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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

Debt relief orders (DROs)—checklist

Debt relief orders (DROs)—checklist Debt relief orders Debt relief orders (DROs) are an alternative to bankruptcy and are dealt with in sections 251A–251X and Schedule 4ZA to the Insolvency Act 1986 (IA 1986), and supplemented by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, Pt 9. They provide protection from debts by prohibiting further legal process against the debtor without the court's permission and, after a year, discharges the debtor from those debts. The big difference between a DRO and bankruptcy is that DROs are available only to debtors with no substantial assets and no income over and above what is necessary for the debtor's 'reasonable needs', and there are no provisions for the collection, realisation and distribution of the debtor's estate on the basis there will be nothing to distribute. As set out in R (on the application of Payne) v Secretary of State for Work and Pensions, DROs are a 'a new and simplified way of wiping the slate clean for debtors who are...

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Terminating assured and assured shorthold tenancies under section 8 of the Housing Act 1988—flowchart

Terminating assured and assured shorthold tenancies under section 8 of the Housing Act 1988—flowchart This Flowchart sets out the procedure for terminating an assured (AT) or assured shorthold tenancy (AST) under section 8 of the Housing Act 1988 (HA 1988), including service of a section 8 notice, issuing proceedings and the stages in the proceedings leading to an order for possession. Where HA 1988 applies, unless a tenant agrees to vacate a property voluntarily, a landlord can only recover possession by following the procedures set out in HA 1988, ss 8 or 21, by obtaining an order for possession and enforcing it. See Practice Note: Assured and assured shorthold tenancies—terminating. The procedure under HA 1988, s 8 can be used where either the tenant is in default of its obligations under the tenancy (for example failing to pay rent) or the landlord is entitled to possession on one of the other grounds contained in HA 1988, Sch 2 whether during a fixed term or periodic tenancy. Certain grounds for possession...

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Lifting the administration moratorium—appointment of fixed charge receiver

This Practice Note considers the interaction between the statutory moratorium under Schedule B1 to the Insolvency Act 1986 (IA 1986), which prevents most creditor or third-party actions against an insolvent company in administration, and the right of a secured creditor to enforce its security over the company’s secured asset by appointing a fixed charge receiver. For an explanation of the moratorium which arises in administration, please see Practice Note: The moratorium in administration. This note does not consider additional enforcement options that may be available to the secured creditor.This note also does not address the impact on a lender’s ability to appoint a receiver which may arise once a ‘stand-alone’ moratorium arising under IA 1986, Pt A1 (see Practice Note: Moratorium). Permission of the court will also be required in that instance before any enforcement steps are taken (with limited exceptions) (IA 1986, s A21(1)(c)) and that no application for permission can be made for the purposes of enforcing a pre-moratorium debt for which the debtor company has a payment...

The moratorium in administration

The moratorium plays an important part in any administration which seeks to rescue a company or allow for the restructure of a business. This Practice Note sets out what the moratorium is, how it applies, and the factors the court will take into account when faced with an application to lift it.The purpose of the moratoriumThe purpose behind the moratorium is to give the company/its administrators breathing space to formulate and implement the proposals, and also to investigate the position of the company, its business and assets. As set out in the section The effect of the moratorium below, the moratorium is a prohibition on proceedings, actions and steps being taken against the company/its property during the applicable period, except with the consent of the administrator (if one is appointed) or the permission, or leave, of the court.There are two types of moratorium in an administration, the moratorium and the interim moratorium, both of which (with some minor exceptions) have a similar effect.When the moratorium appliesThe moratorium applies during the...

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Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

Short form of consultant’s appointment

Short form of consultant’s appointment This Agreement is made on the [insert date] day of [insert month and year] Parties 1 [Insert Employer name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Employer' which term shall include all permitted assignees or other transferees under this Agreement); and 2 [Insert Consultant name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Consultant') Whereas (A) The Employer has entered into or proposes to enter into a contract with [insert name of contractor] of [insert contractor's address] for the [design and] construction of a [insert brief description of the project] (the ‘Project’) at [insert location of site] (the 'Building Contract'). (B) The Employer wishes to appoint the Consultant to perform the services set out in Schedule 1 (the 'Services') in accordance with the Agreement It is hereby agreed as follows 1 Definitions and Interpretation 1.1 In this Agreement the following expressions shall have the following meanings: [Beneficiaries • any and all...

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Where there are loan notes that are convertible to equity on a company entering administration, would the administration moratorium prevent the conversion? Does it make a difference whether the loan note provides for automatic conversion to equity or at the option of the holder?

Where there are loan notes that are convertible to equity on a company entering administration, would the administration moratorium prevent the conversion? Does it make a difference whether the loan note provides for automatic conversion to equity or at the option of the holder? The procedure to convert convertible loan notes is usually set out in the convertible loan note instrument under which the notes are issued. Conversion is usually triggered (i) automatically on the occurrence of specified trigger event, or (ii) at the option of the noteholder following the occurrence of specified events. Typically, in the latter case, the noteholder will be required to serve notice on the issuer (a conversion notice) that requires the loan notes to be converted. A form of conversion notice will typically be included as a schedule to the convertible loan note instrument. The exact procedure should be checked in the loan note documentation. For more information, see Practice Note: Loan notes—fundamentals—How do you convert convertible loan notes? When a company is put into...

Is it permissible for a creditor to make an application to court for permission to issue proceedings against a company in a company voluntary arrangement? If so, under what provision?

Is it permissible for a creditor to make an application to court for permission to issue proceedings against a company in a company voluntary arrangement? If so, under what provision? We refer you to Practice Note: Claims against companies subject to a company voluntary arrangement (CVA) which you may find useful for your purposes. If the claim is not

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Planning weekly highlights—14 November 2024

This week's edition of Planning weekly highlights includes: proposals by the Welsh Government to accelerate infrastructure planning decisions; High Street Rental Auctions in force on 2 December 2024; and a £47m commitment to unlock nutrient neutrality stalled homes.

The JCT Constructing Excellence Contract 2024—what’s changed?

Construction analysis: On 16 October 2024, the Joint Contracts Tribunal (JCT) published the 2024 editions of its Major Project, Constructing Excellence, and Prime Cost Building contracts, along with their associated guides and sub-contracts. In this analysis, we focus on the Prime Cost contract, and look at how it differs from its 2016 equivalent.

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[SCHEDULE B1 Administration]

(1)     For the purposes of this Act “administrator” of a company means a person appointed under this Schedule to manage the company's affairs, business and property.(2)     For the purposes of this Act—(a)     a company is “in administration” while the appointment of an administrator of the company has effect,(b)     a company “enters administration” when the appointment of an administrator takes effect,(c)     a company ceases to be in administration when the appointment of an administrator of the company ceases to have effect in accordance with this Schedule, and(d)     a company does not cease to be in administration merely because an administrator vacates office (by reason of resignation, death or otherwise) or is removed from office.