FCA approach to compromises for regulated firms (5 July 2022)
The FCA has issued guidance on its approach to schemes of arrangement and other compromises for regulated firms (FG22/4). The guidance clarifies how the FCA approach compromises in line with its statutory objectives to protect consumers and the integrity of markets. The new guidance aims to help regulated firms and their advisers understand the FCA’s role, the information firms need to provide to the FCA and the factors the FCA will consider when assessing compromises and deciding if and what actions to take. View
The FCA has issued guidance on its approach to schemes of arrangement and other compromises for regulated firms (FG22/4). The guidance clarifies how the FCA approach compromises in line with its statutory objectives to protect consumers and the integrity of markets. The new guidance aims to help regulated firms and their advisers understand the FCA’s role, the information firms need to provide to the FCA and the factors the FCA will consider when assessing compromises and deciding if and what actions to take. View
BEIS clarification on the application of the NSIA 2021 to the creation of equitable charges over shares (17 May 2022)
Response from Department for Business, Energy and Industrial Strategy on the application of the NSI to the creation of an equitable charge over 25% or more of the shares in a company. View
Response from Department for Business, Energy and Industrial Strategy on the application of the NSI to the creation of an equitable charge over 25% or more of the shares in a company. View
FCA guidance for insolvency practitioners on how to approach regulated firms (12 May 2021)
The FCA has published its finalised guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms (FG21/4). The guidance aims to achieve better outcomes on firm failures by helping IPs to understand how to deal with regulated firms in line with the FCA’s expectations. View
The FCA has published its finalised guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms (FG21/4). The guidance aims to achieve better outcomes on firm failures by helping IPs to understand how to deal with regulated firms in line with the FCA’s expectations. View
Requirements for independent scrutiny of the disposal of assets in administration, including pre-pack sales (30 April 2021)
This guidance provides information about the requirement for independent scrutiny of disposals of company assets in an administration (a formal insolvency procedure). Specifically, disposals made within the first 8 weeks of administration to a party connected to the company (a ‘connected person’). View
This guidance provides information about the requirement for independent scrutiny of disposals of company assets in an administration (a formal insolvency procedure). Specifically, disposals made within the first 8 weeks of administration to a party connected to the company (a ‘connected person’). View
British Property Federation (BPF) - Restructuring Plans
The BPF offers firms in financial distress and members of the insolvency profession the opportunity to engage with them at an early stage on Restructuring Plan proposals. View
The BPF offers firms in financial distress and members of the insolvency profession the opportunity to engage with them at an early stage on Restructuring Plan proposals. View
HMRC - Secondary preferential creditor in insolvencies (corporate and personal)
From 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies ( corporate and personal ) . The provisions can be found within the Finance Act 2020 at page 79, Part 4, Miscellaneous and Final, Insolvency, HMRC debts: priority on insolvency. View
From 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies ( corporate and personal ) . The provisions can be found within the Finance Act 2020 at page 79, Part 4, Miscellaneous and Final, Insolvency, HMRC debts: priority on insolvency. View
British Property Federation (BPF) - Insolvency Engagement Document
"We set out below a statement of best-practice, which details how we expect to be engaged with on potential CVAs. As part of this guidance, we have provided a list of what the BPF believes to be the top 10 ‘red-flag’ clauses. We caution any prospective landlord voting on a proposed CVA to look out for these clauses and ask that Insolvency Practitioners consider whether they can be removed prior to a CVA being launched. Also included within this booklet is our standardised Non-Disclosure Agreement (NDA), which we expect all parties to sign prior to engagement in order to maintain confidentiality." View
"We set out below a statement of best-practice, which details how we expect to be engaged with on potential CVAs. As part of this guidance, we have provided a list of what the BPF believes to be the top 10 ‘red-flag’ clauses. We caution any prospective landlord voting on a proposed CVA to look out for these clauses and ask that Insolvency Practitioners consider whether they can be removed prior to a CVA being launched. Also included within this booklet is our standardised Non-Disclosure Agreement (NDA), which we expect all parties to sign prior to engagement in order to maintain confidentiality." View
British Property Federation (BPF) - CVA Briefing
The BPF briefing on CVAs sets out their primary concerns and proposed recommendations for Government, with a view to more transparency, oversight, effectiveness and clarity for creditors. View
The BPF briefing on CVAs sets out their primary concerns and proposed recommendations for Government, with a view to more transparency, oversight, effectiveness and clarity for creditors. View
Moratorium / Restructuring Plan - PPF notifications
How to submit information regarding moratoriums and restructuring plans View
How to submit information regarding moratoriums and restructuring plans View
Prescribed part increases to £800,000 from 6 April 2020 – in certain cases
Guidance on Prescribed Part increases to £800,000 from 6 April 2020. Applies in certain cases... View
Guidance on Prescribed Part increases to £800,000 from 6 April 2020. Applies in certain cases... View
Practice Direction relating to the Corporate Insolvency and Governance Act 2020
The practice direction provides directions on the contents of a winding-up petition, procedure in respect of filing, privacy, evidence and preliminary hearing. In addition, the direction confirms when moratorium documents are to be treated for filing purposes. View
The practice direction provides directions on the contents of a winding-up petition, procedure in respect of filing, privacy, evidence and preliminary hearing. In addition, the direction confirms when moratorium documents are to be treated for filing purposes. View
Moratorium – HMRC Insolvency Guidance
A guidance note from HMRC explains that all notifications of a moratorium and subsequent contact regarding the moratorium are to be directed to a designated office. View
A guidance note from HMRC explains that all notifications of a moratorium and subsequent contact regarding the moratorium are to be directed to a designated office. View
Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006)
The purpose of this statement to enable issues concerning the jurisdiction of the court to sanction the scheme, the composition of classes of creditors and/or members and the convening of meetings to be identified and if appropriate resolved early in the proceedings. View
The purpose of this statement to enable issues concerning the jurisdiction of the court to sanction the scheme, the composition of classes of creditors and/or members and the convening of meetings to be identified and if appropriate resolved early in the proceedings. View
Moratorium - Guidance issued by The Pensions Regulator
Guidance has been issued by the TPR (The Pensions Regulator) for IPs on the requirement to notify it if an employer with a defined benefit pension scheme uses a moratorium to explore rescue and restructuring options. View
Guidance has been issued by the TPR (The Pensions Regulator) for IPs on the requirement to notify it if an employer with a defined benefit pension scheme uses a moratorium to explore rescue and restructuring options. View
Corporate Insolvency and Governance Bill 2020: Factsheets
An explanation of each of the measures in the Corporate Insolvency and Governance Bill 2020. View
An explanation of each of the measures in the Corporate Insolvency and Governance Bill 2020. View
Moratorium - Guidance for monitors
Insolvency Service - "This guidance is intended to assist insolvency practitioners by setting out the principal duties and actions required of the monitor." View
Insolvency Service - "This guidance is intended to assist insolvency practitioners by setting out the principal duties and actions required of the monitor." View
Moratorium - Companies House forms
Moratorium forms in accordance with the Corporate Insolvency and Governance Act 2020. View
Moratorium forms in accordance with the Corporate Insolvency and Governance Act 2020. View
Further Information & Articles
