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UK Insolvency Reform – Evaluating Pre-Pack Sales to a Connected Person

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

4/21/2021  /  Creditors , Directors , Insolvency , Restructuring , UK

COVID-19: UK Restructuring and Insolvency Update - July 2021 Is the Month to Watch

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

COVID 19: UK Insolvency Reform – Crown Preference Returns From 1 December 2020

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

11/18/2020  /  Borrowers , Creditors , HMRC , Insolvency , Lenders , Restructuring , UK

COVID-19: UK Insolvency Reform - Standardising Company Voluntary Arrrangement Proposals

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

COVID-19: UK Insolvency Reform - Scrutiny of Administration Pre-Pack Sales

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

New EU Restructuring Directive: Harmony in Troubled Times

Introduction - Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission...more

Important UK Restructuring and Insolvency Changes Announced

The UK government announced on 26 August 2018 that it will legislate to change aspects of the UK restructuring and insolvency systems. The reforms are a response to recent high-profile domestic corporate insolvencies and the...more

9/5/2018  /  Directors , Insolvency , Restructuring , UK
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