Insolvency of insurers
Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Insolvency of insurers

The following Restructuring & Insolvency practice note Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner provides comprehensive and up to date legal information covering:

  • Insolvency of insurers
  • Brexit impact
  • Applicable legislation
  • Insolvency procedures available to an insolvent insurance company
  • Liquidation
  • Administration
  • Company voluntary arrangements
  • Appointment of a provisional liquidator
  • Scheme of arrangement
  • Reasons for insolvency
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for R&I?

Brexit impact

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 the impact on insurers, see Practice Note: Brexit—impact on insolvent insurers and News Analysis: Brexit—exploring the draft Credit Institutions and Insurance Undertakings Regulations 2018 and redlines

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