Insolvency Services Account meaning

This checklist of resources highlights key considerations when preparing, reviewing and negotiating commercial contracts to take account of the limits on ipso facto provisions brought in by the Corporate Insolvency and Governance Act 2020 (CIGA 2020), and to ensure agreements remain compliant and workable on insolvency. Corporate Insolvency and Governance Act 2020-the impact for commercial lawyers CIGA 2020 amended the Insolvency Act 1986 (IA 1986), introducing measures to secure the continuity of essential supplies and to curtail contractual termination rights triggered by insolvency (the so-called ‘ipso facto’ clauses) in contracts for goods and services. The issues most pertinent to general commercial practitioners when drafting and negotiating contracts are: contractual rights to terminate for an insolvency event, or to take any other step because of a customer’s insolvency, in contracts for the supply of goods and services, are no longer effective the creation of a company moratorium, available to all companies, enabling companies to develop restructuring proposals without creditor pressure the introduction of a...

Restructuring & Insolvency weekly highlights—27 November 2025 In this issue: Key R&I law developments Insolvency litigation Restructuring Directors and insolvency The office-holder Financial institutions R&I in Scotland Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content New Q&As Key R&I law developments Budget 2025—key Restructuring & Insolvency announcements On 26 November 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, set out measures of note for restructuring and insolvency practitioners. Plans cover business rates changes, hiring extra Insolvency Service staff to combat abusive phoenixism and rogue directors, the creation of the Public Authorities Fraud Investigation and Enforcement Service, and adjustments to National Insurance Contributions. See: LNB News 26/11/2025 65. Council of the EU agrees directive harmonising insolvency law across member states Negotiators for the Council of the EU and the European Parliament have reached a provisional deal on a directive aligning...

In this issue Key DR developments Claims and remedies Cross-border disputes Injunctions Litigation Evidence and disclosure New content Dates for your diary Useful information Daily and weekly news alerts Key DR developments Guidance HM Courts & Tribunals Service (HMCTS) has released refreshed guidance for the Intellectual Property Enterprise Court (IPEC) small claims track. It outlines how to pursue IP claims of £10,000 or less and sets out the applicable criteria and procedure. Updated sections cover pre-action requirements, service of documents, engagement of experts, assembling evidence and bundles, and attendance at hearings or appeals. For further detail, see: LNB News 13/08/2025 13—HMCTS publishes updated guidance on IPEC small claims track procedures. Online money claims HMCTS has revised the ‘Payment by Account for online services’ guidance, updating the contact details in the ‘Get help’ section relating to the Payment by Account facility for online court fees. For further detail, see: HMCTS Payment by...

Restructuring & Insolvency weekly highlights—6 June 2024 In this issue: Key R&I law developments Insolvency litigation Restructuring Corporate insolvency processes The office-holder Daily and weekly news alerts New content Key R&I law developments Digital Markets, Competition and Consumers Act 2024 This Act introduces regulation of competition within digital markets, revises the Competition Act 1998 and the Enterprise Act 2002 with additional competition law measures, and enhances consumer protection by providing and extending rights, together with related purposes. Certain provisions took effect on 24 May 2024; the remainder will commence on a day set by Regulations made by the Secretary of State. See: LNB News 04/06/2024 9. Insolvency litigation Monies paid to a bankrupt’s son were after-acquired property (Hyde v Djurberg) It is uncommon for a bankrupt to receive a significant payment that a trustee in bankruptcy may claim as after-acquired property. Rarer still is an instance where such a payment is received...

The official receiver (OR) is designated as trustee in bankruptcy (trustee) or as liquidator to manage and investigate every bankruptcy and court-ordered winding up, including those of partnerships. The Secretary of State or the creditors may, in place of the OR, appoint an insolvency practitioner (IP) to act as trustee for personal insolvencies or as liquidator for corporate cases. Under the Insolvency Regulations 1994, SI 1994/2507, as amended (the Regulations), the OR or IP, as appropriate, is obliged to pay into the (ISA) any funds they receive while administering all bankruptcies and compulsory liquidations. Before 1 October 2011, sums from voluntary liquidations could also be lodged in the ISA; now, only unclaimed dividends in a voluntary liquidation may be paid into the ISA. Likewise, unclaimed dividends arising in an administration or an administrative receivership may be paid into the ISA once the company has been dissolved. The Regulations also permit payments out of the ISA for disbursements, expenses and distributions to creditors and, in a liquidation, to contributories, or, in...

The Insolvency Service Legal Services Directorate (LSD) The Insolvency Service’s Legal Services Directorate (LSD) acts as the principal criminal enforcement body for insolvency-related fraud and corporate misconduct. It serves as the prosecuting authority for breaches of insolvency and company law that are referred by other Insolvency Service teams, the Official Receiver, Companies House, and allied agencies. The LSD also handles assorted criminal matters arising within the Department for Business and Trade... The Insolvency Service oversees the complete spectrum of investigation and enforcement activity being undertaken. Depending on the nature or scale of suspected offences, the LSD may pass cases to other enforcement authorities, such as: Crown Prosecution Service (CPS) HM Revenue & Customs (HMRC) Serious Fraud Office (SFO) Practitioners should take the LSD’s remit into account when assessing potential liabilities for their clients. In making charging decisions, the LSD is bound by the CPS Code for Crown Prosecutors and applies both the evidential test and the public interest test. See...

This Practice Note offers guidance for the commercial practitioner on identifying when a company is encountering significant financial distress. It also condenses the key matters to prioritise to steady the business whilst evaluating the options available to the company, and outlines considerations for a business trading with a company in financial difficulty... Establishing serious financial difficulty Signals can usually be detected in a company’s financial statements and management accounts, as well as in communications with major suppliers and debt providers (eg banks, supplier statutory demands, etc). If the board fails to deal with these indicators, they will, in most cases, result in a value‑destroying formal insolvency of the company... Warning signs heightened competition causing loss of key customers and tighter margins an outmoded business model due to technological advances or shifts in customer demand/revenue channels weak cash generation/poor working capital management excessive debt and...