Financial Services: Preparations for a ‘No-Deal’ Brexit

The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.

Settlement Finality

Filed under:
European Union, United Kingdom, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Insurance, Public, McCann FitzGerald LLP, Brexit, Central securities depository, Financial Conduct Authority (UK), European Commission, Central Bank of Ireland, European Securities and Markets Authority
Authors:
Fergus Gillen , Josh Hogan , Judith Lawless , Mark White , Darragh Murphy
Location:
European Union, United Kingdom
Firm:
McCann FitzGerald LLP
True Sale (finally) Approved

In a recent judgment the Irish High Court for the first time confirmed as “good law” in Ireland the approach taken by the English courts to the circumstances in which a transaction, documented as a sale of receivables, may be re-characterised as a secured loan. Invoice discounting, factoring and similar receivables financing products are important sources of working capital finance for SMEs and are increasingly a funding tool offered by alternative lenders.

Filed under:
Ireland, United Kingdom, England, Banking, Insolvency & Restructuring, Litigation, McCann FitzGerald LLP, Liquidation, Secured loan
Authors:
Fergus Gillen , Judith Lawless , Adrian Farrell
Location:
Ireland, United Kingdom
Firm:
McCann FitzGerald LLP