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Celebrating gender equality on International Women’s Day

Posted on: March 7th, 2025 by Natasha Cox

Supporting women in the progression of their careers is important to us at Lawrence Stephens. We are proud to have established a Gender Equality Network (GEN) to drive equality initiatives forward. In its first year, GEN has developed a toolkit of supporting resources, held a panel event to explore allyship, arranged the provision of sanitary protection in the loos in our building and invited speakers to discuss topics from effective communication to hormone health. 

With International Women’s Day approaching, we decided to widen the conversation to mark GEN’s first anniversary. Over the last few weeks several members of the GEN committee and the wider firm were interviewed on the topic of equality in the workplace. Many interesting insights were shared, including the things we would say to our younger selves and what we would like to see change in the next decade. We put them together in a short film which was premiered at our International Women’s Day party yesterday. We look forward to sharing a shorter version of this video with you soon. We hope you enjoy watching it and that some of our insights resonate with you. 

This International Women’s Day we celebrate our brilliant female colleagues and our wonderful male allies with whom we continue our efforts to move towards greater equality at work and in society. 

 Who inspires you to use your voice to strive for greater equality?

 

Dominic Holden discusses encryption in The Times

Posted on: March 6th, 2025 by Natasha Cox

Director Dominic Holden explores the recent dispute between Apple and the Home Office over the use of end-to-end encryption and potential backdoors into user data, in The Times.

Dominic’s article was published in The Times, 6 March 2025, and can be found here. 

Apple refuses to open the backdoor, but at what cost?

The Home Office’s demand for Apple to provide them with a ‘backdoor’, allowing access to users’ encrypted data, has been met by simple refusal by Apple. In protest, the tech giant instead opted to entirely withdraw from UK users the ability to protect their data using Apple’s most advanced encryption feature.

End-to-end encryption is double-edged – and the arguments on both sides are compelling.

On the one hand, it allows users to better protect their private data from hackers and other prying eyes. On the other, it can allow criminals to avoid law enforcement’s digital surveillance. It can also be a minefield for prosecution lawyers hampering their ability to obtain disclosure of the documents they need to build a case against terrorists and others who have threatened national security.

Like many tech companies, Apple faces a dilemma. It must respect the laws of the jurisdiction in which it operates. However, security and privacy are at the heart of its offering. Kowtowing to the UK government, risks opening the floodgates to other governments making similar demands in spite of Apple’s privacy commitments to its customers.

As this debate rages on, it remains to be seen whether Apple’s solution sufficiently placates the UK Government, or whether the next round will involve a demand that a backdoor is provided for all data.

The creation of a backdoor is, by its very nature, a risk. It creates a vulnerability which could be exploited by hackers. It is perhaps for this reason that Apple has made this decision – either you have encryption (with no backdoor), or you don’t have encryption at all.

This approach, however, misses a nuance.

Permitting users to encrypt their data is an effective tool against hackers and will ward off the vast majority of opportunistic hackers. Although creating a backdoor may create a vulnerability for the most sophisticated of hackers to exploit, this must surely be a better option than a blanket removal of such a powerful weapon users have at their disposal?

Understandably, many will bristle at the idea of the Government being able to gain access to their encrypted data. However, given that we do not live in a police state and the vast majority of us are not up to no good, a backdoor could help to keep the public safe – provided that there is robust, considered legislation and supervision from the English Courts.

For now, Apple users should take stock of their data and consider that which they would most regret falling into the hands of a hacker. There are still, after all, many (non-Apple) services available that allow for the secure storage and transmission of your data.

For more information on our data privacy and data protection services, please click here

 

Will Bowyer and Angelique Richardson named in first cohort of ISC 30 Under Thirty Awards

Posted on: February 28th, 2025 by Natasha Cox

Lawrence Stephens is delighted to announced that William Bowyer and Angélique Richardson Richardson from our Sports team have been named in the first cohort of the International Sports Convention‘s 30 Under Thirty Awards. These awards have been created to celebrate young professionals who have demonstrated exceptional talent, innovation, and dedication within the sports, media, and entertainment industries.

Will has been recognised as “one of the go-to advisors in the field of talent representation, sponsorship and image rights” while Angelique is described as “one of the UK’s leading sports lawyers”. 

