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 …

De-banking and the Rights of Banks to Withdraw Banking Services

“De-banking” is the practice by which a bank closes a customer’s account or refuses to provide banking services, often on the basis of risk rather than proven wrongdoing. While banks have always had the ability to terminate customer relationships, de-banking has become increasingly controversial in recent years. High-profile cases involving

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UK Securities Litigation

The Evolution of FSMA and Collective Actions [2025 Guide] Over the past two decades, the landscape of securities litigation in the United Kingdom has undergone a radical transformation. Once marginal, complex, and largely uncertain, collective claims for losses suffered by investors in publicly traded companies especially under statutory provisions have

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Challenging an FCA Decision Notice

Your Guide to the Upper Tribunal Receiving a Decision Notice from the Financial Conduct Authority (FCA) is a defining moment for any regulated individual or firm. It signifies that the regulator has completed its investigation, the Regulatory Decisions Committee (RDC) has reviewed the case, and the RDC has decided to

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Obtaining evidence abroad

Can English courts block U.S. discovery? Cross-border litigation often resembles a high-stakes chess match, where moves made on one side of the Atlantic can drastically alter the game on the other. For legal practitioners involved in international disputes, understanding how different jurisdictions interact is not just academic—it is a strategic

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Arbitration Act 2025: A New Era for Supporting Orders

For decades, the Arbitration Act of 1996 has been the bedrock of English arbitration, providing a robust framework that has made London a leading global seat for resolving complex disputes. However, as commerce evolves, so too must the laws that govern it. A significant development is the Arbitration Act 2025,

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Deceit Claims Redefined: A Landmark Ruling

The landscape of commercial fraud claims has been significantly altered by a recent landmark decision from the Privy Council. In Credit Suisse Life (Bermuda) Ltd v Ivanishvili, the court delivered a judgment that reshapes the understanding of the tort of deceit, making it more accessible for victims of misrepresentation to

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