This month the new Insolvency Rules 2016 came into force, replacing the Insolvency Rules 1986. We cover this, and other issues affecting professionals in the insolvency and fraud investigation industry below.
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Uncrystallised pension pot remains protected following bankruptcy
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
As the dust begins to settle after the EU referendum and the potential ramifications of Brexit continue to be digested, we examine the potential impact of Brexit on the UK cross-border restructuring and insolvency regime and its consequences for the UK’s reputation as a leading creditor-friendly restructuring jurisdiction.
Introduction:
The Court of Justice of the European Union has ruled that a provision of German law falls within the scope of Article 4 of the EC Regulation on Insolvency Proceedings, thereby paving the way for a German court to require a director of an English incorporated company to make payments under German law where the company has been placed into insolvency proceedings in Germany.
Introduction:
The Government has launched a new consultation on a number of technical and regulatory changes affecting pensions legislation. One of the proposed changes is to amend the entry rules in relation to the Pension Protection Fund (PPF). The consultation follows on from the recent Supreme Court decision in Olympic Airlines and the introduction of specific legislation to ensure the beneficiaries of that particular scheme received protection in circumstances where the entry rules otherwise excluded them.
Synopsis:
CMS today publishes a White Paper examining whether there is a case for a special insolvency regime in the oil and gas industry.
Introduction:
Wide ranging changes to insolvency law will come into force on 1 October 2015 that will have repercussions for insolvency practitioners, directors and D&O insurers alike. One of the more significant - and controversial - changes allows office holders in insolvency proceedings to assign claims deriving from those proceedings to third parties. The implications of this are potentially far reaching and are discussed below.
New powers of assignment
The amendments to the Insolvency Act 1986 will extend the protection of essential supplies on insolvency to most private utility suppliers. They will also extend protection to I.T. supplies, including data storage and processing and website hosting. Further protection is introduced where contracts are entered into from 1 October 2015, so that insolvency related terms which allow higher supply charges in the event of administration or company voluntary arrangement will be prohibited.
Why is the law changing?
As we reported in April, the Insolvency Service has issued a call for evidence inviting comments on the issues with, and improvements that could be made to, the collective redundancy consultation requirements for employers facing insolvency. The Government has been seeking views on how well the requirements work both before an insolvency practitioner has been appointed to the failing company and after a formal appointment has been made.