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 …

Decision on the applicability of CPR 83.7

This is a very recent decision on the applicability of CPR 83.7 and whether “special circumstances” had arisen which would render it inexpedient to enforce the judgment. The Court decided all recourse against the arbitration awards had already been exhausted and there was no legitimate basis for granting a stay

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FCA indicated intent to cut backredress schemes

The FCA has recently indicated that it intends to severely cut back on the number of redress schemes so this case may be one of the last assuming that the FCA succeeds before the Supreme Court. Bluecrest is appealing the decision of the Court of Appeal . The background is as

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Senior Managers and Certification Regime (SMCR)

Senior Managers and Certification Regime (SMCR) is a UK financial services regulatory framework introduced by the Financial Conduct Authority (FCA) in 2016. The SMCR was created to ensure that individuals in the financial services industry are held personally accountable for their actions and to increase the level of trust consumers

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Economic Torts English Law

Economic torts are a complex area of law that arise when someone suffers a loss as a result of another person’s unlawful conduct. The aim of economic torts is to protect people from a range of activities that cause harm to their business interests. Under English law, economic torts are recognised as a distinct category of tortious behaviour.

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International Arbitration

Philip Rubens | December 2022 The field of international arbitration has undergone significant changes in recent years. The use of technology, the rapid growth of alternative dispute resolution (ADR) methods, and the expansion of the scope of international arbitration have all led to an increased demand for skilled practitioners and

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