Scotland: trusts

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Acknowledging the importance of Scottish insolvency law to our customers we have developed a set of content on Scottish insolvency law for Scottish practitioners. The content provides an essential resource for Scottish practitioners while the guidance about the differences between insolvency law in Scotland and England and Wales will assist practitioners in England and Wales in cross-border transactions where it is necessary to have an understanding of insolvency law in Scotland.

Scotland collection

The Scotland collection is a research tool collating guidance on key areas of law that are specifically relevant to Scotland. The collection

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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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