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...

Arbitration and Insolvency in England and Wales: Moratoria, court permissions, administrators’ and liquidators’ powers, proof of debt, award enforcement, and cross-border recognition (CBIR) post‑Brexit

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Impact of national insolvency on domestic or foreign arbitration (England and Wales)

This Practice Note reviews how insolvency proceedings begun in England and Wales influence arbitration obligations where one of the parties is insolvent.

The IBA toolkit on insolvency and arbitration

Drawing on the National Report for England and Wales within the IBA Toolkit on Insolvency and Arbitration (IBA Toolkit), and reproduced with permission, this Practice Note summarises key guidance. The IBA Toolkit offers direction to parties, counsel and arbitrators when an arbitration participant is also in insolvency proceedings in one or more jurisdictions. Alongside the England and Wales Report, the IBA Toolkit includes multiple other National Reports. For clarity, the National Report informing this Practice Note is not intended to constitute legal advice tailored to particular facts.

Non-application of EU Recast Regulation on Insolvency following brexit

This Practice Note addresses insolvency cases commenced after 11 pm on 31 December 2020 (ip completion day) and proceeds on the basis that the saving provisions relating to the EU Recast Regulation on Insolvency, Regulation (EU) 848/2015, do not apply (see Practice Note:)...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Gavin Chesney

Debevoise & Plimpton LLP

Gavin Chesney is an international counsel in the London office of Debevoise & Plimpton LLP. His practice focuses on international commercial disputes, both in international arbitration and in court litigation.Mr. Chesney represents a wide variety of clients including major corporations, high net worth individuals and sovereign states, in complex, high-value disputes across sectors including financial services, mining, power generation, oil and gas, and construction. His cases frequently concern issues of company law, insolvency, fraud, economic torts and contract. He regularly appears before arbitral tribunals under the rules of the major arbitration institutions, and as a solicitor-advocate before the English courts. He also regularly advises clients in disputes involving proceedings before the courts of common law countries in the Caribbean and Gibraltar.Mr. Chesney is recognized as a Future Leader by Who’s Who Legal. He is recommended for International Arbitration by The Legal 500 UK, where clients have noted he...

Patrick Taylor

Debevoise & Plimpton LLP

Patrick Taylor is a partner in the London office of Debevoise & Plimpton LLP, and part of the firm’s France Desk and Co-Chair of the firm’s Africa practice. His practice focusses on commercial and investment treaty arbitration, with particular experience in the upstream oil & gas, energy, pharmaceuticals, and telecommunications sectors.Qualified in England & Wales and Ireland as a solicitor-advocate, Mr. Taylor has advised and represented clients in disputes throughout the world for more than 20 years.Mr. Taylor advises clients on investment protection and investment dispute settlements in high-risk jurisdictions, tax-related disputes, fiscal and legislative stabilisation rights, shareholder, joint venture, distribution, post-M&A, collaboration, licensing and general contractual disputes and complex damages analysis. Mr. Taylor also frequently sits as an arbitrator. He is a member of the LCIA Court and of the MCIA Council.Mr. Taylor is recommended as a leading lawyer for...

Web page updated on 27/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...