The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
Before the hearing of the creditors' bankruptcy petition takes place, there are a number of steps that must be taken to comply with the procedural requirements set out in the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) and Practice Direction on Insolvency Proceedings (PDIP), including those that may be taken by the debtor or any other creditor if they wish to formally engage in the creditors' bankruptcy petition process.
This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union.
For cross-border insolvency, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 were introduced and made on 30 January 2019 to address the deficiencies arising as a result of the withdrawal of the UK from the EU by amending legislation, including EU-derived domestic legislation and directly effective EU legislation/rights that the UK plans to retain in domestic law after exit.
This legislation is partly in force from 31 January 2019 (some Northern Ireland provisions) and fully in force on exit day (as defined in section 20(1)–(5) of the European Union (Withdrawal) Act 2018 (EU(W)A 2018)). For further details, see: LNB News 04/02/2019 73.
The main aim is to address deficiencies in the relevant retained EU law, in particular the Recast Regulation
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