Now that the UK has left the EU and the transition period ended on 31 December 2020, this briefing considers the key points of the legal and regulatory landscape from the perspective of Ireland.

Deal or no-deal?

In effect, there is both. The December 2020 EU-UK Trade and Cooperation Agreement¹ (the “TCA”) includes a ‘deal’ so far as concerns EU-UK trade in many types of good. However, the TCA makes little provision for trade in services and so, broadly, it is ‘no-deal’ as regards most types of service.

Draft legislation proposes to alter the law and procedures of personal insolvency in radical ways. The proposals include the establishment of an independent Insolvency Service of Ireland and the introduction of new procedures for addressing unsecured debts (of any value) and secured debts (up to €3 million in aggregate but without limit in the case of agreement). Current bankruptcy laws would also be amended, principally to increase the minimum level of debt required to enter bankruptcy to €20,000 and to reduce the bankruptcy term from 12 years to three.

Government proposals for new legislation would alter the law and procedures of personal insolvency in radical ways. The proposals include the establishment of an independent Insolvency Service and the introduction of non-judicial procedures for addressing unsecured debts (of any value) and secured debts (in the range €20,000 to €3 million). Current bankruptcy laws would also be amended.

On 25 January 2012 the Government announced proposals to amend the laws and procedures of personal insolvency in radical ways.

A recent judgment by the UK High Court highlights the potential risks for directors in making a solvency statement about a company without having made a full inquiry into its affairs. This briefing looks at issues a director should consider before making the equivalent Irish-law declaration of solvency as part of the summary approval procedure.

The Case