Sector focus: the legislative framework for NHS trust insolvency
|
|
- Beverly Preston
- 8 years ago
- Views:
Transcription
1 Restructuring & Insolvency briefing May 2013 Sector focus: the legislative framework for NHS trust insolvency Summary and implications Many hospitals are facing insolvency as a result of a variety of complex factors. Yet it is vital, both politically and socially, that NHS services are maintained. There are different regimes in force for insolvent NHS trusts and insolvent NHS foundation trusts. It is expected that rules for companies providing NHS-funded services will come into force in In July 2012, Matthew Kershaw was appointed the first ever trust special administrator (TSA) over South London Healthcare NHS Trust. It was the first NHS trust to use the Regime for Unsustainable Providers. More recently, Alan Bloom, Alan Hudson and Professor Hugo Mascie-Taylor were appointed TSAs over Mid-Staffordshire NHS Foundation Trust by Monitor. This represents the first use of the special administration regime for a foundation trust. Ask a question If you have any questions please contact Emma Lloyd, Associate T +44 (0) e.lloyd@nabarro.com The Restructuring & Insolvency team To find out more about the team, and our capabilities click here The Projects team To find out more about the team, and our capabilities click here The Regime for Unsustainable Providers NHS Trusts Background to the Regime for Unsustainable Providers The Department for Health assesses NHS trusts according to their performance against a set of financial and quality indicators. If clinical or financial performance is below the required standard and does not improve then the Regime for Unsustainable Providers may be triggered under Chapter 5A of the National Health Service Act 2006 (the 2006 Act). For ease of reference, legislative references throughout this article are references to the 2006 Act. The Regime for Unsustainable Providers used to be the only way in which the Department of Health could take decisive action to deal with NHS trusts that were either unsustainable in their current form or significantly failing to make progress towards attaining foundation trust status. The regime has been extended by the Health and Social Care Act 2012 (the 2012 Act) to deal with foundation trusts. However, the following information relates to NHS trusts. 1
2 The regime is only intended to be used for organisations deemed to be unsustainable on a clinical, performance and/or financial basis and under exceptional circumstances. The framework is different from an ordinary administration under general insolvency legislation in that its main objective is to protect patients and staff from failing services and secure the continued provision of patient services (section 65DA(1)(a)). The legal framework under the 2006 Act sets out requirements to ensure that the regime is completed within a maximum period of 120 days, although the Secretary of State for Health (Secretary of State) may extend the time periods if he thinks reasonable in the circumstances (section 65J(2)). Appointment of a TSA to an NHS Trust The 2006 Act confers a power on the Secretary of State to make an order authorising the appointment of a TSA to an NHS trust, if the Secretary of State considers it appropriate in the interests of the health service (section 65B(2)). The appointment of a TSA must take effect within five working days of the Secretary of State s order. Under this regime, a TSA need not be an insolvency practitioner. The TSA s role is to develop recommendations on the future of the organisation, such as alternative service provision. He or she will exercise the functions of the chairman and directors of the trust, who will be suspended from office (section 65B(1) and 65C(1)). Draft report and consultation Following appointment, the TSA must consult with NHS staff and the local public on a draft report. This report must be published within 45 working days from when the TSA s appointment takes effect (section 65F(1)). At the same time as publishing a draft report, the TSA must also publish a statement setting out the means by which he will seek responses to the draft report (section 65G(1)). This is known as the consultation period. The consultation period must start within five working days of publication of the draft report (section 65G(3)) and end after 30 working days (section 65G(2)). In undertaking the consultation process, the TSA must hold: at least one meeting to seek responses from staff of the trust (section 65H(4)); at least one other meeting to seek responses from any person who wishes to attend (such as patients and the general public), by publishing a notice of the date, time and place of the meeting (section 65H(5)); and at least one meeting to seek responses from representatives of the board of directors (section 65H(9)). Final report Within 15 working days of the end of the consultation period, the TSA must provide a final report to the Secretary of State. This report will set out the recommended actions in relation to the trust (section 65I(1)). Possible outcomes include: a rescue allowing the NHS trust to leave administration and continue on its path to foundation trust status; TSA Timetable TSA appointment takes effect within 5 days of order Within 45 working days of appointment, the TSA must produce and publish a draft report outlining his recommendations and a plan for how he will consult on them Consultation begins within 5 working days of publishing draft report Consultation ends after 30 working days TSA must submit his final report and recommendations to the Secretary of State/Monitor within 15 working days of consultation ending Within 20 working days, the Secretary of State must make a decision on the TSA s recommendations (30 days in the case of foundation trusts) 2
