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Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to:  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.


Course details

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Corporate Finance School: Legal Issues

Stay at the forefront of Corporate finance disciplines and valuation, book now!
  • Corporate Finance School: Legal Issues is made up of 2 individually bookable modules:

    Module 1: Mergers & Acquisitions: A Legal Guide to M&A (Corporate Finance School)
    Module 2: Private Equity: Legal Perspectives & Documentation (Corporate Finance School)

    The course is built around actual case studies illustrating current practices including:

    • BA/Iberia merger;
    • Marathon corporate restructuring; Tommy Hilfiger LBO;
    • Phelps Dodge M&A valuation; Royal Bank of Scotland; Allianz;
    • Real estate company;
    • and many others

    The case study work will include team based negotiation and excel modelling (using spreadsheets supplied).
    The course is delivered by Paul Richards, who has substantial banking expertise and experience of delivering courses in finance to banks and financial institutions all over the world. He has also taught MBAs and Masters in Finance students in leading UK business schools.

    Course objectives

    The course delivers in-depth exposure to all the main corporate finance disciplines including valuation, M&A and acquisition financing, LBOs and debt restructuring as well as the associated model-building.

    Teaching techniques

    • The course is delivered by means of a combination of short lecture session followed by practical case studies some of which involve using excel models.
    • The sessions are highly interactive and questions and attendee participation is encouraged.
    • Case study work also involves negotiation which is undertaken in small groups.
    • The concepts taught, the exercises and the case studies are designed to be of practical benefit to attendees and are immediately usable in the workplace.

  • Day 1

    Trade finance – its essential role in trade and revenue growth

    • Conflicting requirements of seller and buyer
    • The importance and implications of trade credit:
    • Working capital optimisation:
    • The essential role of trade finance:

    Incoterms® rules 2010

    • Their relevance and importance to trade finance
    • Examination of the most commonly used Incoterms®
    • Importance of Incoterms® from a trade financing perspective
    Exercise: evaluation of the needs of the seller, buyer and financier in a case study and listing the Incoterms® rules in order of preference from a control and risk mitigation perspective
    • Key aspects of the commercial contract
    Trade documentation: its importance to trade finance [examples provided in delegate pack]

    Bill of lading
    • Function and key features
    • Taking control of the goods:
    • Taking title to the goods:
    • Other types of bill of lading
    - Air waybill
    • Taking control of the goods:
    - Consignee
    - Practical issues
    • Other transport documents and risk implications
    • Cargo insurance; key aspects and considerations
    • Inspection certification; basis of inspection and its importance to risk mitigation

    Trade and credit risk evaluation

    Identifying and managing trade risk
    • Financial; buyer credit risk, country and transfer risk
    • Political risk; contract and/or payment frustration
    • Commercial risk: debt instrument, method of payment, commercial terms, sales leverage
    • Performance; supply chain, nature of goods, delivery, dispute
    • Documentary; trade instrument performance, export and import clearance
    • Legal risk; impact on ICC rules, trade products, control of goods, debt recovery
    • Regulatory compliance risk; AML, CFT, sanctions and fraud

    Methods of payment
    • The payment “risk ladder”; key risk considerations for importer and exporter
    Exercise: the delegates will be asked to assume the roles of buyer and seller in order to determine and to negotiate key commercial aspects of a trade transaction in order to mitigate risk

    Day 2

    Documentary collections

    • What a collection is:
    • Description
    • Bank responsibility:
    • Compliance with instructions
    • No undertaking to honour or pay (unless bank aval)
    • Document disclaimer; numerical count only
    • Parties
    • Types
    • Documents against payment (DP/CAD)
    • Documents against acceptance (DA)
    • Operation
    • Collection schedule of instruction (example)
    • Risk and control features
    • Protest
    • When collections should be used
    • Financing; advance against collections
    • ICC URC 522 rules; appreciation
    • Advantages and disadvantages

    Bank Aval

    • What avalisation is and when it should be used
    • Risk and benefit features:
    • Seller
    • Buyer
    • Avalising bank
    • Financing bank
    • Financing opportunities

    Exercise: the delegates will be asked to identify missing information in a collection schedule of instructions


    Documentary letters of credit

    • What a letter of credit is
    • Description
    • Key aspects:
    • Bank liability
    • Irrevocable
    • Independence
    • Conditional undertaking to pay
    • Banks deal only in documents ‘on their face’:
    • Document disclaimer
    • Parties
    • Structure:
    • Sight and term
    • Availability by:
    • Sight payment
    • Acceptance
    • Deferred payment
    • Negotiation
    • Expiry date and place
    • Documentary presentation period
    • Bank to bank reimbursement
    Exercise: calculation of the letter of credit facility requirement for an importer

    • Unconfirmed credits; risk implications to the beneficiary
    • Confirming bank liability:
    • Without recourse financing
    • Documentary risk
    • Silent confirmation
    • Operation and terms of a ‘commitment to negotiate’
    • Letter of credit process
    • Letter of credit example
    • Amendments;
    • Acceptance and rejection
    • Risk appreciation: structuring the letter of credit to protect the:
    • Applicant
    • Issuing bank
    • Beneficiary

