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

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    Assimilated law

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Latest Restructuring & Insolvency News

Issue 168 of Insolvency Service’s Dear IP published

The Insolvency Service reports that the Information Sharing (Disclosure by the Registrar) Regulations 2024 (SI 2024/1378), effective from 20 December 2024, will enable the Registrar of Companies to disclose non-public information to insolvency practitioners (IPs) and The Financial Conduct Authority has published updated guidance (FG25/2) for IPs handling regulated firms, incorporating Consumer Duty requirements. Following the Pindar Scarborough Ltd (in Administration) [2024] EWHC 908 and Boughey & Anor v Toogood International Transport and Agricultural Service Ltd (in administration) [2024] EWHC 1425 court judgments, the Insolvency Service has revised its interpretation of 'creditor' status in terms of the Insolvency Act 1986 (IA 1986), adopting a context-specific approach rather than maintaining its previous fixed-point definition.

The Supreme Court tweaks Etridge (Waller Edwards v One Savings Bank plc)

Property Disputes analysis: English property law periodically produces epoch-making decisions of the highest court. In years to come, Waller Edwards v One Savings Bank plc may well become such a decision. It enjoys the respectable jurisprudential lineage of three famous House of Lords’ decisions: Barclays Bank v O’Brien, CIBC Mortgages v Pitt, and Royal Bank of Scotland v Etridge, but it also applies established principles in a novel way. Written by Marc Beaumont, Windsor Chambers.

Insolvency Service publishes updated guidance on post-insolvency company formation rules

The Insolvency Service has published updated guidance outlining rules for directors seeking to establish new companies following insolvency. The update details requirements for asset transfers, staff transitions under Transfer of Undertakings (Protection of Employment) Regulations (TUPE), and potential HMRC security deposits for tax compliance. The guidance specifies that while similar business activities are permitted, restrictions apply to reusing insolvent company names and assets must be properly transferred through liquidators or administrators.

Insolvency Service publishes updated redundancy payments case setup guidance and templates

The Insolvency Service has published updated guidance and templates for insolvency practitioners managing redundancy payment cases through the Redundancy Payments Service. The revised documentation provides expanded instructions for new case setup requests, the provision of employee information, and handling complex cases that involve multiple redundancies.

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