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...

2022 UK restructuring and insolvency calendar: key dates, legislative commencements and expiries, consultations, court events, and COVID-19 rent arrears regime milestones

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

January 2022 Date Event

4 January 2022 The National security and Investment Act 2021 comes fully into effect, together with its accompanying regulations: National Security and Investment Act 2021 (Monetary Penalties) (Turnover of a Business) Regulations 2021, SI 2021/1262; National Security and Investment Act 2021 (Procedure for Service) Regulations 2021, SI 2021/1267; and National Security and Investment Act 2021 (Notifiable Acquisition) (Specification of Qualifying Entities) Regulations 2021, SI 2021/1264. See the Government press release and the Practice Note: FAQs for Insolvency professionals on the National Security and Investment Act 2021.
12 January 2022 The Prudential Regulation Authority (PRA) issues policy statement PS1/22, responding to consultation paper CP16/21 and setting out the updated statement of policy on the PRA’s approach to insurance business transfers. This PS applies to PRA‑authorised insurers, including the Society of Lloyd’s and its managing agents, and is also relevant to mutuals and friendly societies. See: LNB News 12/01/2022 64.
26 January 2022 The Civil Jurisdiction and Judgments (2005 Hague Convention and 2007 Hague Convention) (Amendment) Regulations 2022, SI 2022/77, enter into force, giving domestic effect to the UK’s reservations and declarations (see The Private International Law (Implementation of

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Web page updated on 26/05/2026

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