Issues for practitioners dealing with long-running insolvencies (Heis v Financial Services Compensation Scheme Ltd)

Table of contents

• What are the practical implications of this case for insolvency lawyers advising their clients?
• Hard bar date
• Division of creditors
• What was the background to the case and what issues are pertinent to insolvency professionals?
• What were the main legal arguments raised?
• What did Court of Appeal decide, and why?
• To what extent is the judgment helpful in clarifying the law in this area, and what practical lessons are there to be learned?

Article summary

Restructuring and Insolvency analysis: Can special administrators confirm the effectiveness of a company voluntary arrangement (CVA) notwithstanding substantial late filed claims which are prospective and contingent in nature? Marc Florent, partner, and Oliver Rule, counsel, of the banking, finance and regulatory litigation group at Allen & Overy LLP, look at the issues and the law in this area.