Shining a light on the GDPR—is the insolvency profession prepared?

Shining a light on the GDPR—is the insolvency profession prepared?
The GDPR will become immediately effective in the UK on 25 May 2018. Paul Muscutt and Ann LaFrance, partners at Squire Patton Boggs (UK) LLP discuss the GDPR from the perspective of the insolvency practitioner and what needs to be done to ensure compliance.

What is the GDPR?

The General Data Protection Regulation (GDPR) is an EU Regulation designed to strengthen and harmonise data protection rules for processing data of all individuals within the EU and covers the transfer of such personal data outside the EU. One of the aims of the new legislation is to give control back to individuals over their personal data by establishing new rights for individuals in relation to their data and imposing more stringent obligations on companies that collect and process personal data.Notwithstanding Brexit, the UK government intends to incorporate the GDPR into UK law, overriding the Data Protection Act 1998

.  GDPR will become immediately effective in the UK on 25 May 2018. This News Analysis looks at the GDPR from the perspective of the insolvency practitioner and what you may need to do to ensure compliance.

Key features of GDPR relevant to insolvency practitioners (IPs)

  • strict obligations to maintain records of what personal data is collected, how it is used, processed and managed (including security measures) with limited exceptions to this rule
  • obligation to document compliance with GDPR
  • prescribed individuals' rights: to object to use of information; to access to data; to rectification and deletion (i.e the “right to be forgotten”)
  • requires mandatory reporting of data breaches (within 72 hours of detection)
  • data protection impact assessments required where collection and processing of data carries high risk
  • new obligations on “data proc

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About the author:
Eleanor qualified in 1998 into the insolvency team at ASB law. She became a partner in 2005, and went on to head up the Recovery & Insolvency team. Whilst traditionally specialising mainly in contentious corporate insolvency matters, in recent years she has moved into the non contentious arena, in particular specialising in company administrations.