This Practice Note considers warranty and indemnity (W&I) insurance and contingent risk insurance in distressed M&A transactions. It considers the scope of due diligence and seller warranties and other issues affecting the availability and price of insurance cover. It also provides practical guidance as to the impact insolvency proceedings may have, be it administration, receivership or liquidation. This Practice Note also provides guidance on synthetic W&I cover, tax contingent risk insurance and environmental impairment liability insurance.