During the previous UK government’s tenure, in March 2015 a call for evidence was launched to understand better the employee consultation process when an employer faces insolvency, restructure or other form of company rescue (Call for Evidence on Collective Redundancy Consultation for Employers facing Insolvency).
The call for evidence sought views on the following areas:
Dealing with subject access requests (“SAR”s) under the Data Protection Act 1998 is becoming a regular occurrence for many organisations, particularly banks and their advisors. Processing such requests can take up significant manpower and the costs can be substantial. Whilst designed to allow individuals to access personal data, determine its source, why it is held and who it is shared with, in reality SARs are frequently being used as a fishing exercise for prospective litigation and complaints against institutions such as banks. The recent case of
Tomorrow the UK voting public goes to the polls to select the next government but do the Great British Public realise the effect of their decisions for Cross Border Restructurings and Business Reorganisation across the EU?
What does the crystal ball show regarding developments in the UK restructuring world in 2015?
1. Who will prosper: insolvency litigators or rogue directors?
It is a fact of life that whatever goes up will normally come back down (but not necessarily vice versa). Nowhere is this more keenly felt than in the world of British football, where those clubs that just about stay in the Premier League reap riches that would be the envy of Plutus, Ancient Greek god of wealth, and those that drop out face a desperate chase for money simply to stay afloat.
On 6 April 2010 a second wave of major changes to the UK Insolvency Rules 1986 (the Rules) came into force.
At the end of 2006 a decision of the Court of Appeal in Churchill v First Independent Factors and Finance Limited (Churchill) caused consternation among those involved in the management of insolvent companies who are also involved in the management of the company that acquires the whole or a substantial part of the insolvent business.
Due to the introduction of new tax legislation on 6th April 2016, distributions made to shareholders of companies undergoing Members’ Voluntary Liquidation (MVL) are now treated as income (rather than capital) and are taxed accordingly.
The director at the heart of the Carrington Wire pension fund deficit saga has been disqualified for a period of 12 years.
Background
Latest Lehman judgment reassures end users on Close-out Rights
It is undeniable that the legal complexities, and unprecedented facts, of the long running Lehman Brothers saga have generated a wealth of legal principal, most notably through the Waterfall series of litigation.