Insolvency Law

Chair of Insolvency Law Committee

Ms Jennifer Marshall (Allen & Overy LLP)
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13/06/2018 - Response to BEIS' Insolvency and Corporate Governance Consultation

Response To Department for Business, Energy & Industrial Strategy's Insolvency and Corporate Governance Consultation
Download this file (Response to BEIS' Insolvency and Corporate Governance Consultation - 13 06 18.pdf)

14/02/2018 - Letter to BEIS re implications of Brexit

Download this file (Letter to BEIS re Implications of Brexit - 14 February 2018.pdf)

31/10/2017 - Implications of Brexit for the Restructuring and Insolvency Profession

Letter to Insolvency Service - follow-up to letter to Insolvency Service of 17th August
Download this file (Implications  of Brexit for the Restructuring and Insolvency Profession 2 - 31 10 17.pdf)

31/10/2017 - Insolvency Law Committee - Receivables Regulations

Letter to BEIS expressing concerns about the legal certainty and vires of the draft Business Contract Terms (Assignment of Receivables) Regulations 2017 laid before Parliament and about the absence of consultation on the draft.
Download this file (Insolvency Law Committee - Receivables Regulations.pdf)

17/08/2017 - CLLS Response to Insolvency Service - Implications of Brexit

Implications of Brexit on the Restructuring and Insolvency Profession
Download this file (Implications of Brexit on Restructuring and Insolvency Profession.pdf)

25/07/2016 - Insolvency Law Committee - the impacts of Brexit

Insolvency Law Committee - the impacts of Brexit
Download this file (Insolvency Law Committee - Impacts of Brexit - 13 07 16.pdf)

05/07/2016 - Response to Insolvency Service Consultation on Review of Corporate Insolvency Framework 05 07 16

Response to the Insolvency Service Consultation entitled “A Review of the Corporate Insolvency Framework – A consultation on options for reform”
Download this file (CLLS Response to Corporate Insolvency Framework Consultation - 05 07 16.pdf)

17/09/2015 - Response to the Law Commission Consultation on Consumer Prepayments on Retailer Insolvency

Download this file (CLLS Consultation Response -Law Commission Consultation on Retail Insolvency - 17 09 15.pdf)

15/06/2015 - Response to Insolvency Service Call for Evidence on Collective Redundancy Consultation for Employers Facing Insolvency

Download this file (CLLS response to IS call for evidence on collective redundancy consultat...pdf)

16/03/2015 - Response to Insolvency Service call for evidence on the European Commission recommendation on a new approach to business failure and insolvency

Download this file (Response to Insol Service Call for Evidence on EC new approach to business failure.pdf)

06/01/2015 - Response to PRA Consultation Paper 19/14 The Implementation of Ring-Fencing

Download this file (PRA Consultation CP19 14 Implementation of Ring Fencing.pdf)

09/10/2014 - Response to the Insolvency Service call for evidence on Insolvency Proceedings: Review of debt relief orders and the bankruptcy petition limit

The consultation sought views on how debt relief aids have performed (since they were introduced in April 2009) and how they could be improved. It also sought views on whether the creditor petition limit (currently £750) should be increased. The response stated, inter alia, that the Committee believed that there are two key principles which should shape any consideration of the relationship between the Debt Relief Order (DRO) and bankruptcy regimes, namely that: • An individual in severe financial difficulties should always be able to apply for either a Debt Relief Order or a bankruptcy order; and • As a general rule, an individual in severe financial difficulties should not be forced to choose bankruptcy rather than a DRO, where their bankruptcy is unlikely to result in any repayment for creditors, given the value of that individual’s assets.
Download this file (20141003 Response to IS consultation on debt relief orders and the bankruptcy petition limit (final).pdf)

09/10/2014 - Response to The Insolvency Service consultation on continuity of supply of essential services to insolvent businesses

The consultation referred to powers taken in the Enterprise and Regulatory Reform Act 2013 which enable the Government to build upon existing legislative provisions contained within the Insolvency Act 1986 relating to the protection of supply of essential utility services for insolvent businesses. The consultation sought views on the exercise of the powers, with a view to ensuring insolvency practitioners are more effectively able to rescue viable businesses. The submission argued that the wording of the Draft Order should be conformed as far as possible to the equivalent provisions contained in the SAR and FSBRA, and also made general comments in relation to the priority of supplies made after the appointment of an administrator, and provision by the Insolvency office holder of a personal guarantee. The submission also responded to the specific consultation questions.
Download this file (20141007 CLLS Response to IS consultation on continuity of supply of essential services to insolvent businesses (final).pdf)

08/10/2014 - Joint response of the Financial Law Committee and the Insolvency Law Committee of the CLLS and the Banking Reform Working Group of the Law Society of England & Wales to the HMT consultation paper on the transposition of the Bank Recovery and Resolution Directive.

