On 21 December 2021, the UK government launched a consultation called “The future of insolvency regulation” which proposes significant changes to the way that the insolvency profession is regulated. The current regime Currently, the UK’s insolvency practitioners are regulated solely as individuals, with no specific regulation of firms offering insolvency services. The..
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The Divisional Court has held that an administrator is an officer of the company for the purposes of section 194(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 and as such is liable to prosecution for failure to give the required advance notice to the Secretary of State..
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Why is the case interesting? The judgment in Re Farrar Construction Ltd is a welcome authority on the issue of the burden of proof in circumstances where one creditor challenges the admission of a proof of debt from another creditor. Background to the case The case was an application to court under..
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Why does the case matter? Elser v Sands and others is a relatively rare example of a full-blown trial of fact to determine which creditors could vote at a meeting. The outcome was that since there had been a material irregularity at the meeting of creditors, the creditors’ decision was..
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In what appears to be the first reported decision relating to an appeal under section 205(4) of the Insolvency Act 1986 (Section 205), the court has considered several aspects which, in the absence of statutory guidance and, until now, judicial comment, are relevant to appeals where the early dissolution of..
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The bounce back loan scheme was one of several financial support systems put in place to help businesses survive the restrictions imposed during the height of the covid-19 pandemic. About one in four UK businesses applied for a bounce back loan and the funds provided approximately £47.4 billion of credit..
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With the government support packages due to come to an end, 2022 could be a very busy year in the insolvency arena. This is what can be expected. Winding-up petitions The current restrictions on winding-up petitions under Schedule 10 of the Corporate Insolvency and Governance Act 2020 are currently set..
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