A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
In 2021, the FCA published its Guidance for IPs on how to approach regulated firms. Since then, there have been changes in the legal framework affecting firm failure, changes in the regulatory framework and changes in the UK economic climate.
The FCA is consulting on amendments to reflect these changes including:
On 31 October 2023, the Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the Bankruptcy Law) was published in the UAE Gazette. The Bankruptcy Law replaces the Federal Law No. 9 of 2016 on Bankruptcy (as amended) (the 2016 Law).
The aim of the Bankruptcy law is to introduce a modern, streamlined and business-friendly approach to restructuring in the UAE (except for the DIFC and ADGM freezones, which have their own insolvency regimes).
Key Changes
On 23 January 2024, the Court of Appeal overturned the High Court's sanction of Adler Group's (Adler) restructuring plan (the Plan) (see our alert). This much anticipated judgment provides clarity on the court's discretion to sanction a plan where there are dissenting classes of creditors.
Background
The Plan envisaged:
Key points
The UK Corporate Insolvency and Governance Act 2020 (CIGA) introduced temporary measures to provide companies with the flexibility to continue trading during COVID-19. CIGA also enacted a package of permanent measures to maximise the survival prospects of viable companies.
The reforms implemented through CIGA are the most significant change to the UK’s corporate insolvency regime in 20 years. This article looks at how those reforms have taken shape over the last three years, with reference to the Insolvency Service's Post-Implementation Review of CIGA.
The Insolvency Service has published its official three-year Post Implementation Review of the Corporate Insolvency and Governance Act 2020 (CIGA). The Review focused on the three permanent measures:
Companies are under increasing pressure to examine their ESG policies, particularly after the recent COP26 conference. The UK's commitment to achieving net-zero emissions by 2050 has intensified the ESG focus.
What is ESG?
ESG, or Environmental, Social and Corporate Governance, is a term used to describe a set of standards that measures a business' environmental and social impact.
Why is ESG important in a distressed restructuring?