Ashurst Legal Outlook Podcast

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The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

  1. 1D AGO

    Inside Structured Leverage: The Artist formerly known as Back Leverage

    Europe’s back leverage market has swelled recently. In this episode we consider the limitations of the label “back leverage”, explain what it covers, why it matters, and where it’s headed. We also offer several practical pointers for structuring transactions effectively. Back leverage in European real estate finance has grown rapidly. It attracts serious capital – but remains notoriously difficult to define. It goes by pseudonyms such as debt-to-debt or loan-on-loan but nothing quite captures what this market has become. In this episode, Ashurst partner Ruth Harris is joined by special guest AJ Storton, a partner at Art Capital, to get into the nitty gritty and the bigger picture. They explain exactly what back leverage is and explain why “structured leverage” might be a more useful term. They also discuss the motivations on each side of the trade (users and providers) and the documentation questions that determine how a transaction is actually structured. There’s also a handy summary of securitisation compliance obligations, and  crucially – the “top 10” structural features that any party to these transactions needs to nail. To listen to this search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    32 min
  2. Taxed Out: YTL, Newmont and the future of TARP

    1D AGO

    Taxed Out: YTL, Newmont and the future of TARP

    In this episode of Taxed Out, Tax Controversy Partners Vanja Podinic and Colin Little examine YTL and Newmont, the first major Federal Court tests of Division 855 and the principal asset test. Both cases reject the Commissioner’s push for an expansive, physical reading of “real property”, confirming instead that the definition turns on technical legal estates, statutory severance rules and the underlying rights actually held. Vanja and Colin walk through the implications for investors disposing of infrastructure and mining interests, explaining why leases, transmission assets, plant and equipment, and mining tenements must all be analysed through a property-law lens rather than a physical-asset one. They also outline the Courts’ guidance on valuing synergistic asset bundles and allocating value between TARP and non-TARP assets. The decisions highlight the need for meticulous evidence gathering, careful classification of rights, and interdisciplinary support from property, planning and infrastructure specialists. For investors, the message is clear: understanding the legal character of land-related rights is now essential to navigating Australian CGT rules. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    13 min
  3. Ahead of the Deal: The M&A Deal Report 2026

    1D AGO

    Ahead of the Deal: The M&A Deal Report 2026

    Welcome to Ahead of the Deal. Each month, we explore the latest news and developments in M&A to help you stay Ahead of the Deal. We cover trends in M&A activity, topical deal issues and changes in the regulatory landscape. In the first episode of our new series, Tony Damian and Amelia Morgan unpack the key findings from Ashurst's recently released M&A Deal Report 2026. Tony and Amelia take a close look at deal flows, shifting deal structures and the role of private capital.  Watch all of our episodes in the Ahead of the Deal series here. For more information about our global corporate practice, visit our Corporate and M&A page. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    5 min

  4. 2D AGO

    Governance & Compliance 10: Agentic AI rockets to the top of board agendas. Now what?

    AI is nothing new but everything changed when ChatGPT landed. Now that agentic AI is moving at speed through every economy, it’s incumbent on boards to ensure their organisations can, if not outpace change, then at least try to keep up with it. In this episode, we trace AI’s trajectory – from leaps in technology to regulatory dilemmas – and we flag up issues and actions for directors. In this episode of our UK Governance & Compliance mini-series, host Will Chalk is joined by two experts on AI governance, Ashurst’s Fiona Ghosh and Matt Worsfold. Drawing on Ashurst’s recent Board Priorities 2026, they peel back the layers of AI hype and market complexity to get to the heart of the matter: what do directors need to know and – most importantly – what do they need to do? In less than 25 minutes, the trio explain the story so far (AI governance in the past three years) and confront today’s great challenge: ensuring frameworks are genuinely embedded and operationalised. They also discuss contrasting regulatory approaches (including mixed fortunes for the EU’s ambitious AI Act and the UK’s more light-touch approach) and the common thread across jurisdictions: uncertainty. Our panel also gets practical – strongly recommending hands-on AI literacy for directors. As Fiona points out, "Until you are actually grappling with the topic yourself, you can't possibly understand some of the issues and some of the risks that are presented.” The discussion also explores the changing remit of non-executive directors and the widening breadth of skills they now require to be effective in their roles. And our experts highlight relevant guidance available for directors who want to get on the front foot. To listen to this and subscribe to future episodes in our governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance Updates. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    24 min

