UK insolvency reforms – a blueprint for reform in offshore jurisdictions?
Tim Prudhoe and Justina Stewart look at the likely implications of the Corporate Insolvency and Governance Bill on several overseas jurisdictions.
In the short time since first published (22 May 2020), much electronic ink has been spilt on the most significant reforms introduced by the UK Parliament in a generation to insolvency and restructuring law – the Corporate Insolvency and Governance Bill.
Much, though, is still left unsaid as to the likely wider reach outside of the UK of the finished product. The raw material is there for this to have a major impact in several overseas jurisdictions that follow the English common law model (albeit not, directly, its actual statutory regime).
In this article, Tim Prudhoe and Justina Stewart highlight the relevance of the Bill to such jurisdictions.
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Tim Prudhoe practises in several prominent offshore jurisdictions in insolvency and related work. He is a licensed Insolvency Practitioner in the Turks & Caicos Islands, where he is also the Financial Services Commission appointee to the Company Law Advisory Committee which advises on necessary changes to company and insolvency legislation in light of currently proposed changes in the United Kingdom.
Justina Stewart is ranked as a Leading Junior in Insolvency and Banking & Finance, and is appointed to the Attorney General’s Panel of Junior Counsel to the Crown. A former investment banker, she is described in directories as “incredibly impressive and a force to be reckoned with”, and a “highly intelligent and tenacious litigator” who is “also far more financially literate than most barristers”, and with “a very good commercial application”. Her cases are often multi-jurisdictional in nature.
If you would like to find out more about our insolvency team or discuss an issue please contact Practice Director Matt Sale on +44 (0)20 7427 4910 who would be happy to answer your queries in the strictest of confidence.
Legal Blogs 12 Jun, 2020
