Background Statutory declarations are a necessary part of insolvency proceedings, most commonly where a company enters members’ voluntary liquidation (MVL) (see section 89 of the Insolvency Act 1986 (IA 1986)) and where a company enters administration by an out-of-court appointment (see the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 3.17). Section 20 of the Statutory Declarations Act 1835 (SDA 1835) prescribes the form of the statutory declaration to be given, as set out in the Schedule to SDA 1835. SDA 1835, s 19 states that a fee is payable and this is prescribed by the Commissioners for Oaths (Fees) Order 1993, SI 1993/2297. The fee is £5 for taking an affidavit, declaration or affirmation, and an additional £2 for each exhibit therein referred to and required to be marked or for each schedule required to be marked. Apart from the form of the statutory declaration and provision as to fees, no other prescription as to the formal requirements to be followed is provided.

ARCHIVED: This archived Practice Note is not maintained and is for background information only. What is the background to the changes? The coronavirus (COVID-19) pandemic and resulting lockdowns and social distancing measures introduced by the UK government have had a profound effect on businesses and the economy. On 20 March 2020, the government announced that businesses including restaurants, pubs and leisure centres must close, and on 23 March 2020 a full lockdown was introduced, sending huge parts of the private sector into hibernation. The forced closure of businesses has threatened the financial health of many previously successful companies, while for those already struggling it has proved to be the tipping point. In order to mitigate the economic consequences of coronavirus and keep the economy on life support, the government introduced a range of measures, from financial support initiatives to legislative reform. For further details of the financial support available, see Practice Note: Coronavirus (COVID-19)—summary of government financial support to businesses. In order to protect

What is the background to the temporary changes to the wrongful trading regime? The coronavirus (COVID-19) pandemic and the resulting lockdowns and social distancing measures introduced by the UK Government continue to have a crippling effect on many businesses and the economy overall. When the original national lockdown was announced in March 2020, the Government introduced a package of legislative and financial support measures designed to assist businesses and keep large parts of the private sector on life support. As part of the legislative reforms, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) received Royal Assent on 25 June 2020. For further information on coronavirus for restructuring and insolvency professionals, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview. Directors of companies in financial difficulties are presented with many practical and legal concerns, including the risk of personal liability. One of the key concerns for directors is usually the threat of liability for wrongful trading under section 246ZB of the Insolvency Act 1986 (IA 1986) (in the context of insolvent

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note explains the key changes which were made to the Criminal Procedure Rules (CrimPR) on 5 October 2020 when the old version of the Criminal Procedure rules 2015, SI 2015/1490 were revoked and replaced by the Criminal Procedure Rules 2020, SI 2020/759. The CrimPR have since been amended. The CrimPR govern the practice and procedure to be followed in all criminal courts in England and Wales including magistrates' courts, Crown Courts, Court of Appeal (Criminal Division) and in extradition appeal cases before the High Court. For further analysis of CrimPR, SI 2020/759, see News Analysis: An overview of the new Criminal Procedure Rules 2020. Reissue of the CrimPR The CrimPR are typically amended twice a year and the changes come into force on the first Monday of April or October annually. Each revision is made by a statutory instrument amending the current consolidated set of rules. The Criminal Procedure Rules Committee (CPRC) consolidate the CrimPR at five yearly intervals

This week's edition of Insurance weekly highlights includes: Policyholders challenge coronavirus (COVID-19) furlough payouts at UK Supreme Court; UK property insurance payouts to hit record, Deloitte says; PRA grants modification by consent on reporting requirements for third-country insurance branches; European Sustainability Reporting Standards: EIOPA publishes Opinion on EFRAG technical advice; Solvency II: Regulation specifying quantitative parameters published in OJ; Solvency II: Implementing regulation for the calculation of technical provisions and basic own funds published in OJ; EIOPA publishes six IRRD instruments; EIOPA updates guidelines on supervisory review process and treatment of market and counterparty risk exposures; IAIS publishes final Application Paper on operational resilience objectives plus key cases and dates for your diary.

The General Guidance on PDF Bundles (the Guidance) from May 2020 was created by Mr Justice Mann, Lady Justice Thirlwall and Sir Andrew McFarlane to aid practitioners coming to terms with the requirements of working during the coronavirus (COVID-19) pandemic, and to achieve a level of consistency in what judges were being presented with. At paragraph six of the Guidance, it states that ‘All pages in a bundle must be numbered’,

This week's edition of PI & Clinical Negligence weekly highlights includes news of the 179th and 180th Practice Direction updates and two cases relating to claims against the police. We also bring you a case analysis of a claim for damages for contracting coronavirus in the workplace. In addition, we have our usual roundup of other news, cases and New Law Journal articles of interest.

The position on this will largely depend upon whether the relevant share option agreements are drafted to be deeds or to be bilateral contracts with consideration. In practice, share options are most often granted by deed in order to make sure that a validly binding contract is made. However, if a deed isn’t used then all the other requirements must be met in order for a binding contract to be made. This includes a need for consideration to paid by the prospective option holder to the grantor of the option in order for the share option to be granted to them. Therefore, typically, if a share option is not being granted by means of a deed then the share option terms will require the employee to make a nominal payment (such as £1) to the company in order for the company to grant the option to them. Bilateral contracts with consideration can be executed

Law360: Health and safety is the top risk for directors and officers worldwide, according to a survey published 20 March 2024, in a 'surprise' result partly attributed to the lingering impact of the coronavirus (COVID-19) pandemic on businesses and increasing mental health considerations.

The Insolvency Service has reported that Adam Lennard, 58, has been sentenced to eight months in prison, suspended for 15 months after falsely applying for a coronavirus Bounce Back Loan (BBL) in 2020. Lennard has also been ordered to repay half of the loan (£10,000) within one week of appearing in court.

The Insolvency Service has published its monthly insolvency statistics for March 2024 on company and individual insolvencies. The data shows that 1,815 company insolvencies were registered, 17% lower than in March 2023 but higher than during the coronavirus (COVID-19) pandemic and between 2014 and 2019. For individuals, the total number of insolvencies in March 2024 was 8,708, 9% lower than in March 2023.

The Insolvency Service has announced 11 sham companies, part of a group that fraudulently claimed UK-taxpayer funds and transferred the money to Hong Kong, have been wound-up. The Insolvency Service noted, that between them, the 11 companies claimed £500,000 through the Bounce Back Loan (BBL) Coronavirus (COVID-19) support scheme.