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The new Insolvency Rules 2016 will come into force on 6 April 2017

The existing rules have been extensively amended over the years - 23 times since 1986 - in order to reflect ongoing changes in primary legislation, case law and policy. Regular additions and deletions of text have resulted in, what has been described as, an “impenetrable thicket” of legislation.

E-filing for insolvency proceedings to become mandatory from 25 April 2017

After April 2017, all large UK companies will be required to report on their payment practices and performance. This new requirement is one of a number of ways in which the government is trying to tackle the problem of late payment for small and medium enterprises.

The High Court has today sanctioned a scheme of arrangement by which Severn Trent Water will acquire all the voting shares of Dee Valley Group plc.

This briefing provides an overview of the latest news and views on Brexit, and looks at the legal risks for UK businesses, giving some insight into the prospects for M&A and the public markets, and issues which should be factored into contingency planning over the coming months.

What's happening?

In 2002, the European Insolvency Regulation (EIR) introduced a regime governing the administration of insolvent corporates or individuals which operate in more than one member state of the European Union (EU). A "recast EIR" will apply to insolvency proceedings commenced on or after 26 June 2017.

Performance Share Plans offer executives the opportunity to acquire shares in a company by reference to its success measured against performance targets. Participants are granted options at an exercise price set at nil or nominal value.