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...

2020 calendar of UK restructuring and insolvency developments: legislation, case law, COVID-19 measures and Brexit milestones

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

January 2020 Date Event

31 January 2020 Exit day deferral: On 19 October 2019, the UK sought to prolong the Article 50 withdrawal window until 31 January 2020. On 28 October 2019, the EU27 Ambassadors agreed to that new date (see LNB News 28/10/2019 37). However, the European Union (Withdrawal agreement) Act 2020 introduces an implementation period / transition period and, for this purpose, includes a series of amendments to the EU(W)A 2018, notably pushing back various provisions from exit day to the end of the implementation period. See: LNB News 24/01/2020 6

February 2020 Date Event

1 February 2020 The UK government had notified the Dutch Ministry of Foreign Affairs that the UK and Gibraltar’s accession to the Hague Convention of 30 June 2005 on Choice of Court Agreements was paused until 1 February 2020. As the Withdrawal Agreement was signed, ratified and approved before 1 February 2020, the UK has since retracted the Instrument of Accession lodged on 28 December 2018...

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Web page updated on 21/05/2026

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