Practice Area
Panel
- Contributing Author
Qualified Year
- 2003
Membership
- R3 – Association of Business Recovery Professionals
- IRLA – Insurance and Reinsurance Legacy Association
Qualifications
- BA Modern History (1997)
- Postgraduate Diploma in Law (1999)
- Legal Practice Course (2000)
Education
- Oxford University (1994-1997)
- Nottingham Law School (1998-2000)
1 Contributions by Helen Martin
PRACTICE NOTES
Assignment of insurance policies and claims in insolvency: office-holder powers, policy novation v assignment of rights, s136 LPA requirements, restrictions, drafting, and third-party regimes
Duties of an office-holder to realise property
Insolvency processes (such as administration, liquidation or bankruptcy) involve appointing an insolvency office-holder whose principal duty (for a liquidator or trustee in bankruptcy) is to collect in the insolvent company’s or bankrupt individual’s assets and realise them for the ultimate benefit of creditors. Their central function is to maximise returns to creditors by turning property into cash or value as efficiently as practicable, consistent with their statutory remit. An administrator has authority to do this whilst pursuing one of the three statutory purposes of administration (see Practice Notes: Role, powers, functions and duties of an administrator, Role, powers, functions and duties of a liquidator and Role, powers, functions and duties of a trustee in bankruptcy). In this context, insurance claims—being choses in action—are property capable of realisation for the estate. This Practice Note considers the circumstances in which an office-holder may assign insurance claims and the practical factors relevant to doing so. For general information on contracts of insurance, see Practice Note: General principles of insurance contract law.
Why might an office-holder assign an insurance claim
An office-holder may seek to assign the benefit of an insurance claim for various reasons...
Restructuring & Insolvency
If you expected to see yourself on this page, click here.
