UK National Security and Investment Act Update: what’s new on the horizon for restructuring & insolvency

The UK National Security and Investment Act came into force on 4 January 2022, significantly extending the UK Government’s power to investigate and intervene in transactions which pose, or could pose, threats to the UK’s national security.

As covered in a previous blog post, the regime has important consequences for restructuring and insolvency professionals when dealing with companies carrying out specified activities in the UK that fall within at least one of the 17 sensitive sectors. The regime introduced mandatory notification (and suspension) obligations to certain acquisitions of shares or voting rights (‘trigger events’) in companies carrying out those activities. Significant sanctions can be imposed for completing a notifiable acquisition without clearance and (until retrospectively validated) the transaction is legally void.

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