Diligence Definition | Legal Glossary | LexisNexis (2024)

Copyright © 2024 LexisNexis

The law of diligence provides legal procedures by which a court order is enforced for the benefit of creditors.

View the related checklists about Diligence

Considerations and next steps for victims of fraud—checklist

Considerations and next steps for victims of fraud—checklist This Checklist is designed to assist individuals and companies who suspect they have been a victim of fraud. It considers the immediate steps they should take to gather and preserve evidence, obtain legal advice, mitigate and reduce risk and obtain emergency or urgent relief (such as freezing orders and insurance cover), including whether it is necessary to report a suspected fraud to the police and how to do so using the Action Fraud service. It also addresses the choice between issuing civil and criminal proceedings for fraud and explains the possibility of running a civil fraud claim in parallel with a criminal prosecution (private or public). This Checklist should be read in conjunction with the Practice Notes: • Starting a civil fraud claim—a practical guide • Civil fraud—heads of claim • Civil fraud—frequently asked questions (FAQ) • Commencing criminal proceedings—applying for the issue of a summons • Fraud—civil claim and private criminal prosecution compared For full guidance on fraud offence under criminal...

Vertical agreements—drafting for MVBEO—checklist

Vertical agreements—drafting for MVBEO—checklist This Checklist sets out the essential points that should be considered under The Competition Act1998 (Motor Vehicle Agreements Block Exemption) Order 2023 (No 2) (MVBEO) when drafting new vertical agreements, or updating existing vertical agreements, in relation to motor vehicle aftermarkets for the provision of repair and maintenance services or the distribution of motor vehicle aftermarket goods (together, the motor vehicle aftermarket). This Checklist is not intended to be a comprehensive guide to the MVBEO but should be used where a commercial lawyer wants to ensure that the vertical agreement falls within the MVBEO (and any guidance issued under it). For further information, see: CMA Guidance: MVBEO. A flowchart is also provided at the end of this Checklist, setting out the main steps to follow when assessing whether an agreement falls under the MVBEO. Introduction to MVBEO Any agreement which affects trade and restricts competition in the UK may be subject to the prohibition on anti-competitive agreements under the provisions of Chapter I of the Competition...

View the related flowcharts about Diligence

Client due diligence process workflow

Client due diligence process workflow This Flowchart suggests a workflow for the practical steps and factors you should consider when conducting an appropriate level of client due diligence (CDD). You can refer to this whenever you are taking on a new client or matter. It is intended to help you comply with the CDD requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended. This workflow dovetails with the New client, New matter, CDD client risk assessment and CDD matter risk assessment form Precedents in the Client and matter inception subtopic. Other precedents Other Precedents that may be of use include: • CDD client risk assessment form—law firms • Explanatory notes—CDD client risk assessment—law firms • CDD matter risk assessment form—law firms • Explanatory notes—CDD matter risk assessment—law firms • New client form • New matter

View the related practice notes about Diligence

Standard contractual clauses and binding corporate rules—EU methodology—flowchart

Standard contractual clauses and binding corporate rules—EU methodology—flowchart This Flowchart reflects the methodology set out by the European Data Protection Board (EDPB) for determining whether you can make an international transfer of personal data on the basis of standard contractual clauses (SCCs) or binding corporate rules (BCRs). You can only rely on these transfer mechanisms where the protections, enforceable rights and legal remedies provided to individuals in the recipient country are essentially equivalent to those guaranteed under the General Data Protection Regulation (GDPR). The ‘essentially equivalent’ test was laid down in the case of Facebook Ireland and Schrems (Schrems II), which was decided under the EU GDPR. The Information Commissioner’s Office (ICO) has published Guidance on transfer risk assessments, which adopts the term ‘sufficiently similar’ in relation to transfers under the UK GDPR and uses a different methodology. The ICO is happy for organisations exporting data from the UK to follow either methodology. This Flowchart reflects the EU methodology, as set out in: • EDPB Guidelines on...

Local housing companies

Local housing companies Housing delivery Over a number of years the term local housing company (LHC) has had various meanings in the context of housing delivery vehicles. It was first used post Housing Act 1996 in the context of large scale voluntary transfer of urban estates to a company which had equal representation of the local housing authority (LHA), tenant and independent members and often attracted Government subsidy for example, from the then Estates Regeneration Challenge Fund (ERCF). See Practice Note: Housing stock transfer. The term LHC appeared again in the Housing Green Paper, 'Homes for the future: more affordable, more sustainable', in July 2007. The model on this occasion as envisaged by English Partnerships (subsequently the Homes and Communities Agency and now Homes England), involved a 50:50 long-term corporate joint venture between the LHA and a private sector partner established to develop local authority land. The term LHC today is used to describe independent arms-length commercial organisations wholly or partly owned by LHAs which develop, buy...

View the related precedents about Diligence

Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

Property due diligence questionnaire for share or asset purchases

Property queries to be included in a due diligence questionnaire for an asset or share purchase Real property 1 1.1 Please provide details of all properties owned, occupied or used [by any Group Company OR in connection with the Business] (the Properties), including whether freehold or leasehold. 1.2 In respect of the Properties, please provide the following information: 1.2.1 full address; 1.2.2 approximate size of site and total size of buildings; 1.2.3 legal owner; ...

View the related q&as about Diligence

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

Is an introducer an associated person for the purpose of tax evasion facilitation prevention—law firms?

Is an introducer an associated person for the purpose of tax evasion facilitation prevention—law firms? What is the issue? The Criminal Finances Act 2017 (CFA 2017) created a new corporate offences of failure-to-prevent facilitation of tax evasion. Your firm can be held liable for this corporate offence if a person acting in the capacity of an associated person criminally facilitates a tax evasion offence. The definition of associated person is broad and can embrace a wide range of business relationships: • an employee who is acting in the capacity of employee • an agent (other than an employee) who is acting in the capacity of an agent, and • any other person who performs services for or on behalf of the firm who is acting in the capacity of a person performing such services—questions as to whether a person is performing services for or on behalf of a firm will be determined by reference to all relevant circ*mstances, not merely the nature of the relationship, contractual status or label...

View the related News about Diligence

AFME drives economic growth by developing European capital markets amidst geopolitical changes

The Association for Financial Markets in Europe (AFME) has published its annual review for 2024, ‘Developing European Capital Markets in a Period of Geopolitical Changes’. The review highlights AFME’s efforts to initiate policies that strengthen overall market stability and economic growth, whilst maintaining investors’ trust.

BIICL announces human rights in international investment law roundtable

The British Institute of International and Comparative Law (BIICL) has announced that it will host a human rights in international investment roundtable event. The meeting will take place on 30 September 2024. It will be a closed meeting, open only to members of the BIICL Human Rights Due Diligence Forum and Investment Treaty Forum.

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.