    Exercise: examination of an import letter of credit application form and identification of technical issues and whether the application complies with the terms of credit sanction

    Day 3

    Documentary letters of credit

    • Importance of documentation: standard for examination
    • Complying presentation:
    • Obligation to honour/pay:
    • Exceptions to the payment principle
    • Discrepancy waiver:
    • Applicant discrepancy waiver
    • Applicant discrepancy rejection
    • Issuing bank discrepancy waiver rejection
    • Discrepant presentation; risk implications to the:
    • Beneficiary
    • Confirming bank
    • Negotiating bank
    • Financing:
    • Pre-shipment finance
    • Discount/negotiation (example)
    • With and without recourse
    • Refinancing
    • Usance payable at sight:
    • Maximising issuing bank revenue
    • When letters of credit should be used
    • ICC UCP 600, ISBP 745, URR 725 rules; appreciation
    • Letters of credit; advantages and disadvantages
    Case study: the delegates will be required to consider whether an export letter of credit is suitable for the beneficiary’s manufacture and shipment of a machine. The delegates will be required to identify technical issues and beneficiary risk exposure and provide advice to a letter of credit beneficiary on its suitability and make proposals for amendments to mitigate risk exposure and to facilitate financing

    Other forms of letters of credit

    • Operation, risk appreciation and use of:
    • Transferable letters of credit
    Case study: examination of a request to transfer a letter of credit and identification of changes which are allowed under UCP 600
    Back to back letters of credit
    Revolving letters of credit

    Standby credits

    • What a standby credit is
    • The operation of standby credits
    • Commercial standby letter of credit (working example)
    • Structuring standby credits; risk appreciation and mitigation
    • The use of UCP 600 and ISP 98
    • How a standby credit differs from a documentary credit and letter of guarantee
    Case study: assessment of the risk profile of a client request for a standby letter of credit in respect of the purchase of pre-sold goods. Construction of the trade cycle timelines, and formulation of an import and export trade financing structure to mitigate risk for the bank and distributor and calculation of the facility requirement

    Bonds & guarantees

    • What on demand bank guarantees are
    • Key aspects:
    • Irrevocable
    • Independent
    • Unconditional undertaking to pay
    • Exceptions to the payment principle
    • Banks deal in documents only
    • Ease of claim (beneficiary claim documentation)
    • Direct guarantees; operation and parties
    • Indirect guarantees; operation and parties:
    • Nature, role and risk implications of the counter-guarantee (example)
    • Types; Bid, performance, advance payment, payment, letter of indemnity
    • Text wordings (examples)
    • Bank’s own standard wording
    • Private text (and requirement for approval)
    • Key clauses; guarantee text construction
    • Claim demand:
    • Demand requirements:
    • Claim demand statement
    • Separateness of each demand
    • Period for examination
    • Risk appreciation:
    • Unjustified claim (unfair calling)
    • Fair calling (political)
    • Extend or pay notice
    • Foreign laws and usage
    • Cancellation
    • Risk management; structuring guarantees:
    • Operative clauses
    • Variation in amount
    • URDG 758; appreciation and use

    Day 4

    Case study: consideration of a request to issue an advance payment guarantee, identification of the risks and formulation of a proposal to mitigate risk exposure


    • What forfaiting is and when it is used
    • Description, parties and operation
    • Without recourse finance:
    • Events of recourse
    • Primary and secondary purchase
    • Risk appreciation and due diligence
    • ICC URF 800; appreciation
    Case study: consideration of a request to purchase an avalised bill of exchange and identification of the risk features and further information required to assess the proposition

    Structured trade finance: exercising control

    • The self-liquidating facility; primary source of repayment
    • When and why deal structuring should be used:
    • Requirement to transfer the primary source of repayment away from the borrower
    • Exercising control; ‘follow the goods, documentation and the money’
    • Facility structuring; key controls:
    • Linkage of payment and/or finance to trade documentation
    • Use and application of finance
    • Establishing an identifiable and reliable source of repayment:
      - Credit quality
      - Nature of the debt instrument
      - Dependencies; performance risk and allowable dilutions
      - Controlling the source of repayment; ring fencing, ownership and capture
    • Structuring each stage of the trade cycle: controlling the nature of risk exposure
    • Funding alignment; trade loans linked to the trade cycle:
    • Use of labelled/descriptive trade loans
    • Managing risk exposure aligned to facility sub-limits;
    • Drawn down documentation
    • Duration; identifiable date set for repayment aligned to the trade cycle
    • Reality of title and control; liquidation of goods
    Proposition assessment; gathering key information
    • Key questions to identify and evaluate transactional risk:
    • Trade proposition evaluation checklist (delegate pack)
    • Understanding and evaluating the trade cycle:
    • Key stages; risk profile of each
    • Plotting the time flow of goods, documentation and money
    • Identification of the funding gap
    • Determining the right form of finance
    • Calculating the facility quantum and period
    Exercise: identification of the funding gap and calculation of the facility requirement

