À la recherche du temps perdu (suite) – qu’en dirait La Fontaine ?
Brexit insolvency issues for trustees of pension schemes with overseas sponsors
You might remember that before 2016, in the world before the EU referendum (which did exist!), it was effectively not possible for the insolvency of an overseas sponsor of a UK pension scheme to trigger entry into the PPF unless the overseas sponsor had a branch or office (an “establishment”) in the UK (for legal geeks you might remember this was the issue discussed in the Olympic Airlines case which was heard by the Supreme Court in 2015).
On 26 August, the Government announced that it will be making changes to UK insolvency legislation. The changes are intended to support distressed companies and address issues highlighted by major company failures and include:
The new Insolvency Practice Direction 2016 has finally been given approval by the Lord Chancellor and came into force yesterday (25 April) bringing with it changes to reflect the new Insolvency Rules 2016 and recent changes to the CPR. The new practice direction replaces that of 2014 with immediate effect. Key changes include:
Will your business be financially viable at the end of lockdown? What challenges does 2021 pose? What are the next steps
An effective and well-equipped insolvency and restructuring regime gives confidence to investors and financiers, enabling credit to flow through to businesses and boost economic activity, growth and innovation.
In the final part of our predictions for 2021 for the UK insolvency market we look at pensions, the National Security and Investment Bill and cross border matters.
What is the GDPR?
Despite vaccines now being available, tough measures remain in place to deal with the ongoing COVID-19 pandemic, creating uncertainties for businesses and owners about what the future holds.
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