Cooperation Pursuant to Recital 48 of the EIR 2015 (recast) a proper cooperation between the actors involved in cross-border insolvency proceedings “implies the various insolvency practitioners and the courts involved cooperating closely, in particular by exchanging a sufficient amount of information (…).

Essential Pensions News covers the latest pensions developments each month. The highlighted article this month is: DWP publishes long-awaited pensions White Paper: Protecting Defined Benefit Pension Schemes Following the Green Paper of March 2017, the long-awaited White Paper on defined benefit pension schemes from the Department for Work and Pensions (DWP) was published on 19 March 2018.

Welcome to the eighth edition of Global asset management quarterly. This publication highlights key developments that will be of interest to and affect our asset management clients, including market trends and developments in tax and buy-side regulation globally. Click here for more.

The role of asset security in the funding of business is essential where debt finance is one of the few options for businesses intending to expand. While creditors would prefer, obviously, to have the sums lent repaid, the availability of a “Plan B” that palliates the risks of nonperformance or insolvency, in theory also reducing the cost of access to credit, has long been attractive for lenders.

Practicing insolvency means acting on a complex and changing playing field; during a reorganisation or liquidation process all relationships of a company are in a high state of tension and every aspect of a company is under severe scrutiny. This is what makes it so interesting, but also so challenging. And the challenges are not only at a national level. It has become increasingly difficult to talk about national insolvency laws in the globalization era.

The establishment of insolvency registers in all Member States and their interconnection is an innovation of the Recast European Insolvency Regulation (EIR), created to “improve the provision of information to relevant creditors and courts and to prevent the opening of parallel insolvency proceedings”. Indeed, the previous EIR does not provide for a mandatory publication of the opening of insolvency proceedings in any other Member State.

The European Union’s interest in substantive insolvency led to the adoption of the 2014 Recommendation on preventive proceedings, alleviation of consumer debt and the fresh start through early discharge. This work is the report of the Leeds Law School study, funded by DG Justice, studying key topics in 30 jurisdictions (all Member States, Norway and the US) within the insolvency process (esp. directors’ duties, priorities, avoidance actions, SME-focused procedures and the status of insolvency office-holders).

We are pleased to announce the launch of the Cleary FinTech Update, our new blog that provides updates and insights on the fast-moving world of FinTech legal, policy and business developments. The pace of innovation is sometimes breathtaking, and our multidisciplinary team spans the legal expertise essential to allow you to stay on top of the fascinating interaction of FinTech innovation and legal thinking.

As we have reported previously, the result of the European Union referendum (Brexit) was announced on 24 June 2016 with a vote in favour of the United Kingdom exiting. We have issued a series of Brexit updates since the date of the referendum. To access such prior alerts, please visit our Brexit page. UK and EU Brexit divorce agreement An agreement has been reached in respect of the nature of the UK’s exit from the EU, which will enable future relationship negotiations to begin.