Practice Direction on Insolvency Proceedings
Practice Direction on Insolvency Proceedings

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Practice Direction on Insolvency Proceedings
  • Brexit impact
  • PDIP latest version
  • Summary of the PDIP
  • Part One: general—PDIP, paras 1 to 7
  • Part two: company insolvency—PDIP, paras 8 to 10
  • Part three: personal insolvency—PDIP, paras 11 to 16
  • Part four: appeals—PDIP, paras 17–19
  • Part five: Financial Markets Regulations—PDIP, para 20
  • Part six: applications relating to the remuneration of office-holders—PDIP, para 21
  • more

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.

The Civil Jurisdiction and Judgments (Hague Convention on Choice of Court Agreements 2005) (EU Exit) Regulations 2018, SI 2018/1124 have an impact. For further details, see Practice Note: No deal Brexit—jurisdiction (the Hague Convention on Choice of Court Agreements).

PDIP latest version

The latest version of the Practice Direction on Insolvency Proceedings (PDIP) came into force on 4 July 2018—see PDIP, para 2.1, and News: Updated Insolvency Proceedings Practice Direction (LNB News 05/07/2018 98) and News Analysis: Revised Practice Direction on Insolvency Proceedings comes into force. This replaced the version published on 25 April 2018, having made a few revisions to the April 2018