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United Kingdom
United Kingdom
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risk definition What does risk mean? In legal practice, risk describes the possibility that a reasonably foreseeable circumstance or event could adversely affect legal rights, regulatory compliance, business operations, or the security of systems and data. The term is widely used across legal contexts, with certain regimes articulating it expressly. Cybersecurity: In the EU NIS2 framework (as transposed in Ireland), risk means any reasonably identifiable circumstance or event having a potentially adverse effect on the security of network and information systems. In the UK, the Network and Information Systems Regulations 2018 adopt a comparable risk‑based approach to security and incident handling; while “risk” is not defined as...
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Insurance alternatives to third‑party funding in insolvency claims: WIP and own costs cover, creditor capital protection and ATE
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LexisNexis Restructuring & Insolvency expert
Practice notes
Insolvency practitioners (IPs) will recognise the established routes to finance claims, such as conditional fee agreements (CFAs), damages-based agreements (DBAs), third party funding, Creditor-backed funding, assigning a cause of action, and after-the-event (ATE) insurance. See: Funding of insolvency litigation and investigations—overview. Yet, for many, the burgeoning practice of using insurance to mitigate not only adverse costs and security for costs but also their own spend is less well known. ATE providers have broadened their offerings to cover own disbursements, counsel’s fees, solicitor’s fees, and the work in progress of restructuring specialists. From 2013, the insolvency litigation funding landscape has had to respond to sweeping changes under the Legal Aid, Sentencing and Punishment of Offenders Act 2012, including the non-recoverability of CFA success uplifts and ATE premiums from the losing side (implementation for insolvency cases was postponed until April 2016). As with significant regulatory shifts across sectors, this prompted experimentation, with mixed results. Since 1 October 2015, when section 246ZD of the Insolvency Act 1986 took effect, the most notable expansion has unquestionably been the growth in the use of such solutions across the market, with particular emphasis on insurance-backed approaches and alternative funding structures continuing to gain traction in the...
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Web page updated on 21/05/2026
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