Insolvency Matters

Editor's note

Welcome to the first issue of Insolvency Matters in which we provide a round-up of legal developments affecting insolvency and restructuring during the first half of the year and provide links to recent content produced by our insolvency team. Insolvency Matters will be issued twice a year and covers notable recent cases, new legislation, policy initiatives and cross-border news.

We hope you find it useful and informative and wish all of our readers a wonderful summer.

Read the full note

News

Restructuring plans under review – AGPS Bondco and beyond

Introduced by the Corporate Insolvency and Governance Act 2020, the restructuring plans regime set out in Part 26A of the Companies Act 2006 (Plans) has quickly proven a popular route for corporate financial rescue.

News

Navigating the nuances of debt respite regulations

Breathing Spaces and Mental Health Crisis Moratoriums (MHCM) were introduced by the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (the "2020 Regulations").

News

An Officer and an Administrator? The Supreme Court Weighs in on the role of Administrators in the Companies they administrate

In R (on the application of Palmer) v Northern Derbyshire Magistrates' Court [2023] UKSC 38, the Supreme Court has ruled that an administrator appointed under the Insolvency Act 1986 is not an "officer" of the company.

News

Debt & taxes – dealing with HMRC in insolvency proceedings

Over the course of the last year, nearly 5,000 winding up petitions have been presented to the High Court in London. Of these, almost 50% were presented by HMRC. HMRC is, for the time being at least, the most prolific petitioner for winding up orders.

News

Court makes rare compensation order against director

Amendments to the director disqualification regime, enacted in 2015, enable the Insolvency Service (on the request of a creditor of an insolvent company) to seek a compensatory remedy against a disqualified director for the benefit of the creditor(s). This empowers a creditor to take action where an insolvency officer may be unable, or unwilling, to do so.

News

Beyond PACCAR

Insolvency office-holders in the UK and elsewhere frequently rely upon litigation funders to finance their legal proceedings and, accordingly, developments in the funding market are of keen interest to insolvency professionals.

News