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    The Draft Pre-Pack Regs: A tick box exercise?
    2021-03-02

    The Government is attempting to shackle transfers to connected parties by way of pre-pack Administration.

    The new draft 'Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021', published 24 February (Draft Regulations), are designed to further increase transparency for the wider stakeholder body in connection with pre-packaged Administration business and asset sales to management, sponsors and other connected parties.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Addleshaw Goddard LLP
    Authors:
    Fraser Ritson , Seán McGuinness
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    The Covid-19 impact - insolvent businesses and what happens to third-party claimants?
    2021-02-26

    The Covid-19 pandemic has had a severe impact on the economy. This has given rise to an increasing number of claimants with claims against insolvent businesses.

    In these circumstances, a third-party claimant would usually notify the company’s insolvency practitioner of its claim. The claimant is then required to pursue its recovery as part of the insolvency process alongside other creditors.

    The Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act)1

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, HFW, Coronavirus
    Authors:
    Alice Hunnings , Costas Frangeskides , Alex Walley
    Location:
    United Kingdom
    Firm:
    HFW
    There is a light and it never goes out
    2021-02-26

    How the night time industries could make it through the last months of lockdown

    In his address to the nation on Monday afternoon, the Prime Minister set out the government’s roadmap for cautiously easing lockdown restrictions in England. He shared the latest data on infection rates, hospitalisations and deaths, as well as early data showing the efficacy of vaccines.

    The roadmap for leaving lockdown, which was published on gov.uk on Monday, seeks to balance health, economic and social factors with the very latest epidemiological data and advice.

    Filed under:
    United Kingdom, Healthcare & Life Sciences, Insolvency & Restructuring, Leisure & Tourism, Litigation, Public, Addleshaw Goddard LLP, Coronavirus, Financial Conduct Authority (UK), Pfizer
    Authors:
    Max Judge , Fraser Ritson
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Changes in 2021 for the UK Restructuring and Insolvency Market - Part 2
    2021-02-25

    Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies.

    We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will publish the final part of this series next week.

    Company Voluntary Arrangements – the continued evolution of the CVA

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, HM Revenue and Customs (UK), House of Lords
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Impact of Brexit on applicable law in cross-border insolvencies
    2021-02-25

    From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to apply in the UK. As a result:

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Public, Herbert Smith Freehills LLP, Brexit, UNCITRAL
    Authors:
    John Whiteoak , Kevin Pullen , John Chetwood , Andrew Cooke
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Schemes and Restructuring Plans: Challenging Times?
    2021-02-23

    The economic impact of the COVID-19 pandemic led to a wave of creditor schemes of arrangement ("schemes") and restructuring plans ("RPs") in the second half of 2020, which shows no sign of abating in 2021. For the uninitiated, the scheme (a long-established tool) and the newer RP process are court led UK restructuring options that a company can use to bind a minority of creditors into a restructuring. An RP can also be used to "cram down" an entire dissenting creditor class into a deal where certain conditions are met.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, White & Case, Brexit, Coronavirus
    Authors:
    Ian Wallace , Ben Davies , Morvyn Radlow , Will Stoner
    Location:
    European Union, United Kingdom
    Firm:
    White & Case
    Gategroup: Planning and scheming - are super schemes actually insolvency proceedings?
    2021-02-23

    The new Part 26A Companies Act Restructuring Plan procedure, dubbed the “Super Scheme”, (summarised here) was gathering pace in the English courts since its introduction in June last year. Last week’s judgment in gategroup presents a potential speed bump in terms of its implementation as the restructuring tool of choice in European cross-border restructurings.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, DLA Piper, Coronavirus
    Authors:
    David Ampaw , Jared Green
    Location:
    European Union, United Kingdom
    Firm:
    DLA Piper
    Pensions and insolvency: what insolvency practitioners need to know about criminal liability
    2021-02-24

    The Pension Schemes Act 2021 (the Act) introduces new criminal offences which could potentially capture actions taken by anyone involved in planning and advising on corporate restructuring and insolvency, including insolvency practitioners and turnaround professionals, as well as (potentially) financiers and other stakeholders.  The Act received Royal Assent in February, and is expected to come into force by the autumn of 2021.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, TLT LLP
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Cross-border Insolvencies Obtaining Recognition of an English Administration Appointment in an EU Member State
    2021-02-22

    The UK left the European Union (EU) on 31 January 2020 and the transition period in which EU rules continued to apply ended on 31 December 2020. As such, for insolvency proceedings opened in England after 31 December 2020, they will no longer benefit from automatic recognition in an EU member state.

    Therefore, insolvency practitioners (IP) of a company with multijurisdictional operations or assets will be required to make an application in the relevant EU jurisdiction to have proceedings recognised in that jurisdiction.

    Filed under:
    European Union, Global, United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Power of attorney
    Location:
    European Union, Global, United Kingdom
    Firm:
    Squire Patton Boggs
    New Requirements for witness Statements
    2021-02-22

    From 6 April 2021, a new regime for witness statements in the Business and Property Courts will come into force. Practice Direction 57AC will introduce significantly tighter requirements that will apply to all trial witness statements signed on or after 6 April 2021, including those in claims that have already been issued.

    Purpose of the new regime

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, 3 Hare Court, Companies Act 2006 (UK), Insolvency Act 1986 (UK)
    Authors:
    Natasha Jackson
    Location:
    United Kingdom
    Firm:
    3 Hare Court

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