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Currently, when a dispute arises between parties in different countries within the European Union, those parties turn to EU law to determine which country’s laws will apply. If no deal is agreed over Brexit, many of the rules on court jurisdiction and enforcement will be repealed.
You may have heard the news today about House of Fraser announcing a planned Company Voluntary Arrangement (CVA) which if approved, will see the closure of 31 of its 59 stores.
It has been reported this morning that Carillion plc, the UK’s second-largest construction company and a key government contractor along with other group companies, have been unsuccessful in their discussions with stakeholders for a turnaround plan.
The latest revision to the Pre-action Protocol for Debt Claims (PAP) will come into force on 01 October 2017. The PAP applies to any business claiming payment of a debt from an individual and describes the conduct that the Court will expect from those parties prior to issuing a Claim Form.
The method in which the UK shall implement its ‘Brexit strategy’ has been regarded as a major factor in determining the future viability of many UK businesses.
The draft Pre-action Protocol for Debt Claims (PAP) was put out for consultation over two years ago and it would be safe to say that it caused significant concern in the credit industry. On Friday, the CPRC met and delivered these following findings.