3 acquisition by, or merger with, another NHS trust or foundation trust; or dissolution of the trust and the transfer of services and staff to another NHS trust or foundation trust. Within 20 working days of receiving the draft report, the Secretary of State must decide what action to take in relation to the trust (section 65K(1)). As soon as reasonably practicable thereafter, the Secretary of State must: publish a notice of the decision and the reasons for it; and lay a copy of the notice before Parliament (section 65K(2)). Importantly, if the NHS trust is dissolved, the Secretary of State has an obligation to deal with all of the liabilities of the trust. This means that the Secretary of State must either transfer the property and liabilities to another NHS body, or to himself, so that creditors are safeguarded. South London Healthcare NHS Trust South London Healthcare NHS Trust (the Trust) was formed on 1 April 2009 by merging Bromley Hospitals NHS Trust, Queen Mary Sidcup NHS Trust and Queen Elizabeth Hospital NHS Trust. At the time of the merger, the Trust had a combined deficit of 21.3m. By 2011/12, its deficit had increased to 153m. In addition, six PFI schemes were operating across the three main hospital sites, which were contributing to its financial difficulties. As a result of these financial difficulties, the Trust was judged by the Department of Health to be not financially viable in its current form. Consequently, Matthew Kershaw (the Director of Provider Delivery at the Department of Health) was appointed the first ever TSA with effect from 16 July At that time, the Trust had the largest deficit in the NHS. On 1 February 2013, the Secretary of State, Jeremy Hunt, made his final decision on the future of the Trust, following on from the final report issued by the TSA. It was decided that the Trust will be dissolved by 1 October 2013 and its services managed by new organisations. The Secretary of State also accepted the following recommendations from the TSA s report: each of the Trust s hospitals will be taken over by a neighbouring hospital trust. These mergers are subject to approval from the relevant regulators; all three hospitals within the Trust (Queen Elizabeth Hospital in Woolwich, Queen Mary s in Sidcup and the Princess Royal in Bromley), will be required to make the full 74.9m of efficiencies identified by the TSA; all vacant or poorly utilised premises will be vacated and sold where possible; the Department of Health will pay for the excess costs of the PFI buildings at the Queen Elizabeth and Princess Royal Hospitals and write-off the accumulated debt of the Trust so that the new organisations are not saddled with historic debts. It will also negotiate an appropriate level of transitional funding to cover implementation. Under the 2012 Act, the Government s objective is for all NHS trusts to become foundation trusts or to become part of an existing NHS foundation trust 3
4 On 1 April 2013, Caroline Taylor (formerly the Chief Executive of NHS North Central London) took over the role of TSA from Matthew Kershaw. Caroline will be the TSA until the Trust is dissolved in accordance with the Secretary of State s final decision. The Health and Social Care Act 2012: Trust Special Administration NHS Foundation Trusts Background to trust special administrations for NHS foundation trusts Chapter 5A of the 2006 Act (as amended by Part 4 of the 2012 Act) sets out the provisions for the trust special administration regime for NHS foundation trusts. If Monitor is satisfied that the trust is, or is likely to become, unable to pay its debts, it has the power to appoint a TSA (section 65D(1)). This provision places responsibility on appointing a TSA on Monitor (rather than the Secretary of State as in the case of NHS trusts). After the order is made, the Care Quality Commission must provide Monitor with a report on the quality and safety of the services provided by the foundation trust. This regime only applies to foundation trusts, and it is the Government s intention that all NHS trusts will achieve that status or be taken over by an existing foundation trust by The timetable to be followed in respect of foundation trusts is similar to the procedure outlined above for NHS trusts although it reflects the greater autonomy of foundation trusts. To recap and expand: Appointment of TSA and draft report The appointment of a TSA must take effect within five working days of Monitor s order (section 65D(5)). The TSA must provide a draft report proposing a course of action to Monitor within 45 working days of appointment (sections 65F(1) and 65F(4)). Earlier this year, Monitor placed a notice in the Official Journal of the European Union (an OJEU Notice), in order to draw up a shortlist of TSAs who could be called upon to carry out the trust special administration process. It is expected that the framework agreement will commence in June Consultation period A consultation period will run for 30 working days (section 65G(2)). The first day of the consultation period is to start within five working days of the publication of the draft report (section 65G(3)). During the consultation period, the TSA must hold at least: one meeting to seek responses from staff of the trust (section 65H(4)); one other meeting to seek responses from any person who wishes to attend (section 65H(5)) (such as the general public); and one meeting to seek responses from representatives of the board of directors (section 65H(9)). The legal framework under the 2006 Act sets out requirements to ensure that the regime is completed within a maximum period of 120 days 4
