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ARTICLE · 04 SEPTEMBER 2014

EuroResource-Deals And Debt - August 2014

Jones Day
Jones Day
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On 9 July 2014, the UK government began a period of consultation in relation to proposed changes to the Insolvency Act 1986.

GlobalInsolvency/Bankruptcy/Re-Structuring
Jones Day
Jones Day
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The UK—On 9 July 2014, the UK government began a period of consultation in relation to proposed changes to the Insolvency Act 1986 (the "Act") intended to ensure the continued supply of essential services to insolvent companies. The existing protections in section 233 of the Act have become outdated and are limited to supplies of gas, electricity, water and communications services. The current provisions do allow suppliers to insist on personal guarantees from insolvency office holders as a condition to continued supply, but they prevent suppliers from demanding payment of accrued charges. If implemented, the new proposals would expand the scope of services to include IT suppliers (e.g., providers of software, hardware and servers, electronic payment systems providers, website hosts and data storage providers) and will mean that suppliers cannot withdraw services due to a client-company's commencement of insolvency proceedings (and suppliers would

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