In case you have just returned from Outer Space- the UK Government has announced that it is holding a referendum on 23 June 2016 on the question:
“Should the United Kingdom remain a member of the EU or leave the EU?”
In the meantime, whilst the UK decides whether to Brexit or not, the EU Commission is taking a “business as usual” stance.
The UK’s EU Referendum on membership is looming on the horizon – What are the legal implications of a so-called “Brexit” for restructuring and insolvency professionals?
The EU Referendum Act 2015 obtained Royal Assent on 17 December 2015 and provides for the following question to be put forward for voting in a referendum in the UK until the end of 2017: “Should the United Kingdom remain a member of the EU or leave the EU?”
The director at the heart of the Carrington Wire pension fund deficit saga has been disqualified for a period of 12 years.
Background
The recent TMA Global Annual Conference in Scottsdale Arizona gave us a great opportunity to meet with friends and colleagues old and new and swap intel and war stories! The buzz at the conference was around the oil and gas sector. Drilling down: Turmoil in Oil and Gas was the panel moderated by our very own Michael Cuda. It created immediate and ongoing comment, not just at the conference but also in the wider media. See web link from
In March 2014 the European Commission issued a Recommendation considering a new approach to business failure and insolvency, targeting efficient restructuring of viable enterprises in financial difficulty and a second chance for honest entrepreneurs.
KEY POINTS
Over the last seven months there has been a spate of cases dealing with the relationship between arbitration law and insolvency law.
Winding-up petitions and arbitration clauses
Following on from our recent blog on ‘How the UK General Election Might Influence the Recast Insolvency Regulation’ and whether the UK will still be part of the EU in 2017 when it comes into force, we consider the ‘hokey cokey’ of the upcoming EU referendum.
In February this year, Squire colleagues Paul Muscutt and Helen Kavanagh wrote about the Carrington Wire Defined Benefit Pension Scheme, where the UK Pensions Regulator accepted a payment of £8.5m to settle warning notices of £17.7m issued to Russian companies that had guaranteed sums due from Carrington Wire to the Scheme (“the Guarantee”).
In the United Kingdom, the Pension Protection Fund (“PPF”) is the safety net for the employee members of a defined benefit pension plan or scheme. The PPF compensates members when an employer has not and cannot put sufficient assets in the pension scheme to meet its obligations to member employees and the employer has suffered a “qualifying insolvency event”.