INSOL Europe attended the 52nd session of Working Group V (Insolvency law) held in Vienna from 18 to 22 December 2018 in its capacity as an invited international non-governmental organisation (NGO) with observer status. Other observers included, inter alia, World Bank, European Investment Bank, European Banking Federation, the American Bar Association, the International Bar Association, INSOL International, International Insolvency Institute, European Law Institute.

ENGLAND AND WALES PREVIEW OF 2018 January 2018 LEGAL GUIDE HERBERT SMITH FREEHILLS 01 page CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Brexit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Competition, Regulation and Trade . . . . . . . . . . . . . . . . . . 05 Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Dispute Resolution . . . . . . . .

The main themes to be considered by those in the financial services industry in 2018 will include increased regulation, protection of data, the push for transparency from Europe along with the ongoing uncertainty of Brexit. We have flagged some key dates to watch out for in the upcoming year.

With miserable Christmas trading figures exacerbating an already challenging climate for UK retailers, a growing number of companies are turning to company voluntary arrangements ("CVAs") as a possible source of respite. Most commonly used by retailers and other UK companies to impose improved lease terms on their landlords, CVAs look set to come back into fashion.

Market Backdrop

On 22 January 2018, the European Commission found the Croatian plans to grant Uljanik shipyard a State guarantee for a 96 million euro loan to be in line with EU State aid rules.

With its plan, notified to the Commission on 15 January 2018, Croatia aims to enable Uljanik shipyard business continuity, overcome the adverse effects of the financial crisis on the shipbuilding industry and pay wages, suppliers and other urgent liabilities.

Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings. Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicates the conducting of such proceedings.

FINANCE YEAR REVIEW 2017

The biggest news for the loan market in 2017 was the announcement by Andrew Bailey of the FCA that LIBOR may cease to exist beyond 2021. In this briefing, we discuss this and other key legal developments in banking from 2017, and also highlight a few issues to look out for in 2018 and beyond.

1. Key Banking Developments in 2017

2 FEBRUARY 2018

London

Contents

1. Key Banking Developments in 2017

1

The potential discontinuation of LIBOR

Thomas v Frogmore: COMI Factors and Improper Motive Reviewed

This article was originally published in International Corporate Rescue, Volume 14 Issue 5, 2017.  Please click here to read the original article.

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?

Much has already been written about the proposal for the “Second Chance” directive (“Proposal“) published in November 2016 which is still being debated by the EU bodies – and rightly so. Harmonisation of insolvency law across the EU is needed as one in four insolvency proceedings is a cross-border insolvency and creditors need to know what to expect in other EU countries and that the courts and practitioners cooperate in an efficient way.