The new Data Protection Bill has already had its first and second readings in the House of Lords and will replace the UK’s current Data Protection Act 1998 (DPA) along with the general Data Protection Regulation (GDPR) on 25 May 2018. Also whatever happens regarding Brexit, the UK has committed to retaining the same principles and laws regarding Data Protection whether or not the UK is in the EU. UK companies should now be taking appropriate steps to ensure that they will be compliant with the new GDPR requirements.
Why the importance?
Carillion, the second largest building contractor in the UK and the lead on a number of key public service contracts, entered into liquidation last week. Various commentators have highlighted poor governance at the company but would the revised UK Corporate Governance Code recently announced by the Financial Reporting Council (FRC) have prevented its collapse?
What caused the collapse?
Since the case of Perar BV v. General Surety and Guarantee in 1994, there has been some confusion and misunderstanding as to the implications of this case and whether insolvency amounts to a breach of contract, or more importantly, if it needs to be, when claiming on a performance bond.
This was recently discussed in the case of Ziggurat (Claremont Place) LLP v HCC International Company Plc just before Christmas.
Background
In this three-part series looking at the state of the UK retail sector, we have seen that retailers are facing a number of significant challenges and considered how these might shape trends in the sector, in both the short and medium term.
The Insolvency Service has recently published a rather extreme example of a director’s failed attempt to circumvent disqualification[1].
When you are not the only lender to a company or group, it can be daunting trying to fairly balance the commercial needs of the other creditors and at the same time make sure you are protecting your own position. Below are Gateley’s top tips for dealing with intercreditor arrangements.
1. Get the terminology right