The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
In any insolvency situation, there are a number of parties involved that require legal advice and, in certain circumstances, parties with common interests may choose to use the same firm of solicitors. This Practice Note considers how to identify a conflict situation, common conflict situations that may arise and how information barriers may be put in place to allow a law firm to continue to act. For the wider regulatory requirements on conflicts of interest, see Practice Notes: Conflicts of interest 2019 and Conflicts of interest—systems and controls 2019.
There are two types of conflict: own interest conflicts (sometimes called solicitor-client conflicts) and client conflicts of interest. This Practice Note explains when a law firm can act if there is or may be a conflict between two or more clients.
A client conflict of interest arises where your separate duties to act in the best interests of two or more clients conflict in relation to the same matter or a related matter. The Solicitors Regulation Authority (SRA) simply calls this type of conflict a ‘conflict of interest’.
You must not act in relation to a matter or particular aspect of it if you have a client conflict of interest or a significant risk of such a conflict in relation to
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