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Brexit
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.
International content
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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Our Restructuring & Insolvency Experts
Frank Brumby
Marcia Shekerdemian
David Kerr
Lesley Anderson
Peter Declercq
Latest Restructuring & Insolvency News
The Insolvency Service has reported that Ellan NW Ltd, which traded as Knowsley Recovery, has been wound up following an investigation into its...
UK Finance has published its response to the Insolvency Service's July 2026 consultation on the second review of the Insolvency Rules, broadly...
HM Courts & Tribunals Service (HMCTS) has published a position statement on the judicial use of Artificial Intelligence (AI), setting out expectations...
This week's edition of Restructuring & Insolvency weekly highlights includes: the publication by the Law Society of England and Wales of a foresight...
The Institute of Chartered Accountants of Scotland (ICAS) has outlined proposed reforms to Scotland’s Minimal Asset Process (MAP) bankruptcy route...
Latest Restructuring & Insolvency Practice Notes
FORTHCOMING CHANGE: This Practice Note reflects the current legislative position, however, note that certain elements may be impacted by the Digital...
This Practice Note provides a summary of the UK GDPR regime. For a higher-level introduction to UK data protection laws, see Practice Note: Data...
This Practice Note provides further guidance on key definitions used in the United Kingdom General Data Protection Regulation, Assimilated Regulation...
Spotting the early symptoms of client insolvency•most importantly, a consultant needs to keep alert to the client's financial status•the consultant...
Under the Insolvency Act 1986 (IA 1986), the period of an administration, or ‘administration term’ or ‘administrator’s term of office’, will, unless...
Latest Restructuring & Insolvency Precedents
[IN THE HIGH COURT OF JUSTICE[[BUSINESS AND PROPERTY DIVISION OR KING’S BENCH DIVISION]][Insert court, list or sub-list and venue as appropriate]ORTHE...
[To be printed on the headed paper of the Guarantor][insert date]To: [insert name and address of the lender]Dear [insert full name of lender]1We refer...
This Assignment is made on [insert day and month] 20[insert year]Parties1[insert name of Assignor], a company incorporated in England and Wales with...
Note: This Precedent should be used in conjunction with an application notice template that complies with the Insolvency (England and Wales) Rules...
[ON YOUR LETTERHEAD]WITHOUT PREJUDICE SAVE AS TO COSTS[SUBJECT TO CONTRACT][Insert date][Insert name and address of other party’s solicitor]Dear...
Latest Restructuring & Insolvency Q&As
Featured Restructuring & Insolvency content
Role, powers, functions and duties of a liquidator
Role, powers, functions and duties of a liquidatorThe role and function of a liquidatorA liquidator is the officer appointed when a company goes into...
Bonds and notes
Bonds and notesThe terms ‘bonds’ and ‘notes’ are used interchangeably (and there is no legal difference between the terms), though notes tend to be...
Bankruptcy searches
Bankruptcy searchesBankruptcy searches at the Land Charges DepartmentWhen a bankruptcy petition is presented by a creditor, the court shall as soon as...
Basic introduction to super senior, senior, mezzanine and junior debt
Basic introduction to super senior, senior, mezzanine and junior debtThe range of funding options open to companies has exploded, resulting in a vast...
Key elements of a standstill agreement
Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...
How to serve a demand for payment
How to serve a demand for paymentA demand for payment is a formal demand made in accordance with the contractual requirements underpinning the...
Receivership—an introductory guide
Receivership—an introductory guideThe appointment of a receiver is a remedy for creditors and certain third parties to protect their interest in...
Debt for equity swaps
Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in...
Challenging an individual voluntary arrangement (IVA)
Challenging an individual voluntary arrangement (IVA)Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act...
Cashflow and balance sheet tests for insolvency
Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...
What is a statutory declaration of solvency and what happens if a false declaration of solvency is made?
What is a statutory declaration of solvency, and what happens if a false declaration of solvency is madeCoronavirus (COVID-19)This content is affected...
Bankruptcy petitions—process and procedure post-presentation of the petition
Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...
Role, powers, functions and duties of an administrator
Role, powers, functions and duties of an administratorThe role, powers and duties of an appointed administrator are set out in the Insolvency Act 1986...
Effect on proceedings against a company being wound up and after a winding-up order is made
Effect on proceedings against a company being wound up and after a winding-up order is madeThis Practice Note sets out guidance as to what happens...
Insolvency searches for companies at the Central Registry
Insolvency searches for companies at the Central RegistryWhat is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up...
Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986
Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...
Role, powers, functions and duties of a trustee in bankruptcy
Role, powers, functions and duties of a trustee in bankruptcyThis Practice Note looks at the roles, powers, functions and duties of the trustee in...
Administration expenses
Administration expensesThis Practice Note provides an overview of what amounts to an administration expense and discusses key case law.Expenses of an...
Associated legal terms
Forum shopping
The practice of choosing a specific jurisdiction favourable to an anticipated restructuring/insolvency, usually by moving COMI (centre of main interests).
Transactions at an undervalue
A transaction where the insolvent company/bankrupt, transfers an asset out of their estate before the insolvency order, within the relevant time, for no consideration, or for consideration which is significantly less than the consideration given.
Winding up a corporation
Winding up a corporation is the legal process of bringing a company’s existence to an end, realising its assets, paying creditors and, if possible, distributing any surplus to shareholders before dissolution. It typically follows insolvency but can also occur on a solvent basis (members’ voluntary winding up).
Across England & Wales, Scotland and Northern Ireland, the core framework is set out in the Insolvency Act 1986 and related rules, while in Ireland it is governed primarily by the Companies Act 2014. The term is used descriptively in legislation and case law to cover both compulsory (court-ordered) winding up and voluntary winding up initiated by members or creditors.
Key features include appointment of a liquidator, collection and sale of assets, adjudication and ranking of creditor claims, investigation of directors’ conduct, and potential pursuit of antecedent transactions (such as preferences or transactions at undervalue).
Usage and practical significance are broadly consistent across the UK and Ireland: winding up is the main collective procedure for company liquidation, distinct from administration, examinership (Ireland) and informal workouts, and it has major implications for creditor recoveries, director liability and the final termination of the corporate entity.
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