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Banking & Finance Quarterly Newsletter
Welcome to the spring edition of our Banking & Finance bulletin, our collection of recent articles in the world of debt finance sprinkled with some additional highlights.

In this bulletin we major on some recent cases concerning guarantees, the rule on penalties and the exercise of consent rights by lenders. Additional highlights include a half-term report from Jonathan Porteous, Head of the Banking & Finance practice at Stevens & Bolton LLP.


You can access each of these articles by clicking on the links below, and as ever please do contact us with any questions or comments – constructive feedback is invariably welcome!


And finally, if you like what you read, why not take a look at our sister publication for our Restructuring & Insolvency clients. Click here to read more.

To guarantee, or not to guarantee, that is the question

Matthew Padian and Luke Stewart look at a recent case in which the High Court found that a guarantee given by an individual amounted to an on demand bond for the full sum guaranteed with no reduction for amounts recovered from the main contractual party. Read more

The name is Bond, QC Bond (or Non-QC Bond)

Andrew Dodds explores the distinction between qualifying and non-qualifying bonds and the tax treatment of each following a recent Court of Appeal case. Read more

UK court adds VAR-like guidance to the rule on penalties

Look around on any train journey and you will invariably notice at least one nearby passenger playing Candy Crush. Jonathan Porteous and Matthew Padian review the recent case of Holyoake v Candy in which the claimant developer sought (unsuccessfully) to invoke the unenforceable penalty rule to crush the ability of the Candy Brothers to recover sums lent under a property loan. Read more

The importance of "consent not to be unreasonably withheld"

Jonathan Porteous and Matthew Padian re-visit a recent High Court judgment which found a bank to be in breach of its duty not to unreasonably withhold its consent to the release of an asset from its security package. Read more


Our expertise stretches beyond the world of debt finance. We also work very closely with our colleagues in the Restructuring & Insolvency and Corporate teams. To give you a taste of what those other teams get up to, you may also enjoy reading the attached article on the growing use by companies of the Company Voluntary Arrangement and separately our most recent edition of Business Bridge, our publication written for busy entrepreneurs and their advisors.

A final word...

How often do things turn out as you expect them? Instinct suggests that it’s perhaps less often that you might expect (or hope). However much we think we know the answers, sometimes it’s only the known knowns that we really know.


At the start of this year, Jonathan Porteous, Head of the Banking & Finance practice at Stevens & Bolton LLP, gave his predictions for the loan markets in 2018. You can see his half-term report by clicking here.

Jonathan Porteous
Jonathan Porteous

+44 (0)1483 401233

Andrew Dodds
Andrew Dodds
Managing Associate

+44 (0)1483 734265

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