Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
United Kingdom | Publication | February 2023
The Regulator has published its regulatory intervention report on the Carillion Group, which went into insolvency in January 2018. It has concluded that there were no grounds to issue a Contribution Notice or a Financial Support Direction under the anti-avoidance powers that it had at the time.
The Regulator’s investigation principally involved two strategies:
A further factor justifying the Regulator’s decision was its conclusion that if the 2015 and 2016 dividends had not been paid, directors could reasonably have used the cash to pay down debt rather than increase payments to the schemes. The Regulator also found there was no scope for it to issue a Financial Support Direction. As the whole Carillion group had entered insolvency, there were no targets capable of providing financial support to the schemes.
Comment
Would the Regulator’s current powers in relation to criminal offences have prevented these actions being taken, had they been in force prior to the insolvency? It is difficult to say given the debt burden.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
Publication
The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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