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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

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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Third party debt orders—flowchart

Third party debt

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UK GDPR for insolvency practitioners and those advising them—checklist

UK GDPR for insolvency practitioners and those advising them—checklist The general (ie not specifically related to specialist areas like law enforcement) data protection laws applicable to the UK are: • Assimilated Regulation (EU) 2016/679, UK General Data Protection Regulation (UK GDPR) which is a version of the Regulation (EU) 2016/679, EU General Data Protection Regulation (EU GDPR) as incorporated into UK law following Brexit, and • the parts of the Data Protection Act 2018 that relate to general personal data processing, powers of the Information Commissioner and sanctions and enforcement For further reading, see Practice Note: The UK General Data Protection Regulation (UK GDPR). UK GDPR The UK GDPR imposes obligations on all those who process personal data—both data controllers and data processors. An Insolvency Practitioner (IP) may be both. They will have obligations both by virtue of their appointments and their role in an organisation. In relation to the former, they will process data controlled by the insolvent entity or person and data they collect during their appointment. For...

In-house lawyers: enforcing against insolvent companies and individuals—checklist

In-house lawyers: enforcing against insolvent companies and individuals—checklist Your method of recovery will depend on whether the company or individual is close to insolvency (pre-insolvency proceeding) or whether a formal insolvency proceeding has been entered (such as administration or liquidation for a company or bankruptcy for an individual). Pre-insolvency proceeding • if the debt is disputed you will have to issue a claim form and sue the company or individual in court • if the debt is not disputed by the company (and you do not suspect the company of dissipating its assets or putting them beyond the reach of creditors), consider issuing a statutory demand which may then form the basis of a winding-up petition where the debt is valued at £750 or more. For further information, see Practice Note: Company statutory demand • if you suspect the company of dissipating its assets or putting them beyond the reach of creditors, consider issuing winding-up proceedings immediately and appointing a provisional liquidator to preserve value. You cannot do this for...

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Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

Underlease of whole by way of reference to the terms of the head lease

Underlease of whole by way of reference to the terms of the head lease HM Land Registry Prescribed Clauses LR1. Date of the lease [date] LR2. Title Number[s] LR2.1 Landlord's title number[s] [title numbers out of which this underlease is granted (but leave blank if the Landlord’s title is unregistered)]LR2.2 Other title numbers [existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made] LR3. Parties to this lease Landlord [[OPTION 1 — name of Landlord (not an overseas entity)] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address]OR[OPTION 2 — name of Landlord (overseas entity)] [incorporated OR formed] in [territory of incorporation/formation] (registration number [number]) [and registered at Companies House (company registration number BR[number])] (overseas entity ID [[number] OR not required]) whose registered office is at [address]] Tenant [[OPTION 1 — name of Tenant (not an overseas entity)] [of OR incorporated in...

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What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

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Can Romania escape its arbitral award catch-22

Law360: On 2 October 2024, the European Union General Court upheld a decision by the European Commission prohibiting Romania from paying a €178m award from the International Centre for Settlement of Investment Disputes in favour of the Micula brothers.

Brazilian Airline GOL files Ch 11 Plan to cut US$2.5bn debt

Law360: Low-cost Brazilian airline GOL Linhas has revealed a proposed Chapter 11 plan after reaching a global settlement with creditors, major investor Abra Group Limited and other stakeholders that would extinguish US$2.5bn in debt before its January confirmation hearing.

View the latest UK Parliament Acts documents on Debtor

[251X Interpretation]

[(1)     In this Part—“the application date”, in relation to a debt relief order or an application for a debt relief order, means the date on which the application for the order is made to the official receiver;“approved intermediary” has the meaning given in section 251U(1);“debt relief order” means an order made by the official receiver under this Part;“debtor” means—(a)     in relation to an application for a debt relief order, the applicant; and(b)     in relation to a debt relief order, the person in relation to whom the order is made;“debt relief

386 Categories of preferential debts

386  Categories of preferential debts(1)     A reference in this Act to the preferential debts of a company or an individual is to the debts listed in Schedule 6 to this Act [(contributions to occupational pension schemes; remuneration, &c of employees; levies on coal and steel production[; debts owed to the Financial Services Compensation Scheme][; deposits covered by Financial Services Compensation Scheme][; other deposits][; certain HMRC debts])]; and references to preferential