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The National Security and Investment Bill introduces a far-reaching and standalone national security screening regime. It puts in place a mandatory notification obligation for acquisitions of control through the holding of particular thresholds of shares or voting rights in entities in the most sensitive sectors of the economy. It also specifies a voluntary regime for a range of other transactions where control is acquired at an asset level. The hybrid notification regime is accompanied by an expansive “call-in” power to enable the Government to review non-notified transactions up to five years post-completion and the power to impose serious sanctions for non-compliance. The Bill represents a radical upgrade of the UK foreign investment regime.
The High Court decided in Re Force India Formula One Team Ltd  EWHC 3442 (Ch) that administrators do not owe a duty of care to bidders when undertaking a routine sales process.
The decision in Re ARL 009 Ltd  EWHC 3123 (Ch) highlights the need to look beyond the chargor/chargee relationship when asking whether a floating charge is “enforceable” for the purposes of a secured creditor appointing administrators out-of-court.
The High Court held in Re Beaufort Asset Clearing Services Ltd (in special administration)  EWHC 3627 (Ch) that the court had the power to compulsorily wind-up an investment bank which had been in the investment bank special administration regime since 2018, where the special administrators had sufficiently achieved the special administration objectives under reg.10 of the Investment Bank Special Administration Regulations 2011. Although those regulations did not say so expressly, the court held that it had inherent power to make an order for the winding up of a company which was in special administration and it was entirely appropriate to make such an order in this case. Linklaters advised the special administrators to Beaufort.