Brief Banking Bites – Autumn 2024

Welcome to the Autumn 2024 edition of Brief Banking Bites from Blake Morgan.

In this edition we look at some of our recent deals, provide an overview of potential ‘hot topics’ of interest going forward and share firm news and new joiners to the team.

Our recent deals

Practical support for the Court of Appeal case on commission disclosure

What are the immediate and longer-term changes to commission disclosure obligations for the motor finance industry following recent Court of Appeal decisions? We consider the key takeways.

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Loan Market Association update: DAC6 riders

The Loan Market Association (LMA) recently updated its riders covering DAC6. The riders generally remain the same in substance but the language has been updated to cover the UK implementing regulations. We look at the changes which have been implemented.

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A need for a gender-neutral approach

A recent case highlights the need for a gender-neutral approach in the courts. On 28 March, the Court of Appeal heard OneSavings Bank plc v Waller-Edwards [2024] EWCA Civ 302 which, discussed the case of Royal Bank of Scotland plc v Etridge (No 2) [2001] UKHL 44 (Etridge). Etridge issued guidance for solicitors for when a wife proposes to issue a guarantee, or charge over her interest in the matrimonial home in favour of a bank, to secure the borrowings of her husband.

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Further guidance on fixed and floating charges

In the recent case of UKCloud Ltd, In the Matter Of (Re Insolvency Act 1986) [2024] EWHC 1259 (Ch), we have seen the High Court apply the same nuanced approach adopted in the Avanti judgment to consider whether IP addresses held by a collapsed cloud service provider were subject to a fixed or a floating charge.

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Sanctions regulations require extra due diligence

Funders need to take note of a decision regarding the impact of sanctions regulations on assets that may be based overseas, and in sanctioned countries particularly. We take a look at the details.

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Where syndication and competition meet

In syndicated lending transactions, competition law plays a crucial yet often overlooked role. Law firms representing finance parties should advise lenders to seek independent legal advice on competition law to avoid any inadvertent breaches.

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New UKEF loan guarantee scheme for critical minerals projects

UK Export Finance (UKEF) has announced an extension of a new loan guarantee scheme which will now support overseas projects supplying critical minerals, essential for UK industries such as clean energy, automotive, aerospace and defence. We outline the key points.

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News

Corporate Law Firm of the Year – Wales Dealmakers Awards 2024

Blake Morgan were awarded ‘Corporate Law Firm of the Year’ at the Insider Wales Dealmakers Awards 2024 and we received ‘Highly Commended’ recognition in the ‘Deal of the Year’ category where we advised the Development Bank of Wales in the funding for Bluestone Resort Wales to further expand its luxury holiday lodge business in a major sustainable investment programme.

We were also delighted to secure ‘Legal Advisor of the Year’ award at the EntreConf Awards 2024.

Legal directory recognition

We are also pleased to share that the team has yet again been ranked highly in both the Legal 500 Directory and Chambers & Partners UK guides. With clients citing the team “can cut through the legal woods to deliver commercial advice and identify risk” and “has deep coverage, and is commercially pragmatic in its approach”. Kath Shimmin also achieved ‘Eminent Practitioner Status’.

We are thrilled that the team’s dedication is recognised and has led to a positive client experience.

Our people

We were delighted to welcome our new cohort of trainees in September and new banking team members Harry Taylor as Senior Associate and Dominika Sabakova and Jessica Hooper as Solicitors. Congratulations also goes to Richard Rogers who was promoted to Senior Associate.

If you have any queries on any of the points raised above or require further information please do not hesitate to get in touch.