Debt Instruments in UK Law

Leading Cases
  • Re Sigma Finance Corporation (in Administrative Receivership)
    • Supreme Court
    • 29 October 2009

    Sigma financed its investments over a 13 year period by debt securities issued or guaranteed by it. It entered into liquidity facilities intended to hedge against market liquidity risks. It entered into financial instruments intended to hedge against currency and interest rate risk. Others provided liquidity facilities, or entered into financial hedging instruments.

    Where a security document secures a number of creditors who have advanced funds over a long period it would be quite wrong to take account of circumstances which are not known to all of them. In this type of case it is the wording of the instrument which is paramount. The instrument must be interpreted as a whole in the light of the commercial intention which may be inferred from the face of the instrument and from the nature of the debtor's business.

  • Richard Dale Agnew and Another v The Commissioner of Inland Revenue and Another
    • Privy Council
    • 05 June 2001

    Once these have been ascertained, the Court can then embark on the second stage of the process, which is one of categorisation. If their intention, properly gathered from the language of the instrument, is to grant the company rights in respect of the charged assets which are inconsistent with the nature of a fixed charge, then the charge cannot be a fixed charge however they may have chosen to describe it.

  • Lipkin Gorman (A Firm)(Original Appellants and Cross-Respondents) v Karpnale Ltd (Formerly Playboy Club of London Ltd) (Original Respondents and Cross-Appellants)
    • House of Lords
    • 06 June 1991

    At present I do not wish to state the principle any less broadly than this: that the defence is available to a person whose position has so changed that it would be inequitable in all the circumstances to require him to make restitution, or alternatively to make restitution in full.

  • Owen (Edward) Engineering Ltd v Barclays Bank International Ltd
    • Court of Appeal (Civil Division)
    • 20 July 1977

    It is not concerned in the least with the relations between the supplier and the customer; nor with the question whether the supplier has performed his contracts obligation or not; nor with the questionwhether the supplier is in default or not. The bank must pay according to its guarantee, on demand, if so stipulated, without proof or conditions. The only exception is when there is a clear fraud of which the bank has notice.

  • Carreras Group Ltd v Stamp Commissioner
    • Privy Council
    • 01 April 2004

    Whether the statute is concerned with a single step or a broader view of the acts of the parties depends upon the construction of the language in its context. But ever since Ramsay Ltd v Inland Revenue Commissioners [1982] AC 300 the courts have tended to assume that revenue statutes in particular are concerned with the characterisation of the entirety of transactions which have a commercial unity rather than the individual steps into which such transactions may be divided.

  • Commissioners of Inland Revenue v Scottish Provident Institution
    • House of Lords
    • 25 November 2004

    We think that it would destroy the value of the Ramsay principle of construing provisions such as section 150A(1) of the 1994 Act as referring to the effect of composite transactions if their composite effect had to be disregarded simply because the parties had deliberately included a commercially irrelevant contingency, creating an acceptable risk that the scheme might not work as planned. We would be back in the world of artificial tax schemes, now equipped with anti-Ramsay devices.

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Legislation
  • Corporate Insolvency and Governance Act 2020
    • UK Non-devolved
    • January 01, 2020
    ... ... -moratorium creditor means a creditor in respect of a pre-moratorium debt—(a) for which the company has a payment holiday during the moratorium ... in debentures) ;section 859Q (notice of place where copies of instruments creating charges are kept) ; ... (f) the following provisions of the ... ...
  • Sanctions and Anti-Money Laundering Act 2018
    • UK Non-devolved
    • January 01, 2018
    ... ... (12) Section 4(1) of the Statutory Instruments Act 1946 (statutory instruments which are required to be laid before ... payment instruments;(b) deposits, balances on accounts, debts and debt obligations;(c) publicly and privately traded securities and debt ... ...
  • Terrorist Asset-Freezing etc. Act 2010
    • UK Non-devolved
    • January 01, 2010
  • The Insolvency (England and Wales) Rules 2016
    • UK Non-devolved
    • January 01, 2016
    ... ... arrangement in relation to a company under Part 1 of the Act;“debt” is defined in rule 14.1(3) for the purposes of administration and ... ...
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Books & Journal Articles
  • Securitisation, Money Laundering and Fraud
    • No. 1-2, February 1997
    • Journal of Money Laundering Control
    • 148-153
    Securitisation is the process of raising finance by the issuing of bonds or commercial paper. In many cases the originator of the arrangement will, in return, be selling a package of existing loan ...
    ... ... return, be selling a package of existing loan assets in the form of debt instruments. The first of these arrangements is known as 'primary ... ...
  • Governance and optimal financing for asset‐backed securitization
    • No. 22-5, October 2004
    • Journal of Property Investment & Finance
    • 414-434
    Asset‐backed securitization (ABS) is an interesting financial innovation whereby debt instruments backed by cash flows generated from income‐producing assets are issued for investment purposes in t...
    ... ... and composition,legal protections and external market control via debt issuance. The agency problemsarising from the separations of the ... , ABS isreferred to a contractual arrangement whereby debt instruments backed by the cashflows generated from real estate assets are securitized ... ...
  • Is the third Greek Memoranda of Understanding and Loan Agreement of August 2015 odious?. Truth Committee on Public Debt in Greek or Hellenic Parliament and criticism on results
    • No. 20-3, July 2017
    • Journal of Money Laundering Control
    • 220-230
    Purpose: The purpose of this study is to examine the odious debt concept in Greece. In Greece, the odious debt concept received high attention during recent financial crisis and Greek or Hellenic P...
  • On the Perils of Structured Loans Financing in France and Italy
    • No. 10-3, September 2019
    • Global Policy
    The restructuring process of sovereign debt is not yet managed under common global rules; public debt stabilisation is an explicit policy goal in the EU, but cannot be achieved if local public auth...
    ... ... “ La T uscia ” Abstract The restructuring process of sovereign debt is not yet managed under common global rules; public debt stabilisation is ... authori- ties extensively underwrote complex fi nancial instruments, such as over the counter (OTC) interest rate and exchange rate ... ...
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Law Firm Commentaries
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Forms
  • Give a record of evidence (individual debtor)
    • HM Courts & Tribunals Service court and tribunal forms
    County Court forms including the N1 money claim form.
    ... ... Dining Room suite ... Mobile telephone ... Musical instruments ... Other items… ... Do you own a motor ... Do you have any assets ... Does anyone owe you ... money, which is not a ... business debt or for work ... you have done? ... If Yes, who owes you money and how much ... ...
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