M&A funding through the Coronavirus Business Interruption Loan Scheme (CBILS)

Late 2019/Early 2020, liquidity in the M&A market was strong, uncertainty created by the general election was on the decline; whilst the value of both UK domestic and outward mergers was up by £1.1b in comparison to Q1 of 2019. However, as COVID-19 spread and fear began to grip the market, numerous M&A deals were shelved or placed on hold, until the market showed signs of recuperation. Those delayed deals will soon face the added detriment of a greater focus on due diligence and how the target continued to operate throughout the crisis.

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What is section 21 approval and when is it needed?

Any company who wants to market an investment opportunity to investors through making an offer or an invitation to them to subscribe for shares or securities in the UK must comply with the Financial Services and Markets Act 2000 (“FSMA”).

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Completion Accounts and Locked-Box Mechanisms

Completion accounts are special purpose transaction accounts used in M&A deals. They are often used to verify the target company’s actual financial position at completion mirrors the accounts on which the parties based their valuation on and expected when signing the deal.

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