Nigel Fletcher, CEO of the International Sports Convention, highlighted the importance of recognising young talent: “The ISC 30 Under Thirty Awards celebrate the next generation of sports industry leaders. We are committed to supporting career development and acknowledging those making an impact behind the scenes of the sporting world.”

The full announcement can be found here.

For more information on our Sports and Entertainment services, please click here

 

Alex Edwards explores loan enforcement and recoveries in Bridging & Commercial

Posted on: February 26th, 2025 by Hugh Dineen-Lees

Following the fallout of last year’s Autumn budget, Director Alex Edwards explores how recent legislative and political reforms have impacted loan enforcement and recoveries across the UK real estate market.

Alex’s article was published in Bridging & Commercial, 18 February 2025, and can be found here.

Seismic activity ahead in the land of BTL

Following the Autumn Budget, landlords and lenders are facing an incredible complex and ever-changing landscape when it comes to real estate finance. Alex Edwards advises on what to anticipate to avoid disputes around loan enforcement and recovery

Words by Alex Edwards, director at Lawrence Stephens

On first inspection, there was little in chancellor Rachel Reeves’ first Budget to concern either mortgage lenders or borrowers. The most attention-grabbing announcements have proved to be those on inheritance tax for farmers and increased employers’ national insurance contributions.

However, several aspects of this Budget are likely to create a volatile landscape for lenders and have a long-term impact on the UK mortgage industry, posing challenges for landlords and lenders alike.

Alongside these domestic political factors, which are likely to impinge on the UK real estate finance market in the coming months and years, are global geopolitical changes that could prove to be even more critical.

By far the most prominent probable cause of a profound economic shift is the election of Donald Trump as the next US president.

Trump’s second term, for which he is far more prepared than when he previously took office in 2016, will be a White House with radically different policies and intentions compared with the previous administration. Under Trump’s leadership, the world’s economic powerhouse will be more inward looking, adopting policies that could lead to higher costs, higher inflation and, in turn, higher interest rates in the US. These untested policies could impact growth in the US and in the UK.

Renewed and potentially expanding conflict in the Middle East, with the Israeli military action in Gaza and Lebanon bringing in Iran and other significant players in the region, could have far-reaching global effects. Instability in Taiwan, with China perhaps waiting for Trump to take office in January to launch an assault, could be another source of major financial instability.

Nearer to home, the fault lines of political cohesion in Europe appear to be fracturing.
How these macroeconomic headwinds will impact the UK as it settles into having its first Labour government in 14 years is yet to be seen.

Whilst the latest economic growth figures may have dealt a blow to Rachel Reeves, the softer than expected inflation figures suggest that there is now an expectation of interest rate cuts in the coming months which will be welcomed by borrowers. That said, with the concerns around the growth of the economy, the level of inflation predicted to remain around 3% for the rest of the year, uncertainty as to how fast interest rates will continue to fall and borrowers struggling when they come to refinance could therefore be the early indicators of a new or revived cost-of-living crisis on the horizon.

While not directly linked, the tax-raising policies in Labour’s Budget will have an undeniable impact on the housing market. Shortly after the budget statement to MPs in the House of Commons, UK government borrowing costs rose to their highest level this year. This prompted many City investors to predict that the Bank of England will now be more cautious in its approach to cutting interest rates, contrary to earlier expectations.

Nonetheless, there is still very much an expectation that interest rates will gradually come down.  

Prepare for enforcement

These issues will have to be carefully considered to avoid potential disputes around enforcement and recovery. Lenders will have to ensure their teams are well prepared. They will want to carry out thorough security reviews on loans and portfolios that could go under, and carefully consider what options are available to them before they start looking at formal enforcement.

Large numbers of borrowers on fixed low rates are now far more likely to be adversely affected when their rate deals come to an end. The most dramatic consequence will likely be an increase in defaults as fixed rates come to an end.

For lenders, it will be challenging to stay up to date with such a volatile market.

It is certainly plausible that borrowers whose budgets are already squeezed may struggle this year as these many factors combine to create a tough monetary environment.

Slower development

While there has been talk of 300 new planning officers—which is of course welcome—in reality, this likely equates to around one per local authority. In terms of the day-to-day workload, this is a drop in the ocean and is unlikely to improve the planning process or make it quicker and more efficient.

