Insights

London – October 4, 2023: Crowell & Moring U.K. LLP has been recommended in four practice areas in the Legal 500 United Kingdom 2024. In addition, partner Andrew Knight has been named as a leading individual for asset based lending. The firm’s full rankings can be viewed here.

London—October 13, 2021: Legal 500 has again listed Crowell & Moring as one of the top UK law firms in The Legal 500 UK 2021 for its asset-based lending work.

London – October 9, 2020: Legal 500 has listed Crowell & Moring as one of the top UK law firms in The Legal 500 UK 2021 for its asset based lending work.

On 19 March 2024, the Government followed through on a promise from the Ministry of Justice to introduce draft legislation to reverse the effect of  R (on the application of PACCAR Inc & Ors) v Competition Appeal Tribunal & Ors [2023] UKSC 28.  The effect of this ruling was discussed in our prior alert and follow on commentary discussing its effect on group competition litigation and initial government reform proposals. Should the bill pass, agreements to provide third party funding to litigation or advocacy services in England will no longer be required to comply with the Damages-Based Agreements Regulations 2013 (“DBA Regulations”) to be enforceable.

In this alert we discuss recent developments in the regulation of third party funding since R (on the application of PACCAR Inc & Ors) v Competition Appeal Tribunal & Ors [2023] UKSC 28, (“PACCAR”) which we discussed in our prior alert. In Alex Neill Class Representative Limited v Sony Interactive Entertainment Europe Limited et al. [2023] CAT 73, the first analysis of a third-party litigation funding agreement (“LFA”) to take place since PACCAR, finding that an optional payment mechanism based on a cut of damages “only to the extent enforceable and permitted by applicable law” will not render the whole LFA an unenforceable damages-based agreement (“DBA”). Meanwhile, the government intends to enact a legislative amendment to make non-lawyer LFAs for group opt-out competition proceedings enforceable, but calls have quickly begun for the government to go further.

During the first quarter of 2022, Crowell’s Bankruptcy, Restructuring, and Insolvency (BRI) team continued developing valuable blog content focused on the latest developments across the world of bankruptcy and financial restructuring both in the US and the UK. Our Restructuring Matters Blog tracks and evaluates significant developments on a number of issues and cases to keep readers updated on major bankruptcy decisions and trends, developments in best practices for various finance and restructuring strategies, and the potential impact of the major case decisions and trends for various business sectors.

Shared real estate ownership schemes have proved to be incredibly popular in recent years. Investors are often promised high yields into properties such as student accommodation, hotels, and even car parking. However, these projects are often poorly planned, where developments prove to be nothing more than a loss-making venture with investors frequently receiving lower yields or in some cases nothing at all.