Current issues and legal reforms

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This subtopic contains our Practice Note: Current issues and legal reforms for restructuring and insolvency professionals which discusses current issues and legal reforms (with links to the appropriate materials) that may be of interest to restructuring and insolvency professionals. It is updated regularly with practical guidance and analysis which reflects recent changes and trends in the law and the legal market.

It also contains links to (among others):

Retained EU Law (Revocation and Reform Act) 2023

  1. •

    Assimilated law

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Latest Restructuring & Insolvency News

ISDA launches consultation on CDS auction lock-up agreements

The International Swaps and Derivatives Association (ISDA) has published a consultation paper proposing new solutions for handling lock-up agreements in Credit Default Swap (CDS) auctions. The proposal seeks to establish a uniform treatment of Locked Up Debt within CDS settlement processes—addressing issues related to market squeezes and auction timing. It responds to concerns about the disproportionate impact of Lock-Up Agreements on CDS settlements during restructuring and bankruptcy scenarios. Market participants are invited to submit feedback on the proposed solution by 8 August 2025 to Fred Quenzer, Senior Counsel, America, at fquenzer@isda.org.

Restructuring & Insolvency weekly highlights—3 July 2025

This week's edition of Restructuring & Insolvency weekly highlights includes: an examination of a liquidator’s discretion to convert a members’ voluntary liquidation to a creditors’ voluntary liquidation (Noal SCSp v Novalpina Capital LLP), a discussion of the Supreme Court’s decision on undue influence in surety relationships in Waller Edwards v One Savings Bank Plc, plus a round-up of other news and cases for restructuring and insolvency professionals.

R3 responds to Insolvency Service's personal insolvency framework reform update

The Association for Business Recovery Professionals (R3) has responded to the Insolvency Service's first major update on the Personal Insolvency Framework Review since August 2023. The update proposes mandatory upfront debt advice, technology integration, and terminology reforms to reduce stigma. R3's Personal Insolvency Committee Chair, Nicky Fisher, welcomed the proposals but stressed that careful implementation is essential to maintain creditor confidence. The review seeks to modernise the insolvency framework to reflect current economic conditions while ensuring robust protections remain in place for both creditors and debtors.

Insolvency Service reports 11-year director ban for BBL fraud

The Insolvency Service has reported the disqualification of building contractor Tahir Haq from serving as a company director for 11 years, accompanied by mandated compensation payments totalling £58,963 (including interest and costs). Haq obtained a £50,000 bounce back loan (BBL) for Integral Maintenance Team Ltd by overstating his company's turnover by £200,000, despite the company being entitled to only around £3,000. The disqualification, effective from 1 July 2025, prohibits Haq from promoting, forming, or managing any company without prior court approval.

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