Philip Rubens

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HMRC’s New Whistleblower Reward Scheme

A Major Shift in UK Tax Enforcement The UK is preparing for one of the most significant changes to its tax-enforcement framework in decades, with the government announcing a new whistleblower reward scheme designed to incentivise individuals to report serious tax fraud and avoidance. The reform represents a decisive …

Understanding Abuse of Process in English Law

Abuse of process is a doctrine in English law that allows the court to stay or strike out proceedings where the court’s processes are being misused in a way that would be unjust or unfair. Although applied sparingly, it is an important tool to protect the integrity of the …

Payment-in-Kind (PIK) Instruments

Payment-in-Kind (PIK) Instruments: Investor Appeal and Associated Risks A Payment-in-Kind (PIK) instrument is a type of debt or preferred security where interest or dividends are paid not in cash but in additional securities or by increasing the principal owed. PIK instruments are common in high-yield bonds, leveraged loans, and …

Litigating High-Yield Bonds

Key Considerations for Practitioners High-yield bonds, issued by companies with lower credit ratings, offer attractive returns but carry elevated risks. These instruments are often structured with complex covenants, payment-in-kind (PIK) provisions, and call or redemption features, which can complicate enforcement and litigation strategies. 1. Covenant Breaches 2. Disclosure and …

Private Credit Funds: Key Litigation Risks in a Volatile Market

The private credit market has grown rapidly, offering investors higher yields and portfolio diversification, but it carries significant structural vulnerabilities. For dispute resolution professionals, understanding these risks is essential, as they often underpin investor claims and regulatory scrutiny. Opacity and disclosure gaps are the primary concern. Unlike public markets, …

The New Arbitration Act: What You Need to Know

The landscape of arbitration in England and Wales is undergoing its most significant transformation since 1996. The newly reformed Arbitration Act introduces several key changes, not to revolutionise but to refine and modernise a system already held in high regard globally. For businesses, legal practitioners, and academics involved in …

Vanquis v TMS Legal: A Landmark Claim Moves to Trial

The consumer credit sector is watching a monumental legal battle unfold. Vanquis Bank has launched high-profile litigation against Bournemouth-based solicitors TMS Legal. The core of the dispute revolves around tens of thousands of “irresponsible lending” complaints submitted on behalf of borrowers. Vanquis alleges these claims were weak or entirely unmeritorious,

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ESG Ratings Regulation: A New Era of Transparency for UK Investors

For hedge funds and long-term investors, Environmental, Social, and Governance (ESG) factors have evolved from a niche consideration into a fundamental driver of capital allocation. However, the data underpinning these decisions has often been criticised for being opaque, inconsistent, and difficult to compare. Recognising the systemic risks posed by this

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Understanding Commercial Litigation: Key Insights and Strategies

Navigating commercial litigation can be complex and daunting. Whether you are facing a breach of contract, a shareholder dispute, or an intellectual property infringement, understanding the legal landscape is crucial to protecting your business interests. This guide explores essential insights and effective strategies to help you manage these challenges with

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GP-Led Secondaries: The Regulatory Risks of Private Equity Transfers

The private equity landscape is shifting. As exit opportunities in the public markets fluctuate, fund managers are increasingly turning to internal solutions to manage their portfolios. One specific practice has caught the attention of regulators and investors alike: intra-group asset transfers. Often referred to as GP-led secondaries or continuation vehicles,

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