5 Final report Within 15 working days of the end of the consultation period, the TSA must issue a final report to Monitor with recommended actions (sections 65I(1) and 65I(4)). Nevertheless, Monitor may extend the periods to: provide a draft report; consult; or issue a final report, if it thinks reasonable (sections 65J(2) and 65J(5)). Once Monitor has received the final report, it has 20 working days to decide whether it is satisfied: that the action recommended in the final report achieves the objectives of the trust special administration; and that the TSA has carried out the administration duties (section 65KA(1)). If it is satisfied, Monitor must provide a copy of the final report to the Secretary of State, together with the report issued by the Care Quality Commission (section 65KA(3)). If Monitor is not satisfied, it must give notice of its decision to the TSA as soon as reasonably practicable (section 65KA(4)). If Monitor is satisfied and the report is provided to the Secretary of State, the Secretary of State has 30 working days to decide whether: the persons to which the NHS foundation trust provides services have discharged their functions; the TSA has carried out the administration duties; Monitor (as regulator) has discharged its functions; the action recommended in the final report would secure the continued provision of the services; the recommended action would secure the provision of services that are of sufficient safety and quality; and the recommended action would provide good value for money (section 65KB(1)). If the Secretary of State is not satisfied, he must as soon as reasonably practicable: give the TSA a notice of the decision and the reasons for it; give a copy of the notice to Monitor; publish the notice; and lay a copy before Parliament (section 65KB(2)). If the Secretary of State is not satisfied, the TSA has 20 working days to submit a revised report to the Secretary of State (section 65KC(1)). The Secretary of State then has 30 working days to decide whether he is satisfied with the revised report (section 65KD(1)). If he is not satisfied, he has a period of 60 working days to decide what action to take in relation to the trust (section 65KD(9)). South London Healthcare NHS Trust was judged by the Department of Health to be not financially viable in its current form 5
6 Mid-Staffordshire NHS Foundation Trust On 16 April 2013, Monitor appointed Alan Bloom and Alan Hudson (both from Ernst & Young LLP) and Professor Hugo Mascie-Taylor (a clinician), as TSAs over Mid-Staffordshire NHS Foundation Trust. This is the first special administration regime for a foundation trust. There will be staff and public meetings over the coming weeks to explain the trust special administration process and a full public consultation on the draft recommendations will commence in June Health and Social Care Act 2012: Health Special Administration companies Background to health special administration regime Before the 2012 Act, there was no provision for the failure of companies providing NHS-funded services, other than the general rules for company failure under the Insolvency Act Sections 128 to 133 of the 2012 Act seek to address this issue by introducing the concept of a separate health special administration regime for relevant providers of NHS services, including registered and unregistered companies and community interest companies (i.e. companies subject to Monitor s licence conditions). These provisions will mean that, regardless of the type of provider, patients will receive uninterrupted services if the provider becomes insolvent. The health special administration regime does not apply to NHS trusts or NHS foundation trusts. However, the regime draws from: the ordinary administration process, set out in Schedule B1 of the Insolvency Act 1986; existing special administration regimes (i.e. the Regime for Unsustainable Providers); and the updated trust special administration regime for foundation trusts. If a health special administrator (HSA) is appointed, he may recommend: the transfer of the provider as a going concern; and/or the transfer of some or all of its assets to another licensed provider. The regime is designed to be as flexible as ordinary administration proceedings. For example, the HSA will be required to be a licensed insolvency practitioner. The detail of the regime is to be set out in regulations (please see below). The main aim of the health special administration regime is to provide an alternative corporate insolvency procedure for companies that secure the continued provision of certain NHS-funded services. Draft regulations As stated above, the 2012 Act introduces the health special administration regime but more detailed regulations on the process need to be implemented. As currently proposed in the consultation document, the regulations provide for the following (amongst other things): Monitor may apply to court for an order appointing a HSA: - in relation to a company that is unable, or is likely to become unable, to pay its debts; or Mid-Staffordshire NHS Foundation Trust is the first foundation trust to use the special administration regime 6
7 - on a petition by the Secretary of State that it would be just and equitable to wind up the company in the public interest. A moratorium will be put in place to ensure that no order or resolution can be made for the winding up of the company and further, creditors cannot take action against the company or its property without the agreement of the HSA or permission of the court. Commissioners are to decide which NHS-funded services must be protected, based on criteria in the regulations and guidance from Monitor. Monitor is to also maintain a list of providers at risk of becoming unsustainable. Monitor may levy providers to create a fund to pay the costs associated with ensuring service continuity. The HSA will be able to tap into this fund by requesting financial assistance from Monitor to keep the provider s services running until a long-term solution is found. It should be noted that the regulations are not due to come into effect before April A separate health special administration regime will be introduced for relevant providers of NHS services, including registered and unregistered companies and community interest companies Comment The NHS is undergoing sweeping change, with NHS trusts soon to be abolished in favour of NHS foundation trusts. The provisions introduced in the 2012 Act have attempted to deal with the potential failure of the different organisations providing NHS services; this has resulted in three relatively complex regimes for healthcare providers (public and private) in distress. With the ongoing austerity programmes, there is an underlying feeling that there may well be more casualties in the NHS in the future. Hopefully the technicalities of the unsustainable provider/special administration regimes played out at South London NHS Trust and Mid-Staffordshire NHS Foundation Trust will bring some clarity to this unique area of law. 7
