Insurance and insolvency

Practice notes

Recapitalisations

RecapitalisationsThe term 'recapitalisation' refers to a company changing the proportions of its debt and equity, something which can be achieved in a...

Produced in partnership with Alice Morgan of Sidley Austin LLP 19th May

Practice notes

Key elements of a standstill agreement

Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...

19th May

Practice notes

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

US bankruptcy financing—debtor-in-possession (DIP) financingDIP financing generallyDebtor-in-possession financing (DIP financing) is new,...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 19th May

In-house

Q&As

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an interim charging order in favour of a second lender, registered on the 25th October 2010. Will the sale by the mortgagee in possession overreach the subsequent equitable charge and if so, will the equitable charge simply fall away or should the purchaser take any further steps to remove it from the register?

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an...

19th May

Practice notes

What is a pre-pack administration sale?

What is a pre-pack administration sale?Stop pressOn 8 October 2020, the Insolvency Service published the outcome of its review conducted into the...

19th May

Practice notes

Marshalling debt

Marshalling debtWhat is marshalling?Marshalling is where two or more creditors are owed money by the same debtor, and one creditor has more than one...

Produced in partnership with Karen Jacobs of Dentons 19th May

Practice notes

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administration

Statement of Insolvency Practice 16 (SIP 16)—pre-packaged sales in administrationInsolvency practitioners (IPs) are required to comply with both...

19th May

Practice notes

Interference with goods in an insolvency situation

Interference with goods in an insolvency situationApplication to insolvencyFollowing an appointment, an office-holder will need to establish what...

19th May

Practice notes

Effect on proceedings against a company being wound up and after a winding-up order is made

Effect on proceedings against a company being wound up and after a winding-up order is madeCoronavirus (COVID-19)This content contains guidance on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Q&As

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so, can a director be held personally liable?

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so,...

19th May

Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...

19th May

Practice notes

Equitable charges v legal charges—impact on saleability

Equitable charges v legal charges—impact on saleabilityThis Practice Note considers the position of a security holder who has an equitable mortgage or...

Produced in partnership with Jonathan Titmuss of Hardwicke 19th May

Practice notes

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under...

19th May

In-house

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016IntroductionSet-off refers to claims that may be set-off against...

Produced in partnership with South Square Chambers and BDO 19th May

In-house

Practice notes

What is a statutory demand?

What is a statutory demand?This Practice Note looks at what a statutory demand is and what it seeks to achieve in both corporate and personal...

19th May

Practice notes

Covenant waivers and resets

Covenant waivers and resetsOne of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver,...

19th May

Practice notes

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

Third Parties (Rights Against Insurers) Act 2010—one minute guidePurpose of the TP(RAI)A 2010The Third Parties (Rights against Insurers) Act 2010...

Produced in partnership with HFW 1st Aug

Practice notes

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

Warranty and indemnity and contingent risk insurance in distressed M&A transactionsDespite economies around the world receiving unprecedented...

1st Aug

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?

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...

Produced in partnership with Carly Schiff of Boyes Turner 1st Aug

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?

Will an insurance company accept a claim brought against an insolvent company by a purchaser when the product became faulty/damage arose while the...

1st Aug

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?

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...

31st Jul

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?

A claimant is pursuing a claim against their former employer in the Employment Tribunal for unfair dismissal and discrimination. What would happen to...

Produced in partnership with Eleanor Stephens 31st Jul

Q&As

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

Does the Third Parties (Rights Against Insurers) Act 1930 apply to special administrations?STOP PRESS: From 6 April 2017, the Insolvency Rules 1986,...

31st Jul

Practice notes

Financial services firms and insolvency

Financial services firms and insolvencyBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...

31st Jul

Practice notes

Third Parties (Rights Against Insurers) Act 2010

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

31st Jul

Practice notes

Assignment of insurance policies and claims in insolvency

Assignment of insurance policies and claims in insolvencyDuties of an office-holder to realise propertyInsolvency procedures (such as administration,...

Produced in partnership with Helen Martin of Stevens & Bolton 31st Jul

Practice notes

Insolvency of insurers

Insolvency of insurersApplicable legislationInsolvency laws generally make special provisions for insurance companies, because of the regulated status...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 31st Jul

Practice notes

Brexit—impact on insolvent insurers

Brexit—impact on insolvent insurersStatus of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance...

31st Jul

Brexit

Practice notes

Insurance business transfer schemes

Insurance business transfer schemesConsistent with the common law of contract, an insurer is not able to transfer the burden of its obligations under...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 31st Jul

Practice notes

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

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

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 30th Jul

Practice notes

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

Corporate Insolvency and Governance Act 2020 moratorium and restrictions on ipso facto clauses—financial services exemptions mapThis Practice Note...

30th Jul

Practice notes

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

Construction insolvency—the Third Parties (Rights Against Insurers) ActsThis Practice Note considers the Third Parties (Rights Against Insurers) Act...

30th Jul

Practice notes

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

Insurers (Reorganisation and Winding-Up) Regulations: post-BrexitBackground and historyThe Insurers (Reorganisation and Winding-Up) Regulations 2003,...

Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner 27th Jul

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

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