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From 1 December 2020 new changes to the priority rules in insolvency will have a real impact on the recoveries achieved by secured creditors on the insolvency of a debtor. These new rules give HMRC priority above floating charge holders and ordinary unsecured creditors in relation to tax collected by an insolvent company from third parties, such as VAT, PAYE income tax and NICs.
Brexit is set to have a major impact on goods supply chains and the trade deal with the EU, though welcome, is unlikely to make a significant difference, except when it comes to tariffs. Our Q&A explains why and sets out what importers and exporters need to do in order to adapt to these changes.
Following mixed results for policyholders and insurers as a result of the High Court's judgment in the FCA's Business Interruption Insurance Test Case (FCA v Arch Insurance & Ors [2020] EWHC 2448 (Comm)), the FCA has announced that the Supreme Court will hear the appeals of the FCA and 6 of the 8 Defendant Insurers against the High Court's judgment over a 4 day hearing, starting on 16 November 2020.
The UK government and regulators have jointly announced their approach to implementing the recommendations of the Taskforce on Climate-related Financial Disclosures within the next five years. Notable by its absence is any explicit mention of the EU Sustainable Finance Disclosure Regulation which comes into force in March 2021.
The Government has introduced a cap on public sector exit payments which took effect from 4 November 2020. Under the cap, payments by a public sector body in respect of an employee's termination of employment must not exceed £95,000 in total for that employee.
This briefing was updated on 20 November 2020.
PIPE transactions in the UK
Key employment and business immigration developments for employers.
Clarification has recently been given by the Supreme Court in Enka v Chubb Russia [2020] UKSC 38, on the principles to be applied to determine the proper law of an arbitration agreement, in particular where the governing law of the contract differs from the law of the seat of the arbitration.
Contributing to the Imprima newsletter, Strategic Operations Director Stacey Rickford, comments on trends in the use of artificial intelligence in legal due diligence processes and the future of the legal profession.
The Chancellor has today announced that the Coronavirus Job Retention Scheme (CJRS) is being further extended until the end of March 2021.
In an increasingly data driven world in which we are all learning to become more data conscious, Data Subject Access Requests ("DSARs") are an important tool for individuals to check how their data is being used, and whether such use is lawful.
Whilst the Covid-19 pandemic and continuing uncertainty over the nature of the UK’s relationship with the EU post-Brexit have dominated the political and economic agenda in recent times, there have been a number of important tax developments that asset managers should have on their radar as we approach the end of 2020.
The Government's new points-based immigration system was widely expected to take effect from 1 January 2021, following the end of the Brexit transition period. However, the Government has now announced that the new system will open for applications on 1 December 2020.
The recent decision of the High Court in The Financial Reporting Council Ltd v Frasers Group Plc (formerly Sports Direct International Plc) [2020] EWCH 2607 (Ch) reinforces the principle that, even where litigation is reasonably within contemplation at the time, a communication or document will only be protected by litigation privilege where it has been prepared for the sole or dominant purpose of litigation.
On 16 October 2020, the UK’s Export Control Joint Unit ("ECJU") issued a timely reminder to UK businesses that an Open General Export Licence ("OGEL") will be required where a business is exporting dual-use items, as set out in Annex 1 of EU Regulation 428/2009 (the "Dual-use Regulations"), to any EU member state, and the Channel Islands, from 1 January 2021.