Despite Labour’s rhetoric around support for developments, building and unlocking the grey belt, planning applications taking longer to be processed (due to the lack of extra planning officers) will certainly have an impact on the new build market.

We are also seeing unit sales on developments taking longer than expected, which will continue to impact developers, at least until interest rates and construction costs stabilise.

Rental yields for landlords may also drop as tenants are more likely to be unable to afford to continue to pay rents as they too continue to rise. The risk of late or missed rent payments could leave landlords in an invidious position when servicing loans secured on their BTL properties. That said, with first time buyers continuing to struggle to gain a foothold on the property market, rental demand in urban areas is likely to remain strong. 

There will continue to be challenges for developers to access financing at cost levels which are profitable, which will have an impact on the number of large scale projects getting off the ground.

Perhaps insulated from these overarching issues is student accommodation, which is an ever-growing market, and the residential market in prime London, which seems to be in its own bubble. There is consistent appetite for these types of developments.

Lenders will need to be extremely conscious of such issues and monitor potential defaults and, given the state of the market, fully assess their options in terms of next steps.

Look at the loan book

Of equal importance is that lenders must look closely through their loan books. It is crucial that they scrutinise the financial condition of borrowers who may have only one or two properties, rather than that of professional landlords with more substantial portfolios who are better set up to weather such storms.

They may also want to consider the impact of the current market climate, propelled by the aforementioned changes in the Budget, on portfolios that operate on tight yield margins. For landlords, just like residential mortgage holders, the measures announced will heavily impact borrowing rates.

International investors in the UK’s real estate market may be less affected, although the well-signposted issues across Europe and the escalation with Russia following the US’s recent decisions around weapon supplies may change this for certain individuals.

BTLs can still be attractive to borrowers and lenders alike, but lenders should be alive to the changing landscape and the wider economic pressures faced on all sides. They should be continually monitoring the effect of changes brought about by the UK government and issues caused by global shifts to understand what this might mean in the long term for defaults or recoveries.

Dominic Holden explores cybersecurity for SMEs in Thomson Reuters Regulatory Intelligence

Posted on: February 24th, 2025 by Hugh Dineen-Lees

Director Dominic Holden explores the increasingly important role of cyber insurance for SMEs, and discusses how businesses can best ensure they are protected from cyberattacks, data breaches and hacking.

Dominic’s article was published in Thomson Reuters Regulatory Intelligence, 21 February 2025, and can be found here:

Cybersecurity_ a blind spot for SMEs – [regintel-content.thomsonreute

 

 

Supreme Court confirms the scope of Section 423 Insolvency Act 1986

Posted on: February 20th, 2025 by Natasha Cox

On 19 February 2025, the Supreme Court handed down its judgment in El-Husseiny and another v Invest Bank PSC which concerned itself with the construction of section 423 of the Insolvency Act 1986 (transactions defrauding creditors) (“Section 423”).

Section 423 is a powerful tool which provides recourse for creditors where a debtor transfers an asset for no consideration or at an undervalue for the purposes of putting the asset beyond the reach of creditors.

The fact that Section 423 is contained in the Insolvency Act 1986 is a red herring as it does not require the debtor to be insolvent or in an insolvency process to apply, and it can be brought by office-holders as well as a ‘victim of the transaction’. Furthermore, unlike other provisions in the Insolvency Act 1986, a transaction under Section 423 does not need to be within a specified period of time before the commencement of insolvency proceedings.

In the case of El-Husseiny the appellant attempted to argue that Section 423 could not apply as the property that was transferred belonged to a corporate vehicle and not himself. The Court disagreed and concluded that Section 423 is sufficiently wide to apply when a debtor causes their company to transfer the company’s assets at an undervalue, thereby resulting in the diminution of the value of the debtor’s shares. If this was not the case, it would prejudice a creditor’s ability to enforce a judgment against a debtor.

This judgment then went further and expanded the definition of ‘transaction, which is also found under sections 238 and 339 of the Insolvency Act 1986 (transactions at an undervalue with respect to administration, liquidation, and bankruptcy), thereby aligning the definition with Section 423. This was reached as it would be “impossible to think of circumstances in which a transaction was held to be within section 423(1) when it would also not appropriately fall within section 238 and 339” [para 64], and there is “no good reason for giving different meanings to transactions at an undervalue in section 238, 339 and 423” [para 72].

