June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.

The Court of Appeal has allowed an appeal against a limitation order (providing for the restoration to the register of a dissolved company, C,  and the suspension of the limitation period during dissolution) and provided guidance on how judicial discretion should be exercised when making such an order.

Shortly before being placed into administration C entered into a sale and leaseback arrangement.  C later went into liquidation; however, the purchase price in respect of the sale was not received before the company was dissolved, over four years later.

Tough trading conditions

Litigation

A referral to the financial list!

In GSO Credit v Barclays Bank plc, the Commercial Court has given guidance on the interpretation of terms in, but not directly defined by, standard Loan Market Association (LMA) documentation which was used in the context of secondary trading of a commitment under a surety bonds facility.

Where a company brings a claim against its directors for losses caused by their wrongdoing, the Supreme Court has confirmed the established position that directors cannot escape the claim by arguing that their actions are attributed to the company itself on the basis that the directors were acting as the agents of the company. 

1.     Overview

Following the enactment of the Personal Insolvency Act, the first steps have been taken to implement the new regime in the Irish insolvency landscape with the making of two Ministerial Orders by the Minister for Justice, Mr. Alan Shatter.

The Orders set 1 March 2013 as the establishment date for the Insolvency Service of Ireland which will operate the new debt resolution arrangements provided for in the Act. The Commencement Orders also enables the Insolvency Service to begin authorising approved intermediaries and personal insolvency practitioners.