Challenges to an insolvency office-holder

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In exercising their role, functions, duties and powers, insolvency office-holders are under a duty to take reasonable care in their management of the estate's affairs, not to make a secret profit and not to act when they have a conflict of interest.

An office-holder must act in the best interests of creditors as a whole, subject to some limited exceptions, and as such must exercise a high standard of care and skill. They must always act impartially and independently.

For further reading on the roles, powers and duties of insolvency office-holders, see: Roles, powers, duties and functions of an insolvency office-holder—overview.

Challenging office-holders

Administrators

As a basic rule administrators enjoy a great deal of protection. Their agency status means they rarely incur personal liability and the company over which they are appointed is protected by the moratorium that comes with the administration.

An administrator has wide powers and discretion in the conduct of an administration and, as a result, the courts are generally reluctant to interfere with the conduct of the administration unless absolutely necessary. However, there are occasions when an administrator's conduct ...

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Latest Restructuring & Insolvency News

ICAEW announces JIC’s consultation launch on comprehensive SIP 14 insolvency practice updates

The Institute of Chartered Accountants in England and Wales (ICAEW) has announced the launch of the Joint Insolvency Committee (JIC)’s 12-week consultation on proposed updates to the Statement of Insolvency Practice 14 (SIP 14), with the consultation closing on 5 September 2025. The revisions aim to reflect HMRC's 2020 secondary preferential status and extend their application beyond receiverships to all insolvency appointments across England, Wales, Scotland, and Northern Ireland. This marks the first update to SIP 14 since 1999 and introduces a modernised structure that includes new sections on principles, compliance standards and general application provisions. The consultation seeks feedback from practitioners on these proposed changes prior to their implementation.

IAIS publishes guidance on transitioning to a risk-based solvency regime

The International Association of Insurance Supervisors (IAIS) has published guidance for supervisors on transitioning to a risk-based solvency (RBS) regime. Developed in collaboration with the International Monetary Fund (IMF), the guidance outlines practical considerations for the design and implementation of an RBS regime, drawing on the experiences of several IAIS member jurisdictions. It notes that transitioning to an RBS regime is a medium- to long-term process and highlights the importance of adapting to jurisdiction-specific legal frameworks, supervisory capacity and stakeholder engagement. The document also addresses the organisational and cultural adjustments required within supervisory authorities and the insurance sector. A public webinar will be held on 26 June 2025 to present the guidance and answer questions.

Insolvency Service publishes monthly insolvency statistics for May 202...

The Insolvency Service has published its monthly insolvency statistics for May 2025 on company and individual insolvencies in England and Wales. The data illustrates that there were 2,238 company insolvencies, 8% higher than in April 2025 and 15% higher than the same month in the previous year. For individuals, the total number of insolvencies in May 2025 was 10,014, similar to April 2025 and 5% higher than in May 2024.

Restructuring and Insolvency weekly highlights–19 June 2025

This week's edition of Restructuring and Insolvency weekly highlights includes: the publication by the Department for Business and Trade of its second annual progress report on the implementation of the Economic Crime and Corporate Transparency Act 2023, the endorsement by the Council of the EU of the Directive aimed at harmonising key aspects of insolvency law across member states, analysis of a decision that parallel Australian proceedings did not justify a stay of disqualification proceedings in this jurisdiction (Secretary of State for Business and Trade v Greensill), plus a round-up of other news and cases for restructuring and insolvency professionals.

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