This archived Practice Note is a summary of the key legal developments that are expected to impact corporate lawyers during 2021 and beyond. It is reviewed and updated throughout the year. Coronavirus (COVID-19) will continue to be a significant issue throughout 2021. In the first instance it may be useful to refer to the Coronavirus (COVID-19)—legislation tracker [Archived] and Practice Note: Coronavirus (COVID-19)—key issues for Corporate lawyers. Other key developments to look out for during 2021 will continue to include those connected to Brexit. To track Brexit-related legislation, including statutory instruments, see the Brexit legislation tracker [Archived]. It may also be useful to refer to the Brexit collection and Brexit timeline [Archived]. To track legal and regulatory developments relating to other specific topics, see: • Corporate governance horizon scanning—2021 and beyond • National Security and Investment Bill—progress tracker • National Security and Investment regime—market practice tracker [Archived] • UK listing and prospectus regime reform—progress tracker • SPAC tracker • Dual class share structure tracker • Listing Rules tracker • Prospectus Regulation Rules tracker • UK Prospectus Regulation tracker • EU

ARCHIVED: This Practice Note has been archived and is not maintained. It is a summary of the key legal developments which were expected to impact corporate lawyers during 2022. It is for background information only. Coronavirus (COVID-19) will continue to be a significant issue throughout 2022. In the first instance it may be useful to refer to the Coronavirus (COVID-19)—legislation tracker [Archived] and Practice Note: Coronavirus (COVID-19)—key issues for Corporate lawyers. Other key developments to look out for during 2022 will continue to include those connected to Brexit. To track Brexit-related legislation, including statutory instruments, see the Brexit legislation tracker [Archived]. It may also be useful to refer to the Brexit collection and Brexit timeline [Archived]. To track legal and regulatory developments relating to other specific topics, see: • Corporate governance horizon scanning—2022 and beyond • National Security and Investment Bill—progress tracker • National Security and Investment regime—market practice tracker [Archived] • UK listing and prospectus regime reform—progress tracker • SPAC tracker • Dual class share structure tracker • Listing Rules tracker • Prospectus Regulation Rules tracker • UK Prospectus Regulation

ARCHIVED: This Practice Note has been archived and is not maintained. It gave a summary of the key legal developments which were expected to impact corporate lawyers during 2023. It is for background information only. Key developments to look out for during 2023 will continue to include those related to Brexit. To track Brexit-related legislation, including statutory instruments, see the Brexit legislation tracker [Archived]. It may also be useful to refer to the Brexit collection and Brexit timeline [Archived]. To track legal and regulatory developments relating to other specific topics, see: • Corporate governance horizon scanning—2023 and beyond • National Security and Investment Bill—progress tracker • UK listing and prospectus regime reform—progress tracker • SPAC tracker • Dual class share structure tracker • Listing Rules tracker • Prospectus Regulation Rules tracker • UK Prospectus Regulation tracker • EU Prospectus Regulation tracker (2001–2020) • Disclosure Guidance and Transparency Rules tracker, and • Transparency Directive tracker [Archived] • Market Abuse Regulation—timeline • Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived] • Coronavirus (COVID-19)—legislation tracker [Archived] • Coronavirus

ARCHIVED: This Practice Note has been archived and is not maintained. It gave a summary of the key legal developments which were expected to impact corporate lawyers during 2024. It is for background information only. To track legal and regulatory developments relating to other specific topics, see: • Corporate governance horizon scanning—2024 [Archived] • National Security and Investment Act—progress tracker • UK listing and prospectus regime reform—progress tracker • SPAC tracker • Dual class share structure tracker • UK Listing Rules tracker • Prospectus Regulation Rules tracker • UK Prospectus Regulation tracker • Disclosure Guidance and Transparency Rules tracker To track key cases relevant to corporate practitioners, see: • Case tracker—2024—Corporate [Archived] To track or identify market developments, see the Market Standards deal analysis tool. It contains over 5,000 public company deal summaries. In addition, in-depth analysis of recent trends in corporate practice can be found in the various Market Standards trend reports and our mini-trend and News Analysis pieces. For a look back at legal developments in previous years, see our archived horizon scanners

ARCHIVED: This Practice Note has been archived and is not maintained. It gives a summary of the key legal developments which were expected to impact corporate lawyers during 2025. It is for background information only. To track legal and regulatory developments relating to other specific topics, see: • National Security and Investment Act—progress tracker • UK listing and prospectus regime reform—progress tracker • SPAC tracker • Dual class share structure tracker • UK Listing Rules tracker • Prospectus Regulation Rules tracker • UK Prospectus Regulation tracker • EU Prospectus Regulation tracker (2001–2020) • Disclosure Guidance and Transparency Rules tracker • Transparency Directive tracker [Archived] • Market Abuse Regulation—timeline • Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived] To track key cases relevant to corporate practitioners, see: • Case tracker—2025—Corporate To track or identify market developments, see the Market Tracker deal analysis tool. It contains over 5,000 public company deal summaries. In addition, in-depth analysis of recent trends in corporate practice can be found in the various

