| This edition of our Banking E-Bulletin is being issued at a time when economic, legal and other changes continue to affect banks, asset based lenders, and their customers. An example is the judgment in the English Supreme Court on 25 November 2009 in the case on unauthorised overdraft charges, where the banks were successful in their appeal.
Our work reflects the overall situation and we are dealing with a wide variety of situations for lenders and also corporate borrowers. We are also delighted to welcome Perry Noble who joined our firm recently as a Consultant from his role as Head of Finance at Freshfields.
We have recently won the MPF European Practice Management Best Use of Technology Award for our innovative on-line management product DMH Direct. The product has helped many of our large clients such as EDF Energy, Tesco and LV to manage their assignments more effectively. DMH Direct gives clients access to a secure, client-friendly window which links to the firm's case management system. Clients can track the progress of matters online, generate on-line management reports providing an overview of current transactions, and submit new instructions online.
Recent legislative developments include the implementation of the remaining provisions of the Companies Act 2006 on 1 October 2009 and the implementation of Payment Services Directive by the Payment Services Regulations on 1 November 2009.
Other developments occurred in the case of Re Bluebrook Limited which seems to be good news for senior lenders. US hedge funds providing investment in leveraged transactions in the UK received nothing when a group of senior lenders successfully applied for court sanction of a scheme of arrangement in August 2009. The senior lenders gave up some of their debt for equity in a new group company while the mezzanine hedge fund lenders were left empty-handed. It is possible that similar schemes of arrangement will be proposed for other borrowers.
Against a background of continued economic uncertainty this edition looks at the efficacy of retention of title clauses in contracts, the creation of shared equity schemes (which may prove useful for developers when selling plots), and the new Lending Code which came into force at the start of November 2009. I hope that you find them of interest.
If you have any comments of queries please do not hesitate to contact me.
As this is our last edition before the festive season, may I take this opportunity to extend the good wishes of my colleagues and myself to you for Christmas and the New Year.
Kind regards
Gwen Godfrey
Partner and Head of Banking and Finance Group
01293 605551
gwen.godfrey@dmhstallard.com
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