If an employer intends to make 20 or more employees redundant, at one establishment, within a 90-day period, they must notify the Secretary of State at least 30 days before the first dismissal, as per Section 193(2) of the Trade Union and Labour Relations (Consolidation) Act 1992 (“TULRCA”). Failure to adhere to this requirement is a criminal offence. This legislation has been of great concern to insolvency practitioners who are often dealing with companies in a precarious position and do not have the luxury of time to comply with Section 193(2) TULRCA.
On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:
ICC Judge Mullen’s decision in Sunset Ltd & Anor v Al-Hindi [2023] EWHC 2443 (Ch) emphasises the importance of ensuring the existence of a debt capable of forming the basis of a bankruptcy petition at the time of presentation.
The petition in this case was presented against Mr Al-Hindi by Sunset Limited and Morville Limited on 23 June 2022 based on his failure to comply with statutory demands dated 29 March 2022 claiming £248,750 said to be due by way of unpaid rent under leases of four London properties.
In Secretary of State for Business, Energy And Industrial Strategy v Barnsby [2022] EWHC 971 (Ch) ICC Judge Barber imposed a seven year disqualification period on the defendant arising out of his conduct as a director of Pure Zanzibar Ltd. Her latest judgment in the same case ([2023] EWHC 2284 (Ch)) deals with the Secretary of State’s claim for a compensation order under section 15A Company Directors Disqualification Act 1986.
In light of the European Commission’s recent proposal that an EU Directive be issued regulating insolvency and pre-pack proceedings, Romania’s insolvency and bankruptcy legal framework does not currently provide rules on pre-packs or on the preparation of a sale of a debtor's assets before insolvency proceedings are formally opened.
After more than two years of delay, preventive restructuring has finally become available to companies in financial difficulties in the Czech Republic. Czech companies can now seek to restructure their troubled businesses outside formal insolvency proceedings with the help of new rules specifically designed to keep their viable business operating and to prevent insolvency.
Currently, Ukrainian legislation does not provide for a separate “pre-pack proceeding” as outlined in the draft EU directive for harmonising insolvency law (“Directive Proposal”). However, selling a business is a legally feasible option under the Ukrainian Bankruptcy Code and related laws, both in a pre-bankruptcy phase and during bankruptcy proceeding.
In Poland, pre-pack insolvency sales have been available since 1 January 2016. The legal framework regulating pre-pack insolvency sales was introduced into Polish insolvency law as part of a major reform of insolvency legislation that was aimed at preserving the value carried by the assets of insolvent entities and to ensure higher satisfaction for creditors.
On 31 August 2023, the Romanian government passed emergency Government Ordinance (GEO 2023), which extends by 90 days the validity of the insurance policies issued by Euroins Romania Asigurare-Reasigurare S.A., which is now in bankruptcy. Prior to the issuance of GEO 2023, motor third liability insurance policies (MTPL) issued by Euroins Romania were due to expire on 8 September 2023 while the guarantee policies issued by this insurer were due to expire within 150 days after the opening of its bankruptcy procedure (i.e. 7 November 2023).
Substitution first, standing later- a decision of Chief ICC Judge Briggs regarding supporting creditors and substituting as petitioner