The consultation considered some of the key issues to be addressed in the transposition of the Bank Recovery and Resolution Directive, and sought views from industry and others potentially affected by the changes. The submission responded in detail to the consultation questions. It also urged the Government, once the current round of legislation is complete, to address as a priority the production of consolidated legislation in the fields of financial services and bank regulation, or, at least, the prioritisation of production of official consolidated texts for the statutes and key SIs
Download this file (20140929 CLLS response to HMT consultation on Transposition of the Bank Recovery and Resolution Directive (final).pdf)

20/08/2014 - Response to BIS consultation “International interests in mobile equipment convention: aircraft”

Download this file (20140811 Response to BIS consultation Ratification of the Convention on International Interests in mobile equipment specific to aircraft equipment final.pdf)

22/05/2014 - Financial Law Committee and Insolvency Law Committee response to HMT Consultation on the implementation of Bail-in powers

The Consultation paper invited comments on three draft secondary instruments related to bail-in powers, and several other issues. The Committees’ joint response commented in detail on a number of issues including the inter-relationship between the Financial Services (Banking Reform) Act 2013 ("BRA"), statutory instruments made under the BRA and the Bank Recovery and Resolution Directive ("BRRD"); creditor hierarchy on Bail-in; preferential creditors; netting, set-off and protected arrangements; and valuations, bail-in and compensation. The response also commented on the Compensation Regulations and the Restriction Order.
Download this file (20140514 CLLS response to HMT open consultation on the implementation of Bail-in powers (final).pdf)

03/04/2014 - Response to the Insolvency Service Consultation on insolvency practitioner regulation and fee structure

The Consultation set out ways to strengthen the regulation of insolvency practitioners by introducing regulatory objectives and giving the oversight regulator additional powers to deal with failure to comply with the objectives. It also included proposals to change the ways an insolvency practitioner can charge fees to ensure that money is available to pay creditors. The Submission responded to some of the specific questions contained in the Consultation Paper. It also made the general comment that the measures proposed in relation to insolvency practitioner fees are unlikely to improve market confidence or the reputation of the insolvency profession and may in fact discourage insolvency practitioners from taking appointments which may leave creditors in a worse position, for example where work currently undertaken by small practitioners is no longer economic.
Download this file (IP regulation and fee structure consultation response 31 March 2014.pdf)

06/02/2014 - Response to The Insolvency Service Consultation: Insolvency Rules 1986 – modernisation of rules relating to insolvency law

The consultation concerned a proposal “to modernise and recast the [Insolvency Rules 1986]; taking the opportunity to reorder the whole structure on more logical and clear lines”. The submission responded in detail to the consultation questions and made a number of comments on the drafting of the Insolvency Rules.
Download this file (20140206 Response to The Insolvency Service consultation 'Modernisation of the rules relating to insolvency law'.pdf)

29/11/2013 - Response to HMT consultation “Secondary legislation for Non-Bank resolution regimes”

The HMT consulted on secondary legislation which will underpin the extension of the financial services Special Resolution Regime, to include investment firms, banking group companies and clearing houses. The Committee’s response focussed on three specific questions raised in the Consultation: (1) Whether we consider that the capital markets exemption should be included in the draft Banking Act 2009 (Banking Group Companies) Order 2013 (the “Order”); (2) Whether the current provisions are framed in “a sufficiently powerful but flexible way as to provide legal certainty”; and (3) Whether there are any other entities which we would wish to see excluded.
Download this file (20131128 Response to HM Treasury Consultation on extending the Special Resolution Regime 2.pdf)

18/10/2013 - Response to European Commission Consultation on a new European approach to business failure and insolvency