8 London Lacon House, 84 Theobald's Road, London WC1X 8RW T +44 (0) F +44 (0) Sheffield 1 South Quay, Victoria Quays, Sheffield S2 5SY T +44 (0) F +44 (0) Brussels 209A Avenue Louise, 1050 Brussels, Belgium T F Singapore 50 Raffles Place, Singapore Land Tower, Singapore T Alliance firms France August & Debouzy Gilles August T +33 (0) Nabarro LLP Germany GSK Stockmann + Kollegen Rainer Stockmann T +49 (30) Registered office: Lacon House, 84 Theobald's Road, London, WC1X 8RW. Italy Nunziante Magrone Gianmatteo Nunziante T Spain Roca Junyent, Miquel Roca Junyent, T Nabarro LLP is a limited liability partnership registered in England and Wales (registered number OC334031). It is a law firm authorised and regulated by the Solicitors Regulation Authority. Legal services are provided in Singapore by the Singapore branch of Nabarro LLP. The branch is registered in Singapore under number T10FC0112B and is licensed by the Attorney-General's Chambers of Singapore. A list of members of Nabarro LLP is open to inspection at the above registered office. The term partner is used to refer to a member of Nabarro LLP or to any employee or consultant with equivalent standing or qualifications in one of Nabarro LLP's affiliated undertakings. Disclaimer Detailed specialist advice should be obtained before taking or refraining from any action as a result of the comments made in this publication, which are only intended as a brief introduction to the particular subject. This information is correct on the date of publication. We are not responsible for either the content of or the links to external websites that may become broken in the future. Nabarro LLP
Restructuring and insolvency Administration England
Restructuring and Insolvency briefing Spring 2012 Restructuring and insolvency Administration England Summary and implications Administration is a statutory rescue procedure for companies that are experiencing
More informationLeases to GP partnerships: symptoms of change, and immunisation for landlords
Real Estate briefing 14 February 2012 Leases to GP partnerships: symptoms of change, and immunisation for landlords Summary and implications With the demise of the primary care trusts and the emergence
More informationFacilities management services
GUIDE Facilities management services A quick guide to getting the best for your estate The standard of facilities management (FM) services can significantly affect the general experience of occupiers and
More informationVoid and voidable transactions on insolvency
Restructuring and Insolvency briefing Spring 2012 Void and voidable transactions on insolvency Summary and implications When a company enters into a formal insolvency process, the administrator or liquidator
More informationHow To Write A Debt For Equity Swap
Restructuring and insolvency briefing October 2009 Debt for equity swaps: an introduction Summary and implications Companies are often looking for ways to strengthen their balance sheet and reduce their
More informationInvestment Trust Companies - The Success and Road Ahead
Tax briefing February 2011 Investment Trust Companies: A modernised onshore fund vehicle on the horizon Summary and implications In December 2010, HM Treasury published a summary of the responses they
More informationProperty authorised investment funds (PAIFs) where are we going?
Funds and Indirect Real Estate briefing May 2013 Property authorised investment funds (PAIFs) where are we going? Summary and implications The Government introduced tax breaks for UK property funds in
More informationNew planning rules in force from 30 May 2013 extend rights to change use without planning permission
Planning briefing 14 May 2013 New planning rules in force from 30 May 2013 extend rights to change use without planning permission Summary and implications The Government published legislation at the end
More informationInternational employment and employers exposure to claims in the UK
Employment briefing August 2011 International employment and employers exposure to claims in the UK Summary and implications Welcome to the August edition of Nabarro s employment briefing. With one eye
More informationGUIDE. Entrepreneurs. A guide to investment jargon
GUIDE Entrepreneurs A guide to investment jargon What does this guide cover? Angel investors, venture capital funds, accountants, lawyers and fundraisers use jargon. To anyone raising funds for the first
More informationFinancial Services. Financial communications post MiFID
BRIEFIG Financial Services Financial communications post MiFID This document looks at the rules on financial promotions and marketing communications following the introduction of MiFID. 1. ITRODUCTIO Sections
More informationLocal Government Pension Deregulatory Review
Pensions update Newsletter July 2007 HEADLINES Appeal against first financial support direction Court of Appeal ruling on winding up priorities Pensions deregulatory review Local Government pensions broad
More informationData Centres De-coding the issues
Data Centres De-coding the issues Nabarro s specialisms include: Banking & Finance Construction & Engineering Corporate Dispute Resolution Employment Environment EU, Competition and Trade Financial Services
More informationCOMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION
DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration
More informationReal Estate update. Rebuilding after the riots. Tenant s fit-out works: whose risk? Whose insurance? page 5 The draft NPPF: what will it mean for
Real Estate update September 2011 Real Estate update Rebuilding after the riots page 2 Tenant s fit-out works: whose risk? Whose insurance? page 5 The draft NPPF: what will it mean for planning? page 7
More informationSingapore: Insolvency Law Review Committee Recommendations.
