On 24th September 202, faced with the onset of a second wave of COVID-19, the Government laid before Parliament the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020. These new regulations came into force on 29 September 2020.
The courts tend to follow a strict line to ensure that correct procedures are complied with in respect of service of documents. Two recent cases emphasis that approach.
On 3 July 2020, a new Insolvency Practice Direction relating to the Corporate Insolvency and Governance Act came into force (CIGAPD). In this bulletin we consider some of the directions provided by the CIGAPD in relation to winding-up petitions.
A de facto director is someone who acts as a director but is not formally appointed as such and is not registered as a director at Companies House. A shadow director is also not formally appointed or registered, but is someone in accordance with whose directions the directors of a company are accustomed to act. [...]
Link: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&partnerref=2&eventid=2449780&sessionid=1&key=8582D43BB40F8F66280CFDF200245649®Tag=&sourcepage=register Summary Event Timings: BST: 2pm - 3pm EDT: 9am - 10am It has now been over 2 years since GDPR came into effect. As most will now know, these regulations have dramatically increased the onus on organisations to take a proactive approach to data protection compliance and reduce risk around the way they [...]
The Corporate Insolvency and Governance Bill is supported by the courts in recent decisions on winding up petitions Two interesting applications, both involving winding-up petitions, have been heard this month. The judicial rulings, in both cases, supported the provisions of the Corporate and Insolvency Governance Bill (“the CIGB”). As detailed in our May bulletin the [...]
What is Corporate Insolvency? A company is insolvent if it is unable to pay its debts as they fall due (cash-flow insolvency), or has liabilities which exceed its assets (balance–sheet insolvency). The Corporate Insolvency and Governance Bill 2020 These are challenging times for businesses and directors. Amidst the Coronavirus pandemic, there are immense financial pressures [...]
With the United Kingdom shortly to leave the European Union on 31 January 2020, it is worth noting that nothing will change in the short term in respect of the Recast Insolvency Regulation (Regulation 2015/848) which will continue to apply to all member states of the EU (with the exception of Denmark) in relation to [...]
It has been quite a while since the introduction of Compensation Orders within the disqualification regime. To date, things have been quiet as regards to the courts making such Orders. Silent in fact. Of course, the misconduct must have occurred post 01 October 2015 and the time lags for full investigation prior to litigation - [...]
A very recent judgement, handed down on 30 October 2019, has provided further clarification as to the Court’s view of the viability of Employee Benefit Trust Schemes (“EBT’s”). It will also provide further encouragement for liquidators who may have been cautious over litigating in such matters. As you will be well aware, in 2017, in [...]
