The following Restructuring & Insolvency guidance note Produced in partnership with Martha Maher retired barrister of St John’s Chambers provides comprehensive and up to date legal information covering:
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.
For preferential debts of credit institutions, the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 was made on 20 December 2018 to address the deficiencies which arise from the withdrawal of the UK from the EU by amending legislation including Schedule 6 to the Insolvency Act 1986 (IA 1986) (preferential debts, Category 8: other deposits).
The main impact is to amend IA 1986, Sch 6 to:
replace ‘non-EEA’ with ‘non-UK’ (in IA 1986, Sch 6 para 15 BB(a))
replace ‘an EEA state’ with ‘the United Kingdom’ (in IA 1986, Sch 6 para 15 BB(a))
replace ‘an EEA’ with ‘a
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