This is a welcomed decision for insolvency practitioners as they now appear to have greater scope from which to pursue debtors who may otherwise seek to hide behind corporate structures. It will also allow insolvency practitioners to look to set aside transactions under Sections 238, 339 and 423 even though the asset transferred was not beneficially owned by the debtor. We agree with the Court’s decision as had this decision not been reached, it would have undermined the purpose of Section 423.

The full judgment may be found here: https://www.supremecourt.uk/cases/uksc-2023-0080#judgment-details

For further information on our restructuring and insolvency services, please click here

 

 

 

 

Lawrence Stephens advises Tri Capital on two commercial property sales

Posted on: February 19th, 2025 by Natasha Cox

Lawrence Stephens have recently advised long-standing client Tri Capital Properties in relation to two commercial property sales which have completed within a week of each other.

The first comprised a partially let property in Thornton Heath where contracts were exchanged within ten working days of receipt of agreed terms. The second transaction was a complicated sub-lease of part of premises in West London. 

The transactions were led by Commercial Real Estate Director Craig Mullen who commented: “It was a pleasure to assist Tri Capital with these disposals.  The team at Tri Capital are always proactive and driven to achieve agreed deadlines.  A special mention must also go to the selling agents at Henshall & Partners, Acorn Commercial and Estate Office Property Consultants who were on hand at every step of the way.  I look forward to working with them all again very soon.”

For further information on our Commercial Real Estate services, click here

Lawrence Stephens strengthens Banking and Real Estate Finance teams with the appointment of Steve Clinning and team from Memery Crystal

Posted on: February 18th, 2025 by Hugh Dineen-Lees

Lawrence Stephens is delighted to announce the appointment of Steve Clinning as a Director in the Banking department.

Steve joins from Memery Crystal where he was a Partner in the Banking and Real Estate Finance team.

He advises both borrowers and lenders on a range of transactions including general property finance, corporate acquisition work, hotel finance, trading business finance, development finance and asset finance, and has established long-term partnerships with several high-volume lending clients.

Associates Alex Duncliffe-Vines, Asal Saferabadi and Paralegal Montgomery Chapman will join the Real Estate Finance team, and Paralegal Timothy Shannon will join Steve in the Banking team.

Head of Real Estate Finance Greg Palos, commented: “I have known and admired Steve’s work for many years and we are delighted to welcome him and the team to our firm. Their arrival brings the number of Directors in the Banking and Real Estate Finance teams to 11 and a total complement of 42, making it an even more significant player in the Real Estate Finance and Banking ecosystem. Their practice perfectly complements our own and we all look forward to working with them on their arrival.”

Lawrence Stephens appoints Memery Crystal Real Estate team

Posted on: January 31st, 2025 by Natasha Cox

Farringdon based full-service law firm Lawrence Stephens is pleased to announce the appointment of Directors John Aynsley, Chris Cagney, Matthew Hind, Nickhil Mandora and Sam Silverman to their Commercial Real Estate department, who all join from the highly regarded Real Estate group at Memery Crystal.

John Aynsley was previously Head of Real Estate at Memery Crystal, specialising in the acquisition, disposal, development, regeneration, financing, and management of high-value assets in commercial real estate. He acts for clients ranging from international real estate funds and listed house builders to private investors.

He is joined by fellow Directors:

  • Chris Cagney, who has extensive experience in a range of commercial real estate matters as well as advising on development projects and property finance transactions.
  • Matthew Hind, who specialises in general commercial real estate with a mixture of investment, development, finance, occupier, and management work. He also has considerable experience dealing with distressed real estate on behalf of banks and insolvency practitioners.
  • Nickhil Mandora, who acts for a wide variety of clients ranging from retail landlords and tenants to institutional lenders and property developers. 
  • Sam Silverman, who has acted for major international and domestic clients including developers, funds, corporate occupiers and supermarkets within the office, industrial and retail sectors.

Commenting on his appointment, Director John Aynsley stated: “We are very pleased to join Lawrence Stephens at this important moment for the firm. Their extraordinary growth over recent years is evidence of their ambition and can-do attitude, which we share and clients clearly love. We look forward to building on what are already strong foundations and working closely alongside the rest of the Lawrence Stephens team.”