November 2013 Singapore: Insolvency Law Review Committee Recommendations. Contents 1 Background In December 2010, the Minister of Law of Singapore (the MoL ) appointed the Insolvency Law Review Committee
More informationAn Introduction To Insolvency - Part 1
An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent,
More informationA Brief Guide to Corporate Insolvency in England and Wales
A Brief Guide to Corporate Insolvency in England and Wales International Investor Series No. 8 AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE) ITALY JAPAN PAPUA NEW GUINEA
More informationInformation Technology. GSK. The Difference.
Information Technology. GSK. The Difference. Our Services. > Drafting IT contracts, particularly with respect to software development, sales and distribution, licensing and maintenance > Protection and
More informationGuidance for insolvency practitioners and official receivers
Guidance for insolvency practitioners and official receivers An introduction from the Chief Executive Dear Insolvency Practitioner/Official Receiver This guide provides information on how insolvency practitioners
More informationLiquidation and insolvency
Liquidation and insolvency GPO8 July 2013 Companies Act 2006 This guidance is available in alternative formats which include Braille, large print and audio tape. For further details please email our enquiries
More informationEXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No.
EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009 2009 No. 1553 1. This explanatory memorandum has been prepared by the Department for
More informationCompanies Act 2006. Capital reductions and share buybacks. April 2008
Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without
More informationAn introduction to European employment law for Japanese companies
Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Japanese companies For Japanese companies encountering the European employment law system for the
More informationTrust Development Authority. Securing sustainable healthcare for the people of South East London
Trust Development Authority Securing sustainable healthcare for the people of South East London Contents 1 Executive summary 5 2 Recommendation 7 3 Introduction and background 9 4 Developing the transactions
More informationAn introduction to European employment law for Korean companies
Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Korean companies For Korean companies encountering the European employment law system for the first
More informationLimited liability partnership liquidation and insolvency (Scotland)
Limited liability partnership liquidation and insolvency (Scotland) GPLLP5s August 2014 Insolvency Act 1986 This guidance is available in alternative formats which include Braille, large print and audio
More informationAn Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
More informationDealing with Debt How to wind up your own company
Dealing with Debt How to wind up your own company Contents About this booklet 1 General information What is liquidation? What types of liquidation are there? Where can I get advice about liquidation? What
More informationCHARITABLE INCORPORATED ORGANISATIONS
CHARITABLE INCORPORATED ORGANISATIONS This sheet gives some basic information about the charitable incorporated organisation which is due to begin to become available to charities from January 2013. CHARITABLE
More informationE-Zec Medical Transport Services Ltd
E-Zec Medical Transport Services Ltd Terminal Building Redhill Aerodrome, Kingsmill Lane Redhill Surrey RH1 5YP Licence Number: 200120 Date of Issue Version Number 19/06/2015 1.0 Dr David Bennett, Chief
More informationCompany administration
BRIEFING PAPER Number CBP04915, 12 April 2016 Company administration By Lorraine Conway Inside: 1. Over view 2. The administration procedure 3. Advantages and disadvantages 4. What is a pre-pack? 5. Will
More informationBrief guide to Administration
Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but
More informationCompany Insolvency and Claims for Personal Injuries
Company Insolvency and Claims for Personal Injuries Alison Padfield 1 Administration; Company voluntary arrangements; Corporate insolvency; Limitation periods; Liquidation; Personal injury claims; Register
More informationPensions update caselaw special
Pensions update caselaw special Newsletter January 2008 The end of 2007 saw a flurry of court cases involving pension schemes. We have gathered some of them together into a special edition of Pensions
More informationReforming the Corporate Insolvency Regime By the Secretariat to the Corporate Law Reform Committee (CLRC) Companies Commission of Malaysia
Reforming the Corporate Insolvency Regime By the Secretariat to the Corporate Law Reform Committee (CLRC) Companies Commission of Malaysia Introduction In our first article An insight to Corporate Law
More informationEmployee pension rights after a TUPE transfer
Employee pension rights after a TUPE transfer June 2006 Contents Introduction History of TUPE and pensions Public sector contracts The Pensions Act 2004 The general principles Pension obligations on TUPE
More informationWinding Up of Companies
Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after
More informationRestructuring & insolvency law in the DIFC.
July 2011 Restructuring & insolvency law in the DIFC. The Dubai International Financial Centre ("DIFC") The DIFC is a financial free zone in the Emirate of Dubai which was established in 2004. The DIFC
More informationProposed New Laws for Personal Insolvency
Proposed New Laws for briefing Draft legislation proposes to alter the law and procedures of personal insolvency in radical ways. The proposals include the establishment of an independent Insolvency Service
More informationThe no nonsense guide to Insolvent Liquidations
The no nonsense guide to Insolvent Liquidations [Limited companies and LLPs] Website: www.insolvency-online.co.uk Email: Introduction Welcome to our No Nonsense Guide to Insolvent Liquidations. There is
More informationInsolvency and enforcement procedures in England & Wales
Insolvency and enforcement procedures in England & Wales Contents Introduction...01 Company Voluntary Arrangement (CVA)...02 Scheme of Arrangement (Scheme)...05 Administration / Pre-pack Administration...08
More informationJRI S STANDARD TERMS OF PURCHASE. Business Day: a day (other than a Saturday, Sunday or public holiday) when banks in London are open for business.
