The following Restructuring & Insolvency practice note Produced in partnership with Richard Bowles provides comprehensive and up to date legal information covering:
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?
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April 2017.
The previous rules provided for decisions to be made at meetings. The new rules have tried to limit the number of meetings called, and now make clear that where a decision is to be made by either a qualifying decision procedure, a creditors’ decision procedure or a deemed consent procedure, then the rules set out in IR 2016, Pt 15 apply.
Meetings have not been abolished entirely, however they now only occur on request by the relevant proportion of creditors (IR 2016, SI 2016/1024, r 15.6). The relevant proportion is 90% (sections 246ZE and 379ZA of the Insolvency Act 1986 (IA 1986)).
For further information on the changes found in IR 2016, pt 15, see Practice Notes: The Insolvency
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