State Aid

May 13th, 2020 by James Goudie QC in Capital Finance and Companies

Case T-8/18, easy jet Airline Co Ltd v EU Commission, General Court Judgment, about airports in Sardinia, addresses a range of features of State Aid law, including state resources, selective advantage, distortion of competition, affecting trade between member states, and compatibility with the internal market, and, from para 169, especially at paras 185, 200-203, 212 and 218, the Market Economy Operator Principle.

 

COVID-19 Response

April 15th, 2020 by James Goudie QC in Capital Finance and Companies

A series of documents, updates and questions and answers have been issued regarding the 2014-2020 European Structural and Investment Funds Programme and the response to COVID-19, and appear on the MHCLG website.

 

State Aid

April 6th, 2020 by James Goudie QC in Capital Finance and Companies

The House of Lords EU Internal Market Sub-Committee record that the Government lacks a clear understanding of what State Aid provisions it signed up to in the Protocol on Ireland/Northern Ireland, that the details of its subsidy control regime remain unknown, and that the role of the CMA in the future subsidy control framework remains uncertain.

 

Public Works Loan Board (“PWLB”)

March 16th, 2020 by James Goudie QC in Capital Finance and Companies

HM Treasury has published a consultation document on “Future Lending Terms” fpr the PWLB. The Foreword states (emphasis added):-

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Borrowing

February 25th, 2020 by James Goudie QC in Capital Finance and Companies

Following Consultation in 2016, the Public Works Loan Board (“the PWLB”) has been abolished by the Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020, S.I. 2020/176.

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Pooled Investments and Accounting

February 4th, 2020 by James Goudie QC in Capital Finance and Companies

A new Regulation 24K has been added to the Local Authorities (Capital Finance and Accounting)(Wales) Regulations 2003, providing that a Welsh local authority must not charge an amount in its revenue account to reflect any fluctuation in the fair value of an investment in a pooled investment fund. Rather, such amounts must be recorded in a separate account, established, and used solely, for that purpose. This corresponds with Regulation 30K of the English 2003 Regulations, inserted in 2018.

 

State Aid

January 20th, 2020 by James Goudie QC in Capital Finance and Companies

In Case T-257/18, Iberpotash S.A. v European Commission, CJEU General Court Judgment on 16 January 2020, the first issue was whether there was a transfer of State resources.  The Court said:-

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Companies: General meetings and torts

April 9th, 2019 by James Goudie QC in Capital Finance and Companies

In Schofield v Jones (2019) EWHC 803 (Ch) the Court exercised its power under Section 306 of the Companies Act 2006 to direct the holding of a Company General Meeting with a quorum of only one. The purpose of the Meeting was to remove one of two members as one of four Directors. That Director was alleged to be in breach of fiduciary duty and had lost the confidence of the other Directors.  That Director can and had thwarted the holding of a General Meeting by not

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State Aid

April 1st, 2019 by James Goudie QC in Capital Finance and Companies

Case C-405/16P, Germany v Commission, CJEU Judgment on 28 March 2019, is concerned with aid supporting renewable energy. The CJEU said:-

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Local Authority Investments

March 4th, 2019 by James Goudie QC in Capital Finance and Companies

The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2019, S.I. 2019/396, make amendments to the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (“the 2003 Regulations”). The technical amendments define the investments that shall not be treated as capital expenditure within local authority accounts. They also amend the categories of local authority investments in relation to which fluctuations in fair value are subject to specific accounting treatment.

Under the 2003 Regulations, local authorities must follow CIPFA’s Code of Practice on Local Authority Accounting in the United Kingdom, as amended or reissued in every financial year. The Government can modify local authorities’ duties to follow the proper practices set out in the Code on Local Authority Accounting, by including specific provisions in the 2003 Regulations. It also has a specific power to provide through regulations which expenditure of local authorities is, or is not, accounted for as capital expenditure. The 2003 Regulations make provision for capital finance and accounts under Part 1 of the Local Government Act 2003 (“the 2003 Act”). Regulation 25 of the 2003 Regulations provide for expenditure which is, and which is not, to be treated as capital expenditure for the purposes of Chapter 1 of Part 1 of the 2003 Act. Since 2004, Regulation 25 has excluded local authority investments in money market funds from treatment as capital expenditure in local authority accounts. Regulation 30K of the 2003 Regulations provides for specific accounting treatment for fair value gains and losses of local authority investments in pooled investment funds, including money market funds.