Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Insolvency definition

What does Insolvency mean? In practice, insolvency describes a financial state where a debtor cannot meet liabilities when due, triggering remedies such as administration, liquidation or bankruptcy and informing directors’ duties and avoidance claims. For companies in England & Wales, Scotland and Northern Ireland, the Insolvency Act 1986, s 123 sets two alternative tests: - Cash‑flow insolvency: an inability to pay debts as they fall due. The inquiry is practical and forward‑looking, not confined to today’s bills (Re Patrick & Lyon Ltd [1933] Ch 786; BNY Corporate Trustee Services Ltd v Eurosail [2013] UKSC 28). - Balance‑sheet insolvency: liabilities (including contingent and prospective liabilities) exceed assets on...

2013 UK and EU restructuring and insolvency case law: key decisions on schemes of arrangement, administration, transactions at an undervalue, client money, pensions and cross-border insolvency (archived)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

2013: Key Restructuring & Insolvency cases [Archived]

This Practice Note is archived and is no longer maintained.

Re Magyar Telecom BV [2013] EWHC 3800 (Ch), [2013] All ER (D) 20 (Dec) — Judgment: 3 December 2013 — Subject: Schemes of arrangement — Lexis®PSL analysis: schemes broadened to compromise non-English debt
Isis Investments Ltd v Oscatello Investments Ltd and others [2013] EWCA Civ 1493, [2013] All ER (D) 327 (Nov) — Judgment: 27 November 2013 — Subject: Credit institutions—proceedings pending — Lexis®PSL analysis: when is a Part 20 claim part of pending proceedings in cross-border matters?
Ovenden Colbert Printers Ltd Hunt v Hosking [2013] EWCA Civ 1408, [2013] All ER (D) 188 (Nov) — Judgment: 15 November 2013 — Subject: Transactions at an undervalue — Lexis®PSL analysis: mounting a successful undervalue claim
Closegate Hotel Development (Durham) Ltd and another v McLean and others [2013] EWHC 3237 (Ch), [2013] All ER (D) 308 (Oct) — Judgment: 25 October 2013 — Subject: Administration appointments — Lexis®PSL analysis: could a director contest an administration appointment and was the bank estopped from acting?...

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