The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a...more
2/23/2024
/ Corporate Restructuring ,
Cramdown ,
Creditors ,
Debt Restructuring ,
Equity ,
Financial Distress ,
Insolvency ,
Scheme of Arrangement ,
Statements of Economic Interest ,
UK ,
UK Companies Acts
On 2 August 2023, the Register of Overseas Entities (ROE) update process went live. UK Companies House issued guidance on the requirements overseas entities will have to adhere to in their annual update of the ROE. Our...more
Executive Summary - The UK National Security and Investment Act (the Act) came into force on 4 January 2022, and applies to transactions that completed as of 11 November 2020. The Act is designed to govern arrangements that...more
The UK Supreme Court has delivered its long awaited judgment in BTI v Sequana. It considers if and when directors of a financially distressed company incorporated in England and Wales have a duty to consider, or to act in...more
This note was originally published on Practical Law. It looks at how Islamic finance is adopting environmental, social, and governance (ESG) standards to produce hybrid Sharia-compliant ESG products. In particular it sets out...more
Summary We have previously informed you about the new Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA). During the summer (12 July 2022), the government announced that the new Register of Overseas Entities...more
The invasion of Ukraine by Russia has pushed forward a wider government agenda to encourage transparency in relation to how overseas entities own UK real estate. We first reported many years ago on the details of the...more
3/25/2022
/ Beneficial Owner ,
Foreign Investment ,
Land Registries ,
New Legislation ,
Person with Significant Control (PSC Register) ,
Real Estate Investments ,
Real Estate Market ,
Russia ,
Transparency ,
UK ,
Ukraine
The UK Government has recently introduced the Economic Crime (Transparency and Enforcement) Bill 2022 (the Bill). Amongst other objectives, the Bill proposes the setting up of a register of overseas entities and their...more
3/8/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Choice of Entity ,
Financial Crimes ,
Foreign Ownership ,
Foreign-Owned Corporations ,
Land Registries ,
Property Owners ,
Real Estate Investments ,
Real Estate Transactions ,
Registration Requirement ,
Shareholders ,
Transparency ,
UK
From 15 February 2022, the UK Insolvency Service is granted new powers to investigate and disqualify or prosecute directors of dissolved UK companies. The Rating (Coronavirus) and Directors Disqualification (Dissolved...more
INTRODUCTION - The UK insolvency profession is relatively small and highly specialised. In the region of 1,570 professionally qualified Insolvency Practitioners are authorised under the Insolvency Act 1986 to act as...more
The UK government has announced that temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect...more
EXECUTIVE SUMMARY - On 26 April 2021, draft Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will introduce a new special administration...more
EXECUTIVE SUMMARY - A Pre-Pack Sale is the sale of all or substantially all of an English company’s assets to a third-party purchaser immediately or shortly after the distressed company goes into a UK rescue procedure called...more
The UK government has extended its suspension of various rules and procedures affecting distressed businesses as a result of the coronavirus (COVID-19) pandemic. However, with the UK lockdown easing on a rolling basis up to...more
Lavish “speaker programs” sponsored by pharmaceutical and medical-device companies may soon be a thing of the past—and not just because of the COVID-19 pandemic. In a 16 November 2020 Special Fraud Alert (Alert) issued by the...more
EXECUTIVE SUMMARY - On a UK company’s insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying...more
EXECUTIVE SUMMARY - R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdom’s insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company...more
EXECUTIVE SUMMARY - On 8 October 2020, the UK Government's Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft...more
The United Kingdom Department for Business, Energy and Industrial Strategy has announced that certain temporary measures put in place under the Corporate Insolvency and Governance Act 2020 (CIGA), which became law on 26 June...more
Executive Summary - New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime....more
SUMMARY AND KEY TAKEAWAYS - Light touch administration is intended to allow Administration to be used as a true rescue tool in a manner similar to Chapter 11 in the United States. Administrators appoint the incumbent board to...more
The UK Government announced on Saturday 28 March 2020 that it intends to amend UK insolvency law to suspend the offence of wrongful trading by directors of UK companies and to give UK companies the breathing space to allow...more
On 2 April 2019, the European Commission announced the launch of the European Forum for Innovation Facilitators (“EFIF”). The EFIF will serve as a joint platform designed to foster collaboration and experience sharing among...more
In a consultation issued by the UK tax authority, HM Revenue & Customs (HMRC), on 26 February 2019, a change in the order of asset distribution in the insolvency of UK companies has been proposed. The amendments would newly...more
Rain, a cryptocurrency exchange in Bahrain has received a Shari’a compliance certification from Shariyah Review Bureau (SRB). SRB is licensed by the Central Bank of Bahrain as a Shari’a advisory firm authorised to issue...more