On September 16, HM Treasury published its third consultation on new insolvency arrangements for investment firms. The consultation sets out the government’s final proposals for a special administration regime (SAR) for investment firms.
On 31 March 2010, the UK Insolvency Service released a new consultation paper entitled "improving the transparency of, and confidence in, pre-packaged sales in administrations.
Two documents on winding up procedures have recently been released for consultation. The first is a joint statement by the Pensions Regulator, the Pension Protection Fund and the DWP in respect of the Financial Assistance Scheme on the regulation of schemes in wind up and in a PPF assessment period. The second is a set of good practice guidelines from the Pensions Regulator on avoiding delays in the winding up of schemes.
This article has been contributed to the blog by Patrick Riesterer. Patrick Riesterer is an associate in the insolvency and restructuring group of Osler, Hoskin & Harcourt LLP.
NORTH OF THE BORDER UPDATE
On 16 December 2010, HM Treasury published a revised draft of the Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (SI 2010/2993) (the “Amending Regulations”).
HM Treasury has published a consultation paper setting out tentative proposals for changes to resolution arrangements for investment banks.
The Insolvency Service (IS) has published a consultation paper on reforming debtor petition bankruptcy and early discharge from bankruptcy. The proposed reforms, which are aimed at speeding up the procedure and lowering costs, are to:
This edition of Global Insight comes to you shortly after the United Kingdom voted to leave the European Union.
Yesterday, the United Kingdom’s Commercial Secretary to the Treasury launched a consultation on a new special-resolution regime, Special administration regime for investment firms, to strengthen the government’s ability to handle future insolvencies of failing investment banks to minimize cost and disruption of the overall national financial system.