Projects & Project Finance

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Recent Articles

  •  
    23/01/2025
    United Kingdom

    Ofgem launches consultation on evolution of the OFTO tender regime

    On 12 December 2024 Ofgem published its consultation on the extension and evolution of the OFTO tender process. The consultation covers three key areas: (i) extension to OFTO’s Tendered Revenue Stream (TRS) for existing licence holders, (ii) increasing the duration of the original TRS term for future licence-holders, and (iii) other proposals for enhancing the efficiency of the tender process.This builds on a number of previous consultations relating to the regulatory process for OFTO assets which are nearing the end of their original design life and, accordingly, the end of their tender...
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  •  
    15/01/2025
    China

    2025 – Topics that may Concern You

    Companies doing business in China constantly have to deal with changes in regulations and new laws. This will also continue in 2025.Topics such as the new PRC Company Law, new PRC Tariff Law, PRC Regulations on Export Control of Dual-Use Items, network data security management, data transfer, opening up capital markets to foreign investment, and raise of statutory retirement age of employees etc. will continue to be a concern for many companies in China in 2025.Complying with regulatory requirements is one of the key challenges for foreign companies and investors in China, not only in terms of...
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    14/01/2025
    United Kingdom

    Tameside Hospital – what does it mean for distressed PFI projects?

    In this first of a series of articles looking at current issues and recent case law in the world of distressed PFI/PPP projects, we consider the recent outcome of the Tameside Hospital dispute, and what pointers can be taken from it which may help avoid or resolve disputes in future so that distressed projects can get back on track.  This is a tale of disagreement, adjudication, threats of insolvency, Court proceedings and – ultimately – a settlement which may offer a useful benchmark to which other troubled projects can have regard.Consort Healthcare (Tameside) Plc v Tameside...
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  •  
    19/12/2024
    Scotland

    Moveable Transactions - save the date: 1st April 2025

    Just in time for Christmas, three gifts of statutory instruments to implement the Moveable Transactions (Scotland) Act 2023 (the “Act”) have been made and laid before the Scottish Parliament. We can now look forward with certainty to the long-awaited reform of the law on taking security over moveable property in Scotland.This briefing provides an update on these SSIs and proposals for early 2025.
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  •  
    12/12/2024
    UK, Middle East, UAE

    Challenging calls under on-demand securities: the fraud exception

    A recent decision of the Qatar International Court, applying English law principles, has ordered revocation of a demand under an on-demand guarantee on grounds of fraud. English law takes a robust approach to enforcement of on-demand securities and will only injunct demands alleged to be fraudulent in the clearest of cases. This decision shows how evidence of contradictory positions taken by a beneficiary can be used to mount a successful challenge based on fraud.The fraud exceptionEnglish law allows only very limited grounds on which to challenge calls under on-demand securities issued by banks...
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  •  
    24/07/2024
    England and Wales

    Court of Appeal puts default interest rate clause to the test in Houssein v London Credit Ltd (2024)

    Two important issues in the context of financing transactions were considered by the Court of Appeal in the recent decision in Houssein & Others v London Credit Limited & Another [2024] EWCA Civ 721 (28 June 2024):whether the contractual default interest constituted an unenforceable penalty – the High Court at first instance having found that the default interest rate of 4% per month to be unenforceable as a penalty; and should the default interest not be enforceable, whether non-default interest would continue to accrue after the repayment date.The facility in question set out...
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