Insurance and insolvency

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Latest Restructuring & Insolvency News

Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

The following Dispute Resolution news provides comprehensive and up to date legal information on Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

Restructuring & Insolvency weekly highlights—15 April 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—15 April 2021

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

Compulsory winding up of a company—the process and procedure

STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose...

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Practice notes

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan

Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...

Produced in partnership with Stephen Allinson 12th Jan

Practice notes

Cashflow and balance sheet tests for insolvency

IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...

Produced in partnership with South Square 12th Jan

Practice notes

Covenant waivers and resets

One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...

9th Nov

Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...

9th Nov

Practice notes

Practice Direction on Insolvency Proceedings

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Practice notes

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...

Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan

Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...

9th Nov

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...

9th Nov

In-house

Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...

9th Nov

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan

In-house

Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...

9th Nov

In-house

Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Practice notes

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

Produced in partnership with South Square and BDO LLP 12th Jan

Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...

9th Nov

Most recent Insurance and insolvency content

Practice notes

Solvency II—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

16th Apr

COVID-19

Q&As

If an insured company against which an adjudication award has been obtained is dissolved, must that company be restored to the register to pursue the action even though it is subject to an enforced award and liability has therefore crystallised? If so, should proceedings be brought in the client's name or the name of the dissolved company?

The Third Parties (Rights Against Insurers) Act 1930 (TP(RAI)A 1930) was introduced to allow a third party to step into the shoes of the insolvent...

14th Apr

Practice notes

Insolvency of insurers

Applicable legislationInsolvency laws generally make special provisions for insurance companies, because of the regulated status of the industry and...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 9th Apr

Practice notes

Third Parties (Rights Against Insurers) Act 2010

This Practice Note considers the key provisions of the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act), which replaced the Third...

9th Apr

Practice notes

Warranty and indemnity and contingent risk insurance in distressed M&A transactions

Despite economies around the world receiving unprecedented governmental support in this challenging period, the financial repercussions of the...

9th Apr

Practice notes

Construction insolvency—the Third Parties (Rights Against Insurers) Acts

This Practice Note considers the Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010) and the Third Parties (Rights Against Insurers) Act...

8th Apr

Practice notes

Insurers (Reorganisation and Winding-Up) Regulations [Archived]

This Practice Note is archived from IP completion day onwards and is no longer maintained.The Insurers (Reorganisation and Winding-Up) Regulations...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 8th Apr

Practice notes

Corporate Insolvency and Governance Act 2020 moratorium and restrictions on ipso facto clauses—financial services exemptions map

This Practice Note provides a map of the financial services exemptions from the provisions for moratorium and restrictions on ipso facto clauses which...

8th Apr

Practice notes

Third Parties (Rights Against Insurers) Act 2010—one minute guide

Purpose of the TP(RAI)A 2010The Third Parties (Rights against Insurers) Act 2010 (TP(RAI)A 2010) repeals and replaces the Third Parties (Rights...

Produced in partnership with HFW 8th Apr

Practice notes

Assignment of insurance policies and claims in insolvency

Duties of an office-holder to realise propertyInsolvency procedures (such as administration, liquidation or bankruptcy) involve the appointment of an...

Produced in partnership with Helen Martin of Stevens & Bolton 29th Mar

Practice notes

Insurance business transfer schemes

Consistent with the common law of contract, an insurer is not able to transfer the burden of its obligations under a contract of insurance without the...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 29th Mar

Practice notes

Insurers (Reorganisation and Winding-Up) Regulations: post-Brexit

Background and historyThe Insurers (Reorganisation and Winding-Up) Regulations 2003, SI 2003/1102 (2003 Regulations) were introduced to implement the...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 23rd Mar

Practice notes

Brexit—impact on insolvent insurers

Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...

16th Mar

Brexit

Q&As

A claimant is pursuing a claim against their former employer in the Employment Tribunal for unfair dismissal and discrimination. What would happen to their claim and/or any settlement agreement reached if the employer becomes insolvent? If the employer does go into administration, what action can be taken to protect the claimant's position? The employer's insurance provider is funding/supporting the litigation. What would be position regarding the insurance company upon the employer becoming insolvent?

When a company or an individual enters into a formal insolvency or enforcement process, restrictions may be imposed on the ability of creditors or...

Produced in partnership with Eleanor Stephens 4th Mar

Practice notes

Financial services firms and insolvency

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

1st Mar

Q&As

If a company is 'merely' in liquidation (ie a CVL) would this: (i) mean we can still issue against the insured under the Third Parties (Right Against Insurers) Act 1930 (prior to it being dissolved), obtain judgement and then go against the insurer, (ii) prevent the company being dissolved until the judgment has been received so we can go against the insurer to recover the money?

We have limited this Q&A to cover litigation against a company in Creditors' voluntary liquidation (CVL).Where a company is in CVL there is no...

Produced in partnership with Carly Schiff of Boyes Turner 15th Feb

Q&As

Does the Third Parties (Rights Against Insurers) Act 1930 apply to special administrations?

STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR...

15th Feb

Q&As

Will an insurance company accept a claim brought against an insolvent company by a purchaser when the product became faulty/damage arose while the company was still solvent/and paying their policy premiums?

The Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010) applies if the company is in administration, liquidation or subject to a company...

29th Nov

Practice notes

Third parties rights against insurers—flowchart

This flowchart provides an overview of the application of the Third Parties (Rights Against Insurers) Act 2010 and the Third Parties...

26th Sep

Insurance and insolvency

View Restructuring & Insolvency by content type:

Latest Restructuring & Insolvency News

Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

Restructuring & Insolvency weekly highlights—15 April 2021

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

Compulsory winding up of a company—the process and procedure

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Effect of equitable, contractual and structural subordination

Most recent Insurance and insolvency content

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Quantum meruit (value of services) and quantum valebat (value of goods)

False imprisonment

Acting in concert

Notice of acting

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