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About Restructuring & Insolvency Law

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Brexit is a significant subject for R&I lawyers due to the reciprocal nature of our relationship with Europe. Our Brexit content offers key information and updates for all practitioners, as well as legislation trackers.

Corporate Insolvency and Governance Act 2020

Includes new legislation due to coronavirus. Temporary provisions centre around winding-up petitions, wrongful trading and ipso facto clauses. Permanent changes include the creation of two corporate insolvency processes.

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Get country guides for 45 jurisdictions – the majority are from our Getting the Deal Through series. Where there are jurisdictional gaps, we have commissioned content, and have created several comparison tables.

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Latest Restructuring & Insolvency Q&As

Q&As
Can an insolvency office-holder disclose individual creditor proofs of debt in third party litigation to evidence the company's financial position at a particular point in time? Does disclosure of a creditor's proof of debt require the creditor's consent?
Q&As
Can an employee submit a claim to the Redundancy Payments Office in respect of protected payments where a writ of control has been returned unexecuted (which is an insolvency event under section 123 of the Insolvency Act 1986) or do they have to be in a formal insolvency procedure first?
Q&As
Can an Administrator of a limited company (appointed jointly but with power to act alone) delegate authority to sign a sale contract (not deed) to the solicitor acting for the company in respect of the sale? Can the same Administrator also delegate authority to sign the same contract to the same solicitor on behalf of the Administrators who are also party to that contract for the purpose of receiving the benefit of the covenants for no personal liability and other declarations and exclusions?
Q&As
Can an administrator making a distribution to creditors pay a creditor (A) which is a sister company to (B), where B holds an account that the administrator has been notified is the subject of a freezing injunction? The freezing injunction prohibits the respondent from removing, disposing of, dealing with or diminishing the value of their assets, and the prohibition specifies, in particular, any interest the respondent has in the account held with (B).
Q&As
Can a mortgagee who has not been paid simply sell the property without a court order?
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Associated legal terms

Accountant in Bankruptcy (AiB)

This is an Agency of the Scottish Government, which supervises the process of personal bankruptcy (sequestration) in Scotland and can act as trustee in sequestrations where no insolvency practitioner is nominated to act. It also records corporate insolvencies (receivership and liquidations only) in Scotland, but does not act as an Official Receiver.

Bankruptcy proceedings

Bankruptcy proceedings are the formal court processes used to deal with an insolvent individual’s debts, usually resulting in the realisation and distribution of their assets to creditors and, ultimately, discharge of most remaining debts.

In England and Wales and Northern Ireland, bankruptcy is governed principally by the Insolvency Act 1986 and related rules. Proceedings are commenced by a bankruptcy petition (creditor or debtor) and, if granted, a bankruptcy order. An official receiver or trustee in bankruptcy then collects and realises the bankrupt’s estate, challenges antecedent transactions where appropriate, and distributes dividends to creditors according to statutory priority.

In Scotland, the equivalent process is sequestration under the Bankruptcy (Scotland) Act 2016, but “bankruptcy proceedings” is frequently used as a generic term in practice.

In Ireland, bankruptcy proceedings are governed mainly by the Bankruptcy Act 1988 (as amended). They begin with a petition and adjudication of bankruptcy, followed by the administration of the estate by the Official Assignee and potential discharge.

Across all jurisdictions, bankruptcy proceedings are distinct from corporate insolvency processes and have significant consequences for the debtor’s assets, income, credit status and commercial capacity.

Dissolution of corporation

Dissolution of a corporation refers to the formal legal process by which a company ceases to exist as a separate legal entity and is struck off the relevant companies register. In practice, it marks the endpoint of the company lifecycle, following liquidation, winding up or an administrative strike‑off.

In England and Wales, Scotland and Northern Ireland, dissolution is governed principally by the Companies Act 2006 and associated secondary legislation, with Companies House removing the company from the register. In Ireland, equivalent provisions are found in the Companies Act 2014, with dissolution effected by the Companies Registration Office.

Dissolution typically follows: (i) a members’ voluntary liquidation, (ii) a creditors’ voluntary or court‑ordered liquidation, or (iii) an administrative strike‑off for non‑compliance (for example, failure to file accounts or annual returns). Upon dissolution, the company loses capacity to sue or be sued and any remaining property usually vests as bona vacantia in the Crown (or the State in Ireland).

Legal practitioners frequently address dissolution when advising on corporate restructuring, insolvency, restoration of dissolved companies, limitation issues, and the recovery or protection of assets post‑dissolution. Usage and core legal effects are broadly consistent across the UK and Ireland.
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