Insolvency Practitioners’ duties under the PSC regime
Produced in partnership with Paul Sidle of Linklaters , Richard Bussell of Linklaters and Rebecca Jarvis of Linklaters

The following Restructuring & Insolvency practice note produced in partnership with Paul Sidle of Linklaters, Richard Bussell of Linklaters and Rebecca Jarvis of Linklaters provides comprehensive and up to date legal information covering:

  • Insolvency Practitioners’ duties under the PSC regime
  • How the PSC regime might affect IPs
  • Scenario 1: You are appointed over a UK company obliged to maintain a PSC register. Do you need to go on its PSC register?
  • Scenario 2: You are appointed over a UK company obliged to maintain a PSC register. Do you or the company still need to comply with the information gathering requirements of the PSC regime?
  • Scenario 3: You are appointed over a UK company which is a PSC on another UK company’s PSC register. Do you or the company need to notify it of any information?
  • Scenario 4: You are looking to carry out a share sale pre-pack of a UK company subject to the PSC regime. Does the PSC regime matter?
  • Scenario 5: You want to make a distribution to shareholders but the shares are subject to a restrictions notice. What can you do?
  • Overall assessment of the PSC regime for IPs

Insolvency Practitioners’ duties under the PSC regime

As part of the government’s ongoing drive to improve corporate transparency and tackle corruption, the UK became the first G20 country to establish a publicly accessible central registry aimed at showing who really pulls the strings behind UK companies. Effective from 6 April 2016, Part 21A of the Companies Act 2006 (CA 2006) requires most unlisted UK companies to maintain a register of its people having 'significant control' or 'PSCs'. For further details on the PSC register generally, see Practice Note: PSC Register for companies—who are people with significant control?. The PSC regime applies to UK incorporated companies limited by shares or guarantee (including community interest companies), Limited Liability Partnerships (LLPs), unlimited companies, unregistered companies, companies listed on prescribed markets (such as AIM or the NEXExchange Growth Market), Societas Europaea (European public limited liability companies) and eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships) (see Practice Note: PSC Register for LLPs—steps to be taken and completion of the register).

CORONAVIRUS (COVID-19) IMPACT: This content is affected by the Companies etc (Filing Requirements) (Temporary Modifications) Regulations 2020, SI 2020/645, which came into force on 27 June 2020 and expire on 5 April 2021, which extend the period for filing documentation at Companies House. Further information is detailed below.

BREXIT IMPACT: The availability of the Societas Europaea (SE) in

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