The following Restructuring & Insolvency practice note Produced in partnership with Francesca Fellowes, Emma Garner and Helen Kavanagh of Squire Patton Boggs provides comprehensive and up to date legal information covering:
ARCHIVED: This archived Practice Note provides information on the data protection regime before 25 May 2018 and reflects the position under the Data Protection Act 1998 (DPA 1998). This Practice Note is for background information only and is not maintained.
The Data Protection Act 1998 (DPA 1998) regulates the use of personal data.
Personal data is data that relates to a living individual who can be identified from that data, or from that data and other information, which is in the possession of, or is likely to come into the possession of, a data controller. It includes, but is not limited to, any expression of opinion about the individual and any indication of the intentions of a data controller or any other person in respect of the individual.
Examples of personal data which an insolvency practitioner dealing with the assets of an insolvent company may come across include employee records held by the insolvent company, customer lists, supplier contact information and individual creditor details.
In relation to insolvency practitioners’ own practice, personal data processed will include records relating to the directors of the companies in respect of which they are appointed, lists of debtors, list of creditors and the dividend distribution to the creditors.
The DPA 1998 is based around the following eight principles of ‘good information handling’ which give individuals
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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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