
Casey Randall explores what makes AlphaBiolabs the industry leader for court-admissible DNA testing
By Louise Crush of Westgate Wealth Management
A family lawyer has won a £500 donation for her preferred charity, an education centre for women from disadvantaged backgrounds, thanks to drug, alcohol and DNA testing laboratory AlphaBiolabs’ Giving Back campaign
Louise Crush of Westgate Wealth Management highlights some of the ways you can cut your IHT bill
What's it like being a legal trainee at the Crown Prosecution Service? Amy describes what drew her to the role, the skills required and a typical day in the life
Barbara Mills KC wants to raise the profile of the family Bar. She also wants to improve wellbeing and enhance equality, diversity and inclusion in the profession. She talks to Joshua Rozenberg KC (hon) about her plans for the year ahead
Are Birmingham’s Intensive Supervision Courts successfully turning women offenders’ lives around? Chloe Ashley talks to District Judge Michelle Smith
Professor Dominic Regan and Seán Jones KC identify good value bottles across the price spectrum – from festive fizz to reliable reds
Governments who play fast and loose with the law get into real trouble, says the new Attorney General. The Rt Hon Lord Hermer KC talks to Anthony Inglese CB about what drew this boy from Cardiff to the Bar, bringing the barrister ethos to the front bench, and how he will be measuring success