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June 2023
Banking and Finance update
Welcome to latest edition of our DMH Stallard Banking and Finance eBulletin, containing a selection of updates which concentrate on issues relevant to the banking, finance and insolvency fields, and help you to understand and keep ahead of the important changes that could have an impact on you and your organisation. We also share relevant news about our team.
If you have any queries on the topics in this bulletin or you would like to make an enquiry regarding a particular issue you have, do not hesitate to get in touch. 

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US LIBOR comes to an end

The FCA has issued a reminder of the impending end to the US dollar LIBOR panel, which comes to an end on 30 June 2023. This marks another crucial milestone in the transition away from LIBOR.

‘IBA’, who are LIBOR’s administrator, will continue to publish the one, three and six month US dollar LIBOR settings in synthetic form until end-September 2024.

Ahead of 30 June, market participants should be prepared for the following:
  • Overnight and 12 month-US dollar LIBOR settings ceasing after final publication on 30 June 2023
  • One, three, and six month US dollar LIBOR settings will be published in synthetic form from 3 July 2023 until the end of September 2024. These can be used in legacy contracts only (except for cleared derivatives)
  • Any new use of the remaining US dollar LIBOR settings is prohibited under the UK Benchmarks Regulation from 1 July 2023

Welcome Ahmed

New to the B&F team

Ahmed is experienced in dealing with corporate and individual lenders, borrowers and guarantors on debt transactions in leisure, retail, healthcare, TMT and real estate spaces and has significant experience drafting and advising on LMA facility documentation, intercreditor and priority arrangements and cross jurisdictional security packages.

Read more about Ahmed  >

Lending Standards Board launches a review of its Standards of Lending Practice

The Standards aim to provide protections for SMEs with a turnover of up to £25 million by setting a benchmark for good lending practice in the UK. They lay out how registered firms should deal with their business customers throughout the life cycle of lending products and the Standards are formally recognised by the FCA.
On 15 June 2023, the LSB published a consultation document launching a review of these Standards with the aim of identifying how to further emphasise the expectations placed on firms in the areas of inclusion, sustainability and support for business customers experiencing financial difficulties. The LSB will also consider whether the Standards should be expanded to also take into account the channels that firms use to offer their products to, and engage with, SME customers.
The consultation period ends on 10 August 2023.

Read more from our team

Fixed charge receiver or administrators – the pros and cons?

What is the difference between fixed charge receivership and administration?

Read the article  >

The rise of Green Loans and Sustainability-Linked Loans

Lenders who fund real estate projects under pressure to contribute to sustainable living

Read the article  >

European and US banking contagion – a series of unfortunate events?

Are we on the way to a global financial crisis?

Read the article  >

Sova Capital – a “special” special administration

The case of Re Sova Capital Limited (in special administration) [2023] EWHC 452 (Ch) generated and continues to generate interest in insolvency circles

Read the article  >


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DMH Stallard LLP is a limited liability partnership registered in England (registered number OC338287).
Its registered office is Griffin House, 135 High Street, Crawley, West Sussex, RH10 1DQ and it is authorised and regulated by the Solicitors Regulation Authority (ID:490576). 

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