  5. 6D AGO

    Governance & Compliance 9: When shareholders go on the offensive

    For many boards, the era of the passive shareholder register is over. So what should boards do when activists come knocking? Our latest episode suggests some answers. In this episode of our UK Governance & Compliance, Board Priorities mini-series, we get a view of shareholder activism from two hemispheres. Host Will Chalk is joined by Ashurst colleagues Miriam Kleiner from Sydney and Harry Thimont from London. Together they look beyond the attention-grabbing headlines and consider the underlying trends from Australia and the UK, including the hot button issues likely to raise the ire of activists and the common tactics they employ. The episode includes pertinent issues that boards should have on their radar, including any perceived weakness an activist shareholder may seek to exploit (e.g. capital allocation, operational inefficiencies, governance weaknesses). Throughout the episode, Harry emphasises board readiness including, “understanding which institutional investors may support management and which may be on the side of an activist is critical intelligence.” Will cautions against the assumption that activism is always a case of “us against them” and Harry concurs, “Engaging in constructive discussions can result in an outcome which not only avoids a potentially prolonged and draining campaign, but also has genuine upsides for the company and its shareholders.” While every campaign is different, having the right response infrastructure in place is always a good idea, as Miriam explains. “Establish the tone and approach to any conversations you're going to have. And really, if it's all managed properly, there should never be a surprise for the board because you're managing your register, you're constantly on top of it, you're constantly talking to shareholders.” To listen to this and subscribe to future episodes in this governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance updates. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    15 min

  6. MAR 4

    Corporate Crime & Investigations: HMRC Tax Enquiry

    HM Revenue & Customs (HMRC) is better equipped and more determined than ever to address tax avoidance and evasion. In this episode, we explore what companies need to know when an enquiry notice arrives and how to respond transparently and promptly, without letting things spiral out of control. Ashurst’s Neil Donovan and Sophie Suri are back for the first Corporate Crime & Investigations episode of 2026. This time, they are taking a look at HMRC's enquiry process and how this can lead to a period of investigation and external scrutiny for corporates. They also discuss the heightened detection risk from HMRC’s new whistleblower reward scheme. Neil warns: "There's a risk this could very quickly spiral into a multi-agency investigation where you're fighting on various fronts and facing a whole spectrum in terms of liability risk." Sophie discusses how to respond to an enquiry notice. Among her practical suggestions, she emphasies the importance of taking advice early, understanding the limits on HMRC's powers, and strong record-keeping so that document requests can be handled efficiently. To listen to this and subscribe to future episodes in the Corporate Crime & Investigatons mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. And you can read about the 2026 global enforcement issues to watch out for in this Ashurst article. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    31 min

  7. FEB 23

    Taxed Out: How and why data centres are becoming a global tax flashpoint

    In this episode of Taxed Out, Vanja Podinic and Colin Little explore why data centre arrangements are attracting intensive and coordinated scrutiny across jurisdictions. They discuss the rise of whole-of-code reviews blending permenant establishment (PE), transfer pricing, intangible licensing and anti-avoidance, and how digitalised business models challenge traditional concepts like “fixed place of business”. The conversation highlights the pressure points and divergent international approaches and practical takeaways. To hear future episodes of Taxed Out, subscribe via your preferred podcast platform or visit ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    12 min

  8. FEB 16

    Caught in the Crosswinds – Anticipating (and alleviating) construction pinch points

    The construction phase of wind projects can be fraught with time, cost and quality issues. In this episode, we speak with two industry insiders about some of the common pinch points in the construction of a wind project and explore steps that help minimise the likelihood of contractor/developer disputes occurring. Ashurst’s Michael Weatherley is joined by two special guests to discuss construction risks in wind projects, including how they can best be  anticipated and mitigated to avoid or manage disputes between developers and contractors. George Fisher is a senior contentious construction solicitor at SSE Renewables and Kia Hua Tan is a senior legal counsel at Seatrium Limited. The trio considers the unique nuances and curve balls that can hamper wind projects, including  tight margins and split procurements driving complex interface risks. As the discussion makes clear, careful and precise planning is required to allow for things like extreme weather, vessel availability and rising offshore logistics costs. On cost volatility, both our guests stress the importance of clarity in fixed-price contracts and price escalation mechanisms to avoid surprises later on. They also flag quality issues across package boundaries, suggesting that these require detailed interface matrices and harmonised dispute provisions to avoid protracted blame games between contractors. To listen to this and subscribe to future episodes in the Caught In The Crosswinds mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts. To learn more about the issues raised in this episode, read this article on the Ashurst website. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions. See omnystudio.com/listener for privacy information.

    33 min
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About

The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

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