The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021, which came into force on 30 April 2021, introduced several changes to pre-pack sales to connected parties in order to restore public confidence in this type of restructuring deal.
.A look at relevant employment laws and litigation vulnerabilities that companies, including their owners, officers and directors, should consider before ceasing operations or filing for bankruptcy.
Pre-packs sales are an important arrangement within Administrations and insolvency law. However, their usage has sometimes been considered “controversial”. In response to criticism and following a recent review of existing industry measures, the Government introduced The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (“the Regulations”). Coming into force on 30 April 2021, the Regulations will provide a new legal framework for pre-packs.
Both businesses and individuals have suffered financially throughout 2020 as a consequence of the coronavirus pandemic.
In late June 2020, the UK’s Corporate Insolvency and Governance Act (the Act) became law.1
Coronavirus continues to have serious financial implications for businesses and this week the wrongful trading provisions have been suspended (for the second time) until 31 April 2020.
Op 12 november 2020 heeft de Tweede Kamer het wetsvoorstel tot wijziging van de Tijdelijke wet COVID-19 SZW en JenV (35557) als hamerstuk aangenomen. Vandaag, 24 november 2020, is het wetsvoorstel ook door de Eerste Kamer als hamerstuk afgedaan. Het wetvoorstel maakt het mogelijk (in Hoofdstuk 2 Tijdelijke voorziening betalingsuitstel COVID-19) om de rechter te verzoeken:
A legislative proposal to amend the Temporary Act COVID-19 was adopted by the Dutch parliament on 12 November 2020, and adopted by the Dutch Senate on 24 November 2020. The proposal (the COVID-19 Amendment Act) will enter into force shortly and remain in effect until 1 February 2021. This GT Alert summarizes the measures included in COVID-19 Amendment Act Chapter 2 (Temporary measures for the stay on recovery measures COVID-19).
The COVID-19 Amendment Act provides (in Chapter 2) for the possibility of the debtor requesting that the courts, in connection with the pandemic:
The Golden Globe Award-winning Netflix series is not the only ‘Crown’ returning prior to Christmas 2020. HMRC’s preferential creditor status is also being restored on 1 December 2020.