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Priyanka Usmani

Priyanka Usmani is a partner in Baker & McKenzie’s Banking & Finance Department based in London. Priyanka predominantly acts on restructuring and insolvency matters, often with multijurisdictional aspects, representing a range of clients both on the debtor side (acting for companies and financial sponsors) and on the creditor side (acting for institutional lenders and funds). Priyanka has also spent time on secondment within the restructuring team at a leading UK clearing bank.

Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act (“Act”) received royal assent on 15 December 2021. The Act extends the scope of powers available to the Insolvency Service to address the issue of directors dissolving companies to avoid paying their liabilities.