Insolvency Technical Update - May 2017

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david-menzies By David Menzies, Director of Insolvency

5 June 2017

Insolvency technical update – Your round-up of recent developments in insolvency

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Anti Money Laundering

The 2017 Money Laundering Regulations are due to come into force on 26 June 2017. Find out the key changes and what it will mean for you.

Recast EU Insolvency Regulation

The majority of the Regulation (EU) 2015/848 (the Recast EU Insolvency Regulations) comes into force on 26 June 2017. The Recast Regulation will apply to insolvency proceedings opened after that date. A helpful overview of the recast regulation is available from LexisNexis PSL.

The Insolvency (Regulation (EU) 2015/848) (Miscellaneous Amendments) (Scotland) Regulations 2017

To give effect to the Recast EU Insolvency Regulations within Scotland for the devolved areas of personal insolvency and receivership, a number of amendments are required to be made to existing legislation. The above Scottish Statutory Instrument has been laid in draft in the Scottish Parliament and has been approved by the Economy Jobs and Fair Work Committee. The Regulation will come into force on 26 June 2017.

Legislation to enact the Recast EU Insolvency Regulations in England and Wales and Northern Ireland is still to be laid.

ICAS Trust Deed style

A revised ICAS Trust Deed style to take account of the recast EU Regulation shall be issued to existing holders of the ICAS Trust Deed Style Licence shortly. A licence to use the ICAS Trust Deed Style is available free of charge to ICAS regulated Insolvency Practitioners and on payment of a small fee to others. Please contact David Menzies to request a licence.

Consultation on Code of Ethics for Insolvency Practitioners

The Joint Insolvency Committee (JIC) is consulting on a revised version of the Code of Ethics applicable to insolvency practitioners. The consultation closes on 25 July 2017.

Pursuer’s offer

Scottish Court Rules have been amended to provide pursuers in a litigation action with an extra tool if they wish to achieve settlement. Find out more about the implications of a ‘Pursuers Offer’.

Legal Updates

Officeserve Technologies Limited [2017] EWHC 906 (Ch) - The High Court in England and Wales decided that an administration order should not be made against a company because it would remove the ability of an office holder to raise a challenge against an 'industrial scale' breach of s.127 Insolvency Act 1986.

Chalmers v Maria Jennifer Machin [2017] SC GLA 29 - Property is often bought in joint names with title automatically passing to the survivor on the death of the first joint owner. But what happens when the deceased has debt and is declared bankrupt? Glasgow Sheriff Court considered this issue.

Shear v Clipper Holdings – The Court of Session considered the application of Onesavings Bank plc v Burns and Burns in a request for interim interdict to suspend a property repossession. Lord Bannatyne disagreed with the Onesavings Bank decision which as a result leaves conflicting decisions on the enforceability of standard securities which have been assigned as part of bulk debt purchase arrangements.

Topics

  • Insolvency
  • Legislation

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