This Practice Note is a summary of the key legal developments that are expected to impact corporate lawyers during 2026 and beyond. It provides all the important dates for your diary and is reviewed and updated throughout the year. To track legal and regulatory developments in relation to specific topics, see: • National Security and Investment Act—progress tracker • UK listing and prospectus regime reform—progress tracker • Dual class share structure tracker • UK Listing Rules tracker • EU Prospectus Regulation tracker (2001–2020) • Disclosure Guidance and Transparency Rules tracker, and • The Economic Crime and Corporate Transparency Act 2023 tracker To track key cases relevant to corporate practitioners, see: Case tracker—2026—Corporate and our archived case trackers in the Trackers and timelines subtopic. To track or identify market developments, see the Market Tracker deal analysis tool, which contains over 5,000 public company deal summaries. In addition, in-depth analysis of recent trends in corporate practice can be found in the various Market Standards trend reports as well as mini-trend and News Analysis pieces,

This Practice Note refers to the Insolvency Act 1986 as IA 1986. Note This Practice Note contains a summary of the key points relating to administration from a dispute resolution perspective. While it discusses company administrations, an administrator may also be appointed over a partnership or a limited liability partnership. What is administration? Administration is a procedure designed to give a company in financial difficulty breathing space with a view to either a rescue or a restructure or to allow for a better outcome for all creditors than a liquidation. Administration is designed to be a short process and should generally last no longer than a year. An administrator (who is an insolvency practitioner (IP) appointed to manage the company's business and property) must try to achieve one of the three purposes of administration, which (in order of priority) are: • a rescue the company as a going concern • a better outcome for the company's creditors as a whole than would be likely if the company were wound up, or

This Practice Note is a summary of company voluntary arrangements (CVAs) and their impact on legal proceedings from a dispute resolution perspective. What is a CVA? A CVA is a contractual agreement between a company and its creditors and is the corporate equivalent of an individual voluntary arrangement for individuals. The main benefits of a CVA include: • there is no need to prove insolvency, so action can be taken early at the first signs of financial distress • if the CVA is approved by the requisite majority (75% in value of creditors present in person or by proxy and voting on the proposal and not opposed by more than 50% of independent creditors ie those who are not associates) it can be imposed on unsecured dissenting creditors, which is a process known as cramdown (see Practice Note: The CVA proposal and procedure) • the CVA proposal will bind creditors who are unaware of the CVA proposal/creditors' decision making procedure The main limitation, however, is the lack of any

This Practice Note contains a summary of the key points relating to compulsory liquidation from the perspective of a dispute resolution practitioner. What is compulsory liquidation? Compulsory liquidation is the process of winding up a company by the court, as distinct from a voluntary liquidation (both creditors’ voluntary liquidation (insolvent) and members’ voluntary liquidation (solvent)) which is commenced by a shareholders’ resolution. Compulsory liquidation is most frequently used by a company’s creditors, but it is also possible for others to wind companies up, such as the company itself or its members. For further reading on compulsory liquidation generally, see Practice Note: Liquidation—an introductory guide. The effect of compulsory liquidation on legal proceedings Existing proceedings There is an automatic stay on existing legal proceedings against the company once a winding-up order has been made or a provisional liquidator appointed. This means that no action or proceedings can be commenced or continued against the company without the court's permission. Anyone wishing to lift this stay must apply to the court under section

What is a CVL? A creditors' voluntary liquidation (CVL) is a voluntary process instigated by a board of directors calling a general meeting of the company for the members to consider a resolution to wind-up the company. It is often seen as an alternative to the company being wound up by the court on a winding-up petition presented against it, typically by a creditor. It is available to any company where the directors are not able to sign a statutory declaration of solvency (setting out that the company will, in their opinion, be able to pay its debts in full with statutory interest within a stated period of not more than one year). The effect a CVL has on legal proceedings Existing proceedings Unlike in compulsory liquidation or administration, there is no moratorium on legal proceedings against a company in voluntary liquidation. However, the practice is for the court, upon application by the liquidator (or a creditor or contributory), to exercise its power of staying actions and proceedings after commencement

This Practice Note contains a summary of the key points relating to a members' voluntary liquidation (MVL) from a dispute resolution perspective. What is a MVL? A MVL is a process by which a company, through the resolution of its members, decides to end its activities and move towards its eventual dissolution. Throughout this process a licensed insolvency practitioner, who is authorised by a recognised professional body, must be appointed as liquidator over the company. A MVL is typically used where a solvent company has served its purpose and its members no longer wish to retain it as a corporate entity. It is also used where members wish to recover their investment in a solvent company. For further reading, see Practice Note: What is a members’ voluntary liquidation and when is it typically used? If the company is insolvent a different method must be used, such as a creditors' voluntary liquidation (CVL) or compulsory liquidation. For further reading on these processes, see Practice Notes: • Corporate insolvency for dispute resolution

What is a moratorium? Part A1 of the Insolvency Act 1986 (IA 1986) provides for a process whereby directors of insolvent companies, or companies that are likely to become insolvent, can obtain a moratorium. The moratorium lasts for an initial 20 business day period which can be extended in a number of ways, being by the directors with or without creditors’ consent, by the court on application by the directors, while a proposal for a company voluntary arrangement (CVA) is pending and by the court in the course of other proceedings. The moratorium is designed to allow viable businesses time to restructure or seek new investment free from certain creditor action. It is overseen by an insolvency practitioner acting as a ‘monitor’, although the directors remain in charge of running the business on a day-to-day basis (known as a ‘debtor-in-possession’ process with the company being the ‘debtor’) subject to certain constraints. The intention is to provide a streamlined procedure that keeps administrative burdens