JRI S STANDARD TERMS OF PURCHASE 1. INTERPRETATION 1.1 Definitions. In these Conditions, the following definitions apply: Business Day: a day (other than a Saturday, Sunday or public holiday) when banks
More informationIMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS
Debt Arrangement Scheme (DAS) Business DAS Guidance for Insolvency Practitioners acting as Continuing Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS)
More informationJudicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1
Judicial Management, Scheme of Arrangement and Winding Up in Singapore Copyright Colin Ng & Partners LLP 1 Introduction Economic crisis many companies hit by cash flow problems and financial difficulties.
More informationShort title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting
Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation
More informationGlossary of Terms: Insolvency and Restructuring
Glossary of Terms: Insolvency and Restructuring Administration Administration is the court supervised process by which a Licensed Insolvency Practitioner called an administrator takes control of an insolvent
More information2015 No. (W. ) SOCIAL CARE, WALES. The Care and Support (Business Failure) (Wales) Regulations 2015 W E L S H S T A T U T O R Y I N S T R U M E N T S
W E L S H S T A T U T O R Y I N S T R U M E N T S 2015 No. (W. ) SOCIAL CARE, WALES The Care and Support (Business Failure) (Wales) Regulations 2015 EXPLANATORY NOTE (This note is not part of the Regulations)
More informationGUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable
More informationAn overview of Jersey company law
www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore An overview of Jersey company law Bedell Cristin Jersey The Companies (Jersey) Law 1991 (the "Law") came into force on 30 March
More informationNew amendments to the Spanish Insolvency Law
3 rd June 2015 New amendments to the Spanish Insolvency Law Ley 9/2015 Contents Summary 2 Refinancing agreements 2 The communication foreseen under Article 5bis of the insolvency Law 3 Ranking of creditors
More informationCorporate Insolvency Law In Singapore
Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency
More informationDoes the Changing World of Social Care present opportunity or Risk?
Does the Changing World of Social Care present opportunity or Risk? Managing Director Care, Partnership 22 nd May 2013 A few reminders why this market Over 85 s have doubled since 1984 and will double
More informationA Short Guide to NHS Foundation Trusts
A Short Guide to NHS Foundation Trusts 1 A new type of NHS hospital NHS Foundation Trusts Ten Key Points 1.1 NHS Foundation Trusts are at the cutting edge of the Government s commitment to devolution and
More informationComparing the corporate insolvency framework: UK, Singapore and India
Comparing the corporate insolvency framework: UK, Singapore and India Anjali Sharma, Rajeswari Sengupta May 15, 2015 Part I What drives optimal insolvency law design What is optimal design? Insolvency
More informationDRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES
DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES Note: These provisions are currently contained in Part IX of the Myanmar Companies Act 1914. They have
More informationCOMPANIES ACT 2014 MARCH 2015
COMPANIES ACT 2014 MARCH 2015 COMPANIES ACT 2014 OVERVIEW Company law in Ireland is to undergo a major overhaul in the coming months. The changes will affect nearly every business in Ireland. The Companies
More informationTHE STANDARD INSURANCE COMPANY LIMITED AND CERTAIN OTHER INSURANCE COM PANIES ACT. Act No. 18, 1963.
THE STANDARD INSURANCE COMPANY LIMITED AND CERTAIN OTHER INSURANCE COM PANIES ACT. Act No. 18, 1963. An Act relating to claims against and liabilities incurred by The Standard Insurance Company Limited
More informationProductivity Commission Business Set-up, Transfer and Closure Draft Report: Public Submission due 3 July 2015
3 July 2015 Business Set-up, Transfer and Closure Productivity Commission GPO Box 1428 CANBERRA ACT 2601 By email: business.inquiry@pc.gov.au Dear Productivity Commission Productivity Commission Business
More informationBrief guide to English Corporate Insolvency Law
Brief guide to English Corporate Insolvency Law The main English Insolvency Procedures. This guide deals with the main insolvency procedures in England and Wales, namely: > Administration, which is primarily
More informationComparison of Companies - Cayman Islands, British Virgin Islands and Jersey
Comparison of Companies - Cayman Islands, British Virgin Islands and Jersey Introduction The decision as to where to incorporate an offshore company can only be made based on the specific features of the
More informationIMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS
Debt Arrangement Scheme (DAS) Business DAS Guidance for Payments Distributors Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and
More informationINSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY
EK SERVICES POLICIES AND PROCEDURES INSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY EK Services Insolvency & Charging Order Policy 1 Contents 1. Introduction and purpose of policy document
More informationAdvice Note. An overview of civil proceedings in England. Introduction
Advice Note An overview of civil proceedings in England Introduction There is no civil code in England; English civil law comprises of essentially legislation by Parliament and decisions by the courts.
