Brexit

Trustees' standing for annulment of bankruptcy order clarified (Nilsson and another v Jones)

Restructuring & Insolvency analysis: This case clarifies that trustees in bankruptcy (trustees) have standing to apply for annulment under section 282 of the Insolvency Act 1986 (IA 1986), as Parliament has not excluded any category of applicant. The court determined that trustees, as officers of the court, have a legitimate interest in seeking annulment when unable to fulfil their statutory functions. The case also addressed cross-border insolvency issues, particularly regarding centre of main interests (COMI) and jurisdictional requirements post-Brexit. The court emphasised the importance of properly pleading all grounds in application notices rather than introducing new arguments in skeleton arguments. Significantly, while finding the bankrupt's COMI was in Austria, the court allowed the trustees to challenge domicile grounds following proper notice, demonstrating the court's procedural fairness in ensuring parties have adequate opportunity to address all issues. Practical implications written by Laura Newbery, associate, Addleshaw Goddard LLP.

Insolvency Service reports finance company shut down after fraud investigation

The Insolvency Service reports that Basic Prime Limited was wound up following an investigation that revealed fraud concerns. The company, which purported to offer trade finance guarantees and credit enhancement services, received US$231,000 (approximately £175,000) from a client in May 2024 for arranging a US$500m financial guarantee. However, it failed to deliver the promised services and ceased communication with the client by September 2024. Basic Prime Limited was never registered as a financial services provider with the Financial Conduct Authority (FCA). The investigation further uncovered that the company had no genuine business presence at its registered address in Croydon, maintained non-operational contact details, and had a director who did not provide the requested information or documents. Despite receiving the client fee and misrepresenting its banking arrangements, the company filed dormant accounts. The Official Receiver has now been appointed as the liquidator of Basic Prime Limited.

Restructuring & Insolvency weekly highlights—27 November 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: Budget announcements of interest to restructuring and insolvency professionals, an examination of fiduciary duty principles in a judgment that involved the disposition of shares by a director after the company entered into liquidation (Mitchell v Al Jaber), a discussion on the appropriateness of an English court granting an administration order for a Jersey-incorporated company with its headquarter in London (Re Petrofac Ltd), plus a round-up of other news and cases for restructuring and insolvency professionals.

Budget 2025—key Restructuring & Insolvency announcements

In the Budget 2025, on 26 November 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP announced several measures that will be of interest to restructuring and insolvency professionals. The measures include changes to business rates, recruitment of additional Insolvency Service staff to tackle abusive phoenixism and rogue directors, establishment of the Public Authorities Fraud Investigation and Enforcement Service, and reforms to National Insurance Contributions.