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HMG’s announcement of the effect of a no deal Brexit on insolvency

HMG’s announcement on the impact of a no-deal Brexit on cross-border insolvency is two paragraphs long. The first paragraph says:        ‘The majority of the Insolvency Regulation, which covers the jurisdictional rules, applicable law and recognition of cross-border insolvency proceedings, would be repealed in all parts of the UK. We would retain the EU rules that provide for the UK courts to have jurisdiction where a company or individual is based in the UK, and the law will ensure that insolvency proceedings can continue to be opened in those circumstances. But after exit, the EU Insolvency Regulation tests would no longer restrict the opening of proceedings and so it would also be possible to open insolvency proceedings under any of the tests set out in our domestic UK law, regardless of whether (or where) the debtor is based elsewhere in Europe.’    The second paragraph… Read more


Preferential status for HMRC revisited

The Chancellor announced during the recent budget that from the 6th April 2020 certain debts owed to HMRC will be treated as secondary preferential debts, moving them up the order of priority and providing HMRC with a greater ability to recover taxes paid by employees and customers. The debts in… Read more


New Scottish Insolvency Rules

The long awaited new Scottish Insolvency Rules for Company Voluntary Arrangements and Administration (The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018) have recently been laid in Parliament today. The Rules are a negative SI which means they do not need active approval by Parliament and will automatically come… Read more


New Insolvency Proposals

New Insolvency Proposals

The Government’s proposals for reforming the corporate insolvency and corporate governance landscape, published over the August bank holiday, will see the biggest changes to the UK’s insolvency landscape since the 2002 Enterprise Act. The proposals include new business rescue tools, procedures and measures to ensure greater director accountability. Highlights of… Read more


GDPR

GDPR

GDPR   Please note that pursuant to the introduction of the General Data Protection Regulations we have introduced a new Privacy Policy, the details of which are to be found on this website under the Resources tab. The GDPR forms part of the data protection regime in the… Read more


New Insolvency Practice Direction

New Insolvency Practice Direction

The new Insolvency Proceedings Practice Direction (the IPD) came into force on 25 April 2018. Attention is particularly drawn to: • paragraph 8.1, which clarifies paragraph 2.1 of the Electronic Practice Direction 51O regarding out-of-hours administration filings and CE File; and • paragraphs 9.3.3 and 12.4.2, which confirm that the… Read more


Alteration of Judicial Titles

Alteration of Judicial Titles

The Alteration of Judicial Titles (Registrar in Bankruptcy of the High Court) Order 2018 comes into force on 26 February 2018. The SI provides that the name of the office of “Registrar in Bankruptcy of the High Court” is changed to “Insolvency and Companies Court Judge”. Consequential amendments to existing… Read more