The Insolvency Law Committee recently responded to the European Commission’s “Consultation on a new European approach to business failure and insolvency”. The consultation aimed to gather views on the need for and feasibility of harmonising certain aspects of insolvency law, as a follow up to the Commission’s December 2012 communication of the same name. CLLS’s submission responded in detail to the consultation questions and, more generally, expressed surprise at the piecemeal approach to the harmonisation of EC Insolvency legislation which appeared to underpin the Consultation. It warned against amending parts of the insolvency legislation in isolation and recommended that any significant proposed amendment needs to be considered in the context of both the wider insolvency legislation of each Member State and other areas of law which would potentially be affected by the proposed amendments.
Download this file (20131016 Riders to Consultation European approach to business failure and insolvency Oct 2013.pdf)

15/10/2013 - Response to The Insolvency Service consultation: Red Tape Challenge - changes to insolvency law to reduce unnecessary regulation and simplify procedures

The consultation contained proposals which form part of the response to the Government’s ‘Red Tape Challenge’ agenda, and related to regulations affecting insolvency practitioners (IPs), the practice of insolvency and the reporting duties of IPs on the conduct of directors. The response focused mainly on Part 2 of the Consultation, which related to changes to the law governing insolvency processes. The main body of the response highlighted the key points which the Committee considered may require further consideration, while the Appendix (which should be read in conjunction with the main body of the response) contained specific replies to the Consultation questions.
Download this file (20131011 Red Tape Challenge consultation responses Oct 2013.pdf)

13/05/2013 - Response to Joint Insolvency Committee Consultation on the Proposed Amendments

Response to Joint Insolvency Committee Consultation on the Proposed Amendments to SIP16
Download this file (20130513-SIP-16-consultation-response-April-2013-(final).pdf)

28/02/2013 - Insolvency Law Commitee response to Call for Evidence in relation to proposed European Insolvency Regulation

Insolvency Law Commitee response to Call for Evidence in relation to proposed changes to the European Insolvency Regulation
Download this file (IS-call-for-evidence-on-changes-to-EU-IR-joint-responses-of-ILA-CLLS-R3-25-~.pdf)

20/06/2012 - Response to the European Commission Consultation on the Future of European

Response to the European Commission Consultation on the Future of European Insolvency Law
Download this file (20120620-Consultation-on-the-future-of-European-Insolvency-Law.pdf)

26/01/2012 - Response to the Insolvency Service consultation on the proposals for reforms

Response to the Insolvency Service consultation on the proposals for reforms of the process to apply for bankruptcy and compulsory winding up
Download this file (reforms-applying-for-bankruptcy-and-compulsory-winding.pdf)

01/07/2011 - Response to the Insolvency Service Consultation on Proposals

Response to the Insolvency Service Consultation on Proposals for Technical Amendments to the Insolvency Act 1986 and other related Insolvency Legislation
Download this file (Technical-Amends-to-Insolvency-Act-30-June-2011.PDF)

27/06/2011 - Response to Insolvency Service Consultation on the Insolvency (Amendment) (No 2)

Response to Insolvency Service Consultation on the Insolvency (Amendment) (No 2) Rules 2011 (dealing with pre-packaged administration sales)
Download this file (20110628-CLLS-letter-to-IPPS-27-June-2011-(2).pdf)

06/12/2010 - Response to Insolvency Service Consultation on New Insolvency Rules

Response to Insolvency Service Consultation on New Insolvency Rules
Download this file (20101206-Letter-to-Insolvency-Service-re-New-Insolvency-Rules.pdf)

18/10/2010 - Response to Insolvency Service Consultation Paper entitled "Proposals

Response to Insolvency Service Consultation Paper entitled "Proposals for a Restructuring Moratorium"
Download this file (20101018-Proposals-for-a-Restructuring-Moratorium-Insolvency-Law-Committee.pdf)

30/06/2010 - Response to Insolvency Service Consultation/Call for Evidence on Improving

Response to Insolvency Service Consultation/Call for Evidence on Improving the Transparency of and Confidence in Pre-packaged Sales in Administrations
Download this file (prepack-sales-in-administrations.pdf)

25/06/2010 - Response to HMT Consultation on Strengthening the Administration Regime

Response to HMT Consultation on Strengthening the Administration Regime for Insurers
Download this file (Strengthening-the-Administration-Regime.pdf)

02/06/2010 - Response to UNCITRAL Legislative Guide on Insolvency Law Consultation:

