Third parties rights against insurers

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Relevant legislation

The Third Parties (Rights Against Insurers) Act 2010 replaced the Third Parties (Rights Against Insurers) Act 1930 to allow parties to make a claim against another party’s insurer directly, where the defaulting party has become

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Latest Restructuring & Insolvency News

HM Land Registry updates Practice Guides 19, 34, and 50

HM Land Registry (HMLR) has updated three practice guides: Practice Guide 19—Notices, restrictions and protection of third-party interests, Practice Guide 35—Personal insolvency, Practice Guide 50—Requisition and cancellation procedures.

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.

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