    Short term credit insurance

    • What credit insurance is and when it should be used
    • Working with and evaluating a credit insurance policy:
    • Assessing the extent of cover
    • Financier endorsement; joint insured Vs loss payee
    • Risk appreciation; adherence to policy terms and conditions
    Receivables finance
    • Financing open account transactions:
    • What receivables finance is and when it is used
    • Accelerating the receivable; improving the DSO ratio
    • Nature of debt and implications for finance:
    • Invoice (example):
      - Assignment of debt
    • Bill of exchange and promissory note (examples)
      - Negotiability
    • Proof of delivery (relevance of Incoterms® rule)
    • Disclosed and undisclosed facilities:
    • Risk implications
    • Recourse and re-purchase events
    • Risk assessment:
    • Seller:
      - Ability to perform
      - ‘Going concern status’
    • Debtor:
      - Ability to pay and transfer risk
      - Willingness to pay
    • Nature of goods; specification and quality
    • Timeliness of delivery
    • Post-delivery performance obligations
    • Trade credit term
    • Collectability of debt; legal right to recovery
    • Prepayment; debt purchase at a discount to face value:
    • Determining the amount to finance (prepay); dilutions and retentions
    • Types of receivables finance:
    • Specific debt purchase:
      - Insured
      - Uninsured
    • Factoring
      - Difference between factoring and confidential invoice discounting
    • The use of invoice finance and factoring in trade finance
    Case study; assessment of the risk profile and structuring of an insured receivables finance solution for the sale of vehicles to a buyer in Africa on three years trade credit

    Day 5

    Pre-shipment finance (supplier led)

    • Description and operation
    • Risk appreciation and structuring:
    • Identifiable and reliable transactional source of repayment
    • Importance of performance risk
    • Trade loans; aligned to the trade cycle

    Approved trade payables finance (buyer led)

    • Description and operation
    • Risk appreciation

    Export Credit Agency support (ECA)

    • The role of an ECA
    • Financing and mitigating risk with ECA support:
    • Credit insurance; commercial and political risk
    • Loan guarantee to lenders
    • Direct support/lending (in qualifying buyer credit transactions)
    • Parties
    • Eligibility for ECA support; regulations and criteria
    • Types of ECA support; description, parties and operation:
    • Supplier credit
    • Buyer credit
    • Lines of credit; general purpose and project specific
    • Partial guarantees to lenders
    • Bond support
    • Letter of credit confirmation support
    • Credit insurance cover

    Commodities trade financing

    • What structured commodity finance is and when it should be used
    • Using structured commodity finance to look beyond the balance sheet
    • Typical commodities
    • An appreciation of the key risk characteristics of commodity financing:
    • Inherent risk characteristics of the commodity to be financed
    • Market risk
    • Transactional risk
    • Control of the goods and receivable throughout the commodity trade cycle
      - Source of repayment; identifiable and reliable?
    • Financing the commodity trader:
    • Risk appreciation, evaluation and mitigation
    • Key methods of commodity financing:
    • Pre-export/pre-payment:
      - Risk appreciation and mitigation
    Case study; assessment of the risks of the pre-export finance of coffee crop and the structuring of a solution to mitigate risk

    • Warehouse financing:
      - Control of goods; warehouse receipt, warrant, letter of attornment:
    • Negotiable status?
    • Legal implications “lex situs” to ownership and sale
      - Financing ratio
      - Risk appreciation and mitigation
    • Role of collateral managers
    • Receivables
      - Structural enhancement:
    • Use of off shore collection accounts
    • Debt reserve and service accounts
    • Top up and acceleration provision
    • Borrowing base
      - Operation
      - Risk appreciation
    Case study; identification of the risks and construction of a trade financing solution across the commodity cycle for a copper transaction
    The abuse of trade finance
    • Key types of abuse
    • Why trade finance carries high compliance risk
    • An introduction to trade based money laundering:
    • Common methods
    Case study: consideration of a request to issue a letter of credit which is not in the ordinary course of business of the applicant and identification of the nature of the underlying transaction

    Recent developments and trends

    • Latest market trends:
    • Increasing role of open account trade in import and export financing
    • Results of the latest ICC market survey; trade finance default risk
    • Bank Payment Obligation; operation and market constraints
    • Blockchain finance; potential application in the trade finance market


    - Need for credit

    - Credit risk exposure

    - Liquidity risk

    - Cash conversion cycle

    - Identifying the funding gap

    - Importance of DSO and DPO ratios

    - Calculation

    - Benefits to corporate and bank

    Exercise: calculation of DSO & DPO ratios and assessment

    Commercial contracts and trade documentation

    - Its importance to the financier

    Case study; examination of a commercial contract and identification of areas of risk for the seller and financier and the required amendments to mitigate risk

    - The requirement for original clean shipped on board bills of lading

    - Importance of consignee/negotiable status

    - Possessory documents: pledge and trust receipt

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme



This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the:

Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates

Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.

You can also view other recommended hotels on this map.