Retained Regulation on Insolvency meaning

Checklist (Archived) This Checklist sets out key checks for facility and security documentation after the Brexit implementation period. ARCHIVED: This Checklist has been archived and is not maintained. When that period ended, EU law was transposed into UK law as retained EU law under the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), in most cases with only minor adjustments. See Practice Note: Retained EU law and assimilated law. Read this alongside Practice Notes: Brexit—documentary implications for facility agreements [Archived] and Brexit—impact on finance transactions [Archived]. The focus is on documentary issues and it does not capture every potential consideration for finance transactions following the end of the implementation period. For a fuller overview, see Practice Notes: What does IP completion day mean for lending lawyers? [Archived] and Brexit—impact on finance transactions [Archived]. Loss of passporting rights Issue: Loss of passporting rights Question: There is an EU27 borrower under the facilities agreement. What steps should be...

In this issue: Key R&I law developments Restructuring Personal insolvency Directors and insolvency Insolvency litigation Financial institutions Daily and weekly news alerts Key dates for restructuring and insolvency professionals Key R&I law developments R3 announces appointment of new president to lead insolvency and restructuring body The Association of Business Recovery Professionals (R3) has named Tom Russell, a licensed insolvency practitioner and director at James Cowper Kreston, as its next president. His tenure begins as the government prepares reviews of insolvency regulation and the personal insolvency framework. His priorities include growing membership, harnessing technology, strengthening stakeholder engagement, showcasing the profession’s value, and supporting career progression, all against mounting economic headwinds for UK businesses and consumers. See: LNB News 29/04/2025 30. FCA updates guidance for insolvency practitioners on approach to insolvencies of regulated firms The FCA has refreshed its non-Handbook guidance for IPs on handling insolvencies of regulated firms. Finalised guidance FG25/2 follows the March...

In this issue: Brexit and tax Companies and corporation tax Employment taxes VAT Taxes management and litigation International Daily and weekly news alerts Dates for your diary Trackers New and updated content Useful information Brexit and tax DBT publishes Retained EU Law (REUL) parliamentary report The Department for Business and Trade (DBT) has issued the parliamentary report on Retained EU Law (REUL) covering June 2023 to December 2023. It outlines the government’s progress in repealing and reshaping REUL, alongside proposals for future revocations and reforms. DBT confirms this is the first in a biannual series to be released until June 2026. The document begins by describing the three pillars of the Smarter Regulation programme and the place of REUL reform within it. These are: cutting regulatory burdens and future‑proofing the UK’s rules; making regulation a last resort; and ensuring an effective regulatory landscape. It then summarises figures from the updated REUL Dashboard,...

Restructuring & Insolvency weekly highlights—25 January 2024 In this issue: Key R&I law developments Restructuring Corporate insolvency processes Directors and insolvency Insolvency litigation Property insolvency Insurance and insolvency R&I in Scotland Daily and weekly news alerts Key dates for R&I professionals New and updated content Key R&I law developments Companies House announces change to company law expected 4 March 2024 Companies House has indicated it plans to implement changes to company law under the Economic Crime and Corporate Transparency Act 2023. Timing depends on parliamentary scheduling and will not be before 4 March 2024. The initial package will bring powers to question information and request evidence, tougher checks on company names, new rules for registered office addresses, a duty to provide a registered email address, and a confirmation on incorporation that the company is formed for a lawful purpose. It will also allow the register to be annotated where entries appear...

Different definitions of COMI The expression 'centre of main interests' (COMI) is common in cross-border restructuring and, across the regimes below, (i) is defined in slightly different ways and (ii) results in different consequences: Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), the Recast Regulation on Insolvency (EU Recast Regulation on Insolvency) operating between Member States (see Practice Note: Recast Regulation on Insolvency as between Member States-main, secondary and territorial proceedings) (and as it used to apply to the UK pre-Brexit), where COMI determines which courts may commence 'main proceedings'. The Assimilated Regulation (EU) 2015/848 (Assimilated Recast Regulation on Insolvency) (previously called the Retained Recast Regulation on Insolvency) as it applies to the UK post-Brexit, where COMI identifies which courts can commence 'COMI proceedings' (see further discussion of effects below). The UNCITRAL Model Law on cross-border insolvency (see Practice Note: How courts determine COMI under the UNCITRAL Model Law (and when an Establishment is enough)), where COMI is useful in cross-border recognition matters to...

ARCHIVED : This archived Practice Note examined the consequences of the UK's withdrawal from the EU at the close of the implementation period on 31 December 2020. It sets out the position for proceedings in the sphere of civil and commercial matters. It reviews the operation in the UK of EU law and international conventions, and signposts core considerations when dealing with: applicable law jurisdiction service of documents taking of evidence mediation cross-border process recognition and enforcement of judgments It is also essential to recognise that the ramifications are not confined to EU Member States. They extend to the other contracting states to the Lugano Convention 2007 (Iceland, Norway and Switzerland) and, in certain situations, to contracting states to the Hague Convention on Choice of Court Agreements (Mexico, Montenegro and Singapore). This Practice Note considers the position in relation to proceedings involving civil and commercial matters. Distinct rules apply to other categories of proceedings, eg...

Application and purpose of the client money distribution and transfer rules The client money distribution framework was overhauled on 1 January 2013 to meet the requirements of articles 39 and 48 of the EU European Market Infrastructure Regulation (Regulation (EU) No 648/2012, OJ L 201, 27.7.2012) (EU EMIR). Following the UK’s departure from the EU, this legislation was kept as the retained European Market Infrastructure Regulation (UK EMIR) (see Impact of Brexit on CASS and the FCA’s powers and requirements below). Subsequent modifications were introduced in July 2013 through policy statement PS14/9: Review of the client assets regime for investment business, implementing consequential revisions to the client money distribution provisions prompted by the extensive range of proposed amendments to the client money rules set out in PS14/9. Material further changes were made in July 2017 via policy statement PS17/18: CASS 7A and the special administration regime review. For further detail on these developments, see Changes to speed up the return of client money on insolvency...