August 2, 2023

UK issues general license to enable insolvency proceedings involving certain Irish companies

On August 1, 2023, the UK Office of Financial Sanctions Implementation issued General License INT/2023/3263556 under regulation 64 of the Russia (Sanctions) (EU Exit) Regulation 2019.  OFSI issued the license to temporarily authorize payments and other activities related to insolvency proceedings associated with two Irish GTLC Companies – GTLK Europe Designated Activity Company and GTLK Europe Capital Designated Activity Company – and their Subsidiaries.  Under the license, any Person can engage in activities related to an Insolvency Proceeding both before or after the commencement of such a proceeding, subject to the conditions in the license  The license also authorizes Relevant Institutions to process payments associated with permitted activities.  These actions are authorized until July 31, 2025.

Any GTLK Company, Subsidiary, Person or Insolvency Practitioner that utilizes General License INT/2023/3263556 is required to provide the HM Treasury with details of the transaction, in writing, within 14 days of making the first payment.  The license also requires GTLK Companies, Subsidiaries, Persons or Insolvency Practitioners to keep accurate, complete and readable records related to the activities for which the license was used for a minimum of 6 years.

General License – INT/2023/3263556 | General License – INT/2023/3263556 – Publication Notice