More informationFinal text for the Amended EU Regulation on Insolvency proceedings
Final text for the Amended EU Regulation on Insolvency proceedings 1 Briefing note December 2014 Final text for the Amended EU Regulation on Insolvency proceedings The process to update and extend the
More informationInformation Leaflet No. 19
Information Leaflet No. 19 SOCIETAS EUROPAEA (SE) INFORMATION LEAFLET NO. 19 /MARCH 2015 1. SOCIETAS EUROPAEA A Societas Europaea (SE) is a European public limited company formed under EU Regulation (Council
More informationThe Companies Acts A PRIVATE COMPANY LIMITED BY GUARANTEE. (not having a share capital) ARTICLES OF ASSOCIATION SPECIAL OLYMPICS GREAT BRITAIN
The Companies Acts A PRIVATE COMPANY LIMITED BY GUARANTEE (not having a share capital) ARTICLES OF ASSOCIATION of SPECIAL OLYMPICS GREAT BRITAIN PART 1 INTERPRETATION AND LIMITATION OF LIABILITY 1. Defined
More informationDealing With Debt. How to wind up your own company
how to wind up your own company aug 2008.qxp:how to wind up your own company July 2008.qxd 26/03/2009 07:12 Dealing With Debt How to wind up your own company Page 1 Contents Page About this booklet....................................................3
More informationNORMAN COWAN and CHRISTOPHER AXFORD DRUCES LLP SOLICITORS WILDER COE LLP BUSINESS RECOVERY. Page 1 of 6
INTEGRA INTERNATIONAL & THE ALLIANCE OF BUSINESS LAWYERS: BUSINESS RESTRUCTURING AND INSOLVENCY UNIT INTERNATIONAL CORPORATE RESTRUCTURING TAKING ADVANTAGE OF CROSS BORDER INSOLVENCY PROCEDURES NORMAN
More informationThe New German Investment Regulation (Anlageverordnung)
March 5, 2015 The New German Investment Regulation (Anlageverordnung) An update to the GSK Update of June 30, 2014 Executive Summary > Privileges for investments in private equity funds > Clarification
More informationPlease ensure that the full date is entered (including the month and year e.g. 14 th December 2010.) Page 2 paragraph 7.1 Please insert the date
Please print this agreement, sign it and return it to: Accounts Department Maurice Lay Distributors Limited Fourth Way Avonmouth Bristol BS11 8DW Please ensure that you have completed the following At
More informationPersonal Insolvency Service
Personal Insolvency Service W.O. McGrory & Co offers a specialist service to individuals and company directors experiencing personal financial problems that need the assistance of professional intervention.
More informationINSOLVENCY OF COMPANIES IN FRANCE
INSOLVENCY OF COMPANIES IN FRANCE I. Prior to insolvency an overview of measures how to avoid insolvency in French law Objective: Inciting companies to take measures as soon as possible Procedures in French
More informationTaxation & Enforcement Service. Policy Document on the use of Insolvency Proceedings (bankruptcy & liquidation) and Charging Orders
Taxation & Enforcement Service Policy Document on the use of Insolvency Proceedings (bankruptcy & liquidation) and Charging Orders 1. Background & Purpose of this document Wealden District Council ("the
More informationInstitutional framework for insolvency resolution: role of insolvency professionals
Institutional framework for insolvency resolution: role of insolvency professionals Finance Research Group, IGIDR March 23, 2015 Professional services in insolvency proceedings Resolution of insolvency
More informationRecommendations on the treatment of employee wages and other debts arising in the employment relationship in the context of debt settlement
Recommendations on the treatment of employee wages and other debts arising in the employment relationship in the context of debt settlement arrangements under the Personal Insolvency Bill 2012 November
More informationTHE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED
THE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE ARTICLES OF ASSOCIATION of CORNWALL PARTNERS IN CARE LIMITED PART 1 INTERPRETATION AND LIMITATION OF LIABILITY 1 Defined terms (1) The regulations
More informationEXPLANATORY MEMORANDUM TO THE SOUTH LONDON HEALTHCARE NATIONAL HEALTH SERVICE TRUST (APPOINTMENT OF TRUST SPECIAL ADMINISTRATOR) ORDER 2012
EXPLANATORY MEMORANDUM TO THE SOUTH LONDON HEALTHCARE NATIONAL HEALTH SERVICE TRUST (APPOINTMENT OF TRUST SPECIAL ADMINISTRATOR) ORDER 2012 2012 No. 1806 AND THE SOUTH LONDON HEALTHCARE NATIONAL HEALTH
More informationCorporate Insolvency in Ireland
Corporate Insolvency in Ireland 0 CORPORATE INSOLVENCY IN IRELAND Introduction The collapse of the celtic tiger in Ireland has triggered a significant increase in the number of corporate entities incorporated
More informationWinding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner
Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter
More informationInsolvency (Amendment) Bill
Bill [AS INTRODUCED] CONTENTS Provisions relating to communication 1. Attendance at meetings and use of websites 2. References to things in writing Requirements relating to meetings 3. Removal of requirement