Response to UNCITRAL Legislative Guide on Insolvency Law Consultation: Part Three - Treatment of Enterprise Groups in Insolvency
Download this file (20100528-UNCITRAL-consultation-response.pdf)

02/06/2010 - Response to consultation on the official receiver becoming trustee

Response to consultation on the official receiver becoming trustee of the bankrupt’s estate on the making of a bankruptcy order and removal of the requirement to file a ‘no meeting’ notice in certain company winding up cases
Download this file (20100601-CLLS-Response-re-Consultation-re-Official-Reciever-(2).pdf)

25/03/2010 - Response to HMT Consultation "Establishing Resolution Arrangements

Response to HMT Consultation "Establishing Resolution Arrangements for Investment Banks"
Download this file (Establishing-RDR-(final).pdf)

05/02/2010 - Response to the Reform of Debtor Petition Bankruptcy and Early Discharge

Response to the Reform of Debtor Petition Bankruptcy and Early Discharge from Bankruptcy Consultation
Download this file (20100205-CLLS-Comments-on-bankruptcy-reform.pdf)

30/12/2009 - Response to the Insolvency Service Consultation on the Cross Border Insolvency

Response to the Insolvency Service Consultation on the Cross Border Insolvency Regulations 2006
Download this file (Response.pdf)

06/10/2009 - Response to Evaluation of Council Regulation (EC) No 1346/2000 of 29 May 2000

Response to Evaluation of Council Regulation (EC) No 1346/2000 of 29 May 2000 on Insolvency Proceedings
Download this file (20090929-Submission-re-Evaluation-of-Council-Regulation-(EC)-No-1346-2000-(~.pdf)

09/09/2009 - Response to the Insolvency Service consultation "Encouraging Company Rescue"

Response to the Insolvency Service consultation "Encouraging Company Rescue"
Download this file (20090908-Letter-to-the-Insolvency-Service-re-Encouraging-Company-Rescue-con~.pdf)

12/01/2009 - Comments on Part 2 (Bank Insolvency) and Part 3 (Bank Administration)

Comments on Part 2 (Bank Insolvency) and Part 3 (Bank Administration) of the Banking Bill
Download this file (20081223-Response-of-the-Insolvency-Law-Cttee-re-Part-2-(Bank-Insolvency)-a~.pdf)

23/10/2008 - Revised proposal concerning the use of websites by insolvency office-holders

Revised proposal concerning the use of websites by insolvency office-holders in their communication with creditors/members
Download this file (20081022-Kattherine-Parker-letter.pdf)

13/10/2008 - Financial Stability and Depositor Protection - Special Resolution Regime

Financial Stability and Depositor Protection - Special Resolution Regime
Download this file (Special-Resolution-Regime-document.pdf)

22/04/2008 - Response to consultation on Financial Stability and Depositor Protection:

Response to consultation on Financial Stability and Depositor Protection: Strengthening the Framework
Download this file (financial-stability-and-depositor-protection.pdf)

19/03/2008 - Insolvency Committee Business Plan for 2008

Insolvency Committee Business Plan for 2008
Download this file (Committee-business-plan-2008.DOC)

22/01/2008 - Comments on the European High Yield Association's submission to HM Treasury

Comments on the European High Yield Association's submission to HM Treasury on Insolvency Law Reform
Download this file (Letter-to-S.Leinster-re-European-High-Yield-Association.pdf)

17/12/2007 - Response to Consultation on Changes to the Insolvency Act 1986 and the Company

Response to Consultation on Changes to the Insolvency Act 1986 and the Company Directors Disqualification Act 1986
Download this file (IAandCDDA.pdf)

23/10/2007 - Response to Consultation on Proposed Amendments to the Insolvency Rules 1986,

Response to Consultation on Proposed Amendments to the Insolvency Rules 1986, following insertion of Section 176ZA
Download this file (draftinsolvrules2008.pdf)

31/08/2007 - Response to the Insolvency Service on Pre-Appointment Administration Expenses

Response to the Insolvency Service on Pre-Appointment Administration Expenses
Download this file (insolpreappointmentexpenses.pdf)

27/04/2007 - Response to the Insolvency Service on the Pensions Act 2004

Response to the Insolvency Service on the Pensions Act 2004
Download this file (Insolpensionsact.pdf)

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