Charities and education

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Charities

  1. •

    Charity insolvency—a guide to available insolvency procedures—this Practice Note, produced in partnership with Rebecca Walker of Lester Aldridge LLP, sets out the main types of charitable vehicles, together with some information on the types of insolvency procedures available to these charities. It is complimentary to the note ‘Charity insolvency—personal liability of charity trustees’, both of which provide some rudimentary information for those unfamiliar with charitable insolvencies and the role of the charity trustee at times of insolvency

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Latest Restructuring & Insolvency News

Insolvency Service reports suspended sentence for director over £150,000 BBL fraud

The Insolvency Service has reported that Zahid Afzal, director of Phone Bits Ltd and Phones Onn Ltd, received a two-year suspended sentence for fraudulently obtaining £150,000 in coronavirus bounce back loans (BBL). Afzal had already received legitimate loans totalling £52,500 when he applied for three additional £50,000 loans between May and November 2020. The Insolvency Service is pursuing recovery of the fraudulently obtained funds under the Proceeds of Crime Act 2002. Afzal was charged under the Fraud Act 2006 after transferring the majority of the fraudulent loans to personal accounts.

Restructuring & Insolvency weekly highlights—12 June 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: the Court of Appeal’s judgment on treatment of secured debt under the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Moratorium) (England and Wales) Regulations 2020 (Forbes v Interbay Funding Ltd; Forbes and Seculink Ltd), the Insolvency Service’s 2024 practitioner regulation review, plus a round-up of other news and cases for restructuring and insolvency.

Council endorses Directive to harmonise EU insolvency laws and enhance cross-border investment

The Council of the EU has announced its endorsement of the EU Directive aimed at harmonising key aspects of insolvency law across member states. This initiative is designed to align national insolvency regimes, thereby reducing legal divergences that currently deter foreign and cross-border investment. Notably, the Directive introduces a pre-pack mechanism accessible in all member states, enabling the pre-negotiation and swift execution of business sales during insolvency, along with provisions for the automatic transfer of essential executory contracts under controlled safeguards. In addition, the directive mandates the establishment of creditors’ committees in certain cases to enhance creditor participation, with harmonised rules regarding their composition, rights, duties, and liability—with the option for member states to confine this requirement to large enterprises. Further measures agreed in December 2024 include protections for the insolvency estate, clarified directors' duties regarding insolvency proceedings, and strengthened transparency obligations. The Council now intends to negotiate with the European Parliament to finalise these provisions into law.

Insolvency Service publishes May 2025 enforcement outcomes management information

The Insolvency Service has updated its enforcement outcomes management information for May 2025. The data shows that there were 89 director disqualifications and 8 bankruptcy and debt relief restrictions.

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