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
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
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
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