Managing Director Steven Bernstein commented: “We are delighted to welcome John and his team to Lawrence Stephens. Their arrival coincides with a period of exciting growth for the firm and will provide both bench strength to our existing team as well as extending the range of expertise and experience we can now offer to both existing clients and new prospects.”

Dominic Holden comments on DeepSeek and data protection in The Lawyer

Posted on: January 29th, 2025 by Hugh Dineen-Lees

With Chinese AI platform DeepSeek rapidly becoming the most downloaded free app in the UK and the US, Director Dominic Holden comments on the potential cybersecurity and data protection concerns, in The Lawyer.

Dominic’s comments were published in The Lawyer, 28 January 2025, and can be found here.

“DeepSeek’s privacy policy makes clear that they will collect your personal data, use it for a broad range of purposes and store it in China. This data is very valuable especially when provided at scale by thousands of users. The same concerns which gave rise to the proposed TikTok ban seem to apply here.

“With China’s national security laws obliging Chinese firms to share data with government agencies, users cannot know what will ultimately become of their data or how it might be used. Great care should be taken by users in deciding what to share with the platform.”

Jake Cohen recognised in The Lawyer Hot 100 2025

Posted on: January 28th, 2025 by Natasha Cox

Senior Associate Jake Cohen has been featured in the 2025 edition of The Lawyer Hot 100. This highly anticipated annual list recognises the successes of lawyers from in-house, private practice and the Bar, as well as those who are shaping the legal profession. The 100 lawyers on the list are selected for the excellent work they are doing at the present moment, with talented rising stars rubbing shoulders with eminent lawyers who have years of success behind them.

Jake’s entry highlights his ground-breaking work in the field of sports law, with The Lawyer noting that “Cohen has been advising many athletes since they were academy players and the trust relationship he has with these high-net-worth individuals is such that word of mouth regularly brings new instructions — such as a popular grime artist who is now on the books. Institutional relationships with clubs complement the work for individual athletes: new American owners are another big client base. There’s plenty more market share to go at. This team is set to grow and grow.”

Commenting on his recognition, Jake said: “I’m delighted to be included in a list filled with so many brilliant colleagues who are doing genuinely incredible work. Any personal recognition I receive is a direct result of being very lucky to have an incredible team at Lawrence Stephens – Mo Pasricha, Will Bowyer, Angelique Richardson, Andy Wallis and Anna Chasioti-Metson) and amazing clients who have trusted us with the privilege and responsibility of advising them.”

For more information on the work of our Sports and Entertainment team, please see here

Matt Green presents evidence to Property (Digital Assets etc) Bill Special Public Bill Committee

Posted on: January 23rd, 2025 by Hugh Dineen-Lees

Head of Blockchain and Digital Assets, Matt Green, recently submitted evidence to the House of Lords Special Public Bill Committee on the Property (Digital Assets etc) Bill. 

Matt argued that the Bill is both necessary and effective. He suggests that legislation, as opposed to common law, would provide the judiciary and policy makers with the confidence to apply property right principles to a new asset class – which is vital for consumers and financial institutions who are increasingly reliant on digital assets. Matt further argues that the Bill prescribes a negative definition which allows for things not yet created or not easily defined as capable of inclusion – providing additional flexibility to policymakers.

He notes that the Bill is a response to nervousness in the judiciary in deviating with established definitions of property, and that the wording is the door ajar to give decision makers the freedom to create new asset classes where required, without falling foul of common law principles.   

Discussing the Bill’s potential for negative or unexpected consequences, Matt warns that the wide wording of the Bill may open the floodgates and policy must therefore be carefully considered and robustly drafted. He also notes that monitoring the benefits and drawbacks of the Bill must be considered on an ad hoc basis by policy makers, to prevent any unexpected consequences.

In all, he senses that although there are more pressing matters at law, including (i) liability of decentralised entities, and liability of coders/ software developers (ii) regulation of digital assets, and the rules of engagement and (iii) the effectiveness of the Economic Crime and Corporate Transparency Act (2023), the Bill, of a version of it, must be passed to give confidence to the market and to show this jurisdiction is taking digital assets seriously.

In relation to improving the Bill, Matt argues as to why the chosen thing should be an object of personal property rights – suggesting it may be considered as heavy handed. He also notes that it may be useful to include some non-determinative wording as part of this legislation to help guide decision makers when considering property rights.

Click here to read Matt’s evidence in full.