The following Restructuring & Insolvency practice note produced in partnership with Tim Cooper of Addleshaw Goddard provides comprehensive and up to date legal information covering:
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview and News Analysis: The Coronavirus (Scotland) (No 2) Bill—impact on restructuring and insolvency.
Regulations to extend both Scottish Coronavirus Acts for a further six months have been approved by the Scottish Parliament. This means that the provisions in Part 1 of both Scottish Acts, subject to certain exceptions deemed no longer necessary, will now expire on 31 March 2021.
The Insolvency (Scotland) (Company Voluntary Arrangement and Administration) Rules 2018 (ISCVAAR 2018), SI 2018/1082 were laid before the UK Parliament on 15 October 2018 and are in force from 6 April 2019.
The Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (ISRWR 2018), SSI 2018/347 were laid before the Scottish Parliament on 14 November 2018 and are in force from 6 April 2019.
The reason for two sets of rules reflects the devolved settlement and respective responsibilities of the Scottish and UK parliaments for corporate insolvency processes. Accordingly, certain parts of each set of rules are mirrored and reference to the both sets of rules is given where parts and rules are in common.
The ISCVAAR 2018, SI 2018/1082 and the ISRWR 2018, SSI 2018/347 are intended to
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