New insolvency fees and deposits introduced on 21 July 2016
From 21 July 2016, insolvency fees for bankruptcy and company insolvency are set to change. This is the outcome from the funding review the Insolvency Service has undertaken with the Department for Business, Innovation and Skills and HM Treasury and is to come into force in the shape of The Insolvency Proceedings (Fees) Order 2016 (SI 2016/692).
You will be pleased, I hope, to hear that in this blog I shall largely be steering the referendum itself a wide berth; this is not because the prospect of Brexit would not impact greatly on insolvency law and practice (it undoubtedly would) but because I have already blogged on that topic in March and issued press releases on it in so far as it affects business decision making under the R3 banner, but mainly
This blogpost was first published as an edited article in Business Magazine’s June 2016 edition (available here).
Directors at risk in the twilight zone
Short stories
Amendments to the Czech Insolvency Act 2016
Further to our updates in December and January, there has been a further development in relation to this case. The High Court heard the second adjourned hearing of the bankruptcy petition in relation to Glenn Maud.
The Court of Appeal has considered the High Court's previous refusal to lift the automatic stay imposed by Article 20 of the Cross-Border Insolvency Regulations 2006 ("Model Law").
The UK is a well-established jurisdiction for cross border insolvencies, both within the EU and the rest of the world. The main piece of EU legislation that governs this area of law is the EC Council Regulation 1346/2000 ("the Insolvency Regulation"). Ultimately, this legislation facilitates the recognition of insolvency proceedings that span multiple jurisdictions. The Insolvency Regulation sets out the correct jurisdiction in cross border situations and, crucially, makes it mandatory for Member States to recognise insolvency proceedings in other EU countries.
Saudi Arabia takes out $10 billion in bank loans
Further to our update in November 2014, there has been a further decision in relation to Fairfield Sentry Limited, the largest feeder fund that invested into the fraudulent Bernard L. Madoff Investment Securities.
The Companies Court has set out the requirements necessary to serve out of the jurisdiction under the Practice Direction on Insolvency Proceedings.