Fulltext Search

What is likely to be proposed?
What is the likely impact of these proposals?


Following the finance minister's speech proposing the Union Budget 2022, Parliament is likely to consider further amendments to the Insolvency and Bankruptcy Code 2016 (IBC) in 2022.

We examine what impact the Court of Justice of the European Union decisions in Hampshire v PPF and PSV v Bauer will have on PPF compensation post-Brexit

Decision
Comment


Following several civil appeals, the Supreme Court has decided in its final order and judgment dated 13 September 2021 (the judgment) whether a resolution plan that has already been approved by the requisite majority of the committee of creditors (CoC) and that is pending the approval of the adjudicating authority can be modified or withdrawn by a resolution applicant under the Insolvency and Bankruptcy Code 2016 (the Code).

Background

The Corporate Insolvency and Governance Act 2020 (CIGA) came into force on 26 June 2020.

Schedule 10 of CIGA restricted the presentation of debt-related winding-up petitions where a company cannot pay its bills (including rent) due to COVID-19 in Great Britain.

These restrictions were initially due to end on 30 September 2020, but have since been extended until 30 September 2021.

The Current Position