2021: The FCA laying the foundations to tackle consumer harm

Reducing consumer harm has been a key regulatory focus for the FCA over 2021, and the final hallows of the year provide a good opportunity to reflect on the plans, proposals and policies seen from the FCA during this period. Consumer harm is not a novel concept, nor are efforts to mitigate harm; but nonetheless…

When investors default – part 2: prevention is the best remedy

In last month’s article, we looked at what happens when an investor in a private equity fund defaults on its obligation to meet capital calls. In this article, we examine some of the other issues arising from an LP default for the fund, its manager, investors and financial regulators. If an investor fails to meet…

Re-packing UK pre-packs: 5 key effects on creditors and other stakeholders

Welcome to our latest edition of Collateral. In this edition, we are talking insolvency and focusing on some recent legislative changes which are expected to have a significant impact on pre-pack administrations in the UK. Click here to read the previous article. Let’s explore 5 key effects of the Regulations on creditors and other stakeholders and our observations on some of the key reforms. Unlike a standard…

Private markets: sustainability for institutional portfolios

With the global COVID-19 pandemic in its second year now and with the immense uncertainty that institutional investors still face, investment strategy reviews should be high on the agenda (if not already completed!). With the extreme market volatility experienced in the last year and sharpened focus on ESG, investors have been given a wake-up call…

The restoration of Crown Preference – the implications

Happy New Year and welcome to our January 2021 article on the restoration of Crown Preference. Click here to read the previous article on these matters. For almost 20 years, taxes collected by UK corporates for payment to HMRC have ranked as ordinary unsecured debts on an insolvency. But, back in 2018, along with various…

Track record attribution (part 2): following the recipe

Being able to credibly claim attribution to one’s track record is a topic of importance for both first time or spin-out fund managers and more established firms. In a prior article we provided you with a framework for selecting, by means of attribution scoring, which investments to include within a track record. This article expands…

Private funds ten-year top ten: biggest changes of the decade

This month, MJ Hudson celebrated its 10th birthday; one full decade. So, for this latest article, we thought we’d enter into the spirit of the occasion by spotlighting the 10 biggest changes we have observed in the private equity funds market, over the last 10 years: 1. The industry got a lot bigger… With interest…

The new Corporate Insolvency and Governance Act 2020: 10 of your questions answered

There has been much focus in the corporate and insolvency world on the Corporate Insolvency and Governance Act (the “Act”) which made its way through the UK legislative process at breakneck speed and entered into force on 26 June 2020. The Act introduces both permanent, ground-breaking reforms to corporate insolvency law, including the introduction of…

“Knock, knock” – how to approach negotiations with your lender: 5 top tips

Our previous article covered aspects of a company’s third-party credit facilities that could cause concern in light of the hardships caused by COVID-19. In this piece we provide practical tips on how a borrower might approach discussions with third party lenders to refinance or adjust the terms of its facilities 1. Engage early and decisively…

5 typical concerns of cash-strapped borrowers

Welcome to the second article in a series of three. The previous article in the series covered the key grounds on which directors of cash-strapped companies could be held liable for their or the company’s acts, and in this piece we focus on five aspects of a company’s third party credit facilities (term loans, revolving…

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