More informationConstruction & Engineering update
Construction & Engineering group update April 2010 Construction & Engineering update Timing in Procurement Challenges page 2 Design obligations the problem of fitness for purpose liability page 5 Project
More informationA guide to investing. Appendix 10 Choice of business entity
A guide to investing in Wales Appendix 10 Choice of business entity August 2013 Appendix 10 Choice of business entity 1. Principal forms of doing business Business organisations in the UK usually take
More informationTHE ROLE OF THE INSOLVENCY PRACTITIONER PICKING UP THE PIECES
THE ROLE OF THE INSOLVENCY PRACTITIONER PICKING UP THE PIECES Professional Standards The Institute of Chartered Accountants in England and Wales Metropolitan House 321 Avebury Boulevard Milton Keynes MK9
More informationForms of Corporate Insolvency
Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation;
More informationArticles of Association
Articles of Association June 2015 Institute of Financial Accountants The Podium, 1 Eversholt Street, Euston, London, NW1 2DN T: +44 (0)207 554 0730 F: +44(0) 207 554 0731 E: mail@ifa.org.uk www.ifa.org.uk
More informationGreater protection to essential supplies of insolvent businesses
Knowledge Greater protection to essential supplies of insolvent businesses Knowledge Olswang 1 Greater protection to essential supplies of insolvent businesses Briefing note on the Insolvency (Protection
More informationCONSULTATION PAPER P021-2014 September 2014. Proposed Amendments to the Deposit Insurance and Policy Owners' Protection Schemes Act
CONSULTATION PAPER P021-2014 September 2014 Proposed Amendments to the Deposit Insurance and Policy Owners' Protection Schemes Act PREFACE i The Deposit Insurance Scheme ( DI Scheme ) was introduced in
More informationFinancial Services (Banking Reform) Act 2013
Financial Services (Banking Reform) Act 2013 CHAPTER 33 26.75 Financial Services (Banking Reform) Act 2013 CHAPTER 33 CONTENTS PART 1 RING-FENCING Ring-fencing 1 Objectives of Prudential Regulation Authority
More informationFinancial Restructuring and Transactions IFT Information Note: No. 121. Introduction to Insolvency Processes Schemes of Arrangement and COMI shifting
INTRODUCTION This note is intended to act as an introduction to corporate insolvency procedures under the Insolvency Act 1986 (the Act ) (as amended by The Enterprise Act 2002) and otherwise together with
More informationNEW SOUTH WALES INSTITUTE OF PSYCHIATRY ACT. Act No. 44, 1964.
NEW SOUTH WALES INSTITUTE OF PSYCHIATRY ACT. Act No. 44, 1964. An Act to provide for the establishment and incorporation of a New South Wales Institute of Psychiatry, and to define its powers, authorities,
More informationENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order.
ENGLISH BANKRUPTCY PROCEDURE GUIDE A bankruptcy is deemed to commence on the date of the bankruptcy order. The advantages of a bankruptcy to a debtor are: automatic discharge after 1 year; vast majority
More informationA BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations
A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other
More informationA Short Guide to NHS Foundation Trusts
A Short Guide to NHS Foundation Trusts 1. A new type of NHS hospital 1.1 The next five years will see major changes to the way hospital services are provided. Local communities and staff are to be given
More informationTHE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
Company Number: 5806226 THE COMPANIES ACT 2006 PRIVATE COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION OF UNITED KINGDON HYDROGEN AND FUEL CELL ASSOCIATION 1 Defined
More informationCompanies Bill 2012. Amendments Made by the Houses of the Oireachtas. briefing
by the Houses of the briefing This briefing is based on the Companies Bill as it has completed Report Stage and Final Stage in Seanad Éireann (30 September 2014). A general briefing on the Companies Bill
More information2009 No. 2472 INSOLVENCY, ENGLAND AND WALES. The Insolvency (Amendment) (No. 2) Rules 2009
STATUTORY INSTRUMENTS 2009 No. 2472 INSOLVENCY, ENGLAND AND WALES COMPANIES INDIVIDUALS The Insolvency (Amendment) (No. 2) Rules 2009 Made - - - - 8th September 2009 Laid before Parliament 10th September
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationTIPS FOR DIRECTORS FACING BUSINESS DIFFICULTIES
TIPS FOR DIRECTORS FACING BUSINESS DIFFICULTIES The rapid downturn in the economy means company directors are faced with new challenges, possibly on a greater scale and more complex than ever before. Directors
More informationLAWCASTLES TECHNICAL PAPERS
LAWCASTLES TECHNICAL PAPERS PAPER NO. 1 OF 2006 Statutory Corporate Insolvency Procedures in Tanzania Introduction This paper reviews statutory corporate insolvency procedures in Tanzania. The paper discusses
More information