Restructuring & Insolvency Law

Restructuring & Insolvency weekly highlights-28 May 2026 In this issue Key R&I law developments Restructuring Personal insolvency Insolvency litigation R&I in Scotland Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content Key R&I law developments Issue 170 of Insolvency Service’s Dear IP published The Insolvency Service has released issue 170 of its Dear IP newsletter. Highlights include revisions to the IP Complaints Gateway guidance, a consultation on proposed changes to Statement of Insolvency Practice (SIP) 2, and advice on safeguarding employee and consumer creditor data when lodging statements of affairs at Companies House. It confirms the UK Sanctions List is now the sole authoritative source for UK sanctions designations. The issue also sets out direction on using approved spreadsheet templates for submissions to the Insolvency Service, outlines proposals within the...

Ofwat has opened a consultation on provisional guidance for water companies carrying out schemes under the Water Industry (Specified Infrastructure Projects) (English Undertakers) Regulations 2013 (SIPR), SI 2013/1582. This guidance outlines Ofwat’s regulatory and commercial expectations for such schemes and should be considered alongside the statutory guidance, ‘Criteria for selecting specified infrastructure projects’......

The Master of the Rolls and the Minister of State for Justice have approved the 195th Practice Direction (PD) Update, expanding the reach of the Damages Claim Portal (DCP) in CPR PD 51ZB so that specified non-monetary claims-termed ‘Other Remedy Claims’-can be lodged online alongside a principal damages claim, provided both sides have legal representation, rather than relying on paper filing. It further includes within scope disputes concerning unfair relationships under the Consumer Credit Act 2006, extending the update’s application. This reform shifts matters presently dealt with on paper into a digital workflow to enhance efficiency, aligning connected remedies with the same online route as the main damages claim. The amendments take effect on 27 May 2026. The additional category spans three remedies: injunctions, declarations and rescission. Sources: The 195th Practice Direction Update 195th UPDATE – PRACTICE DIRECTION...

Consideration of the proposal What is the process of considering of the proposal? The nominee is required to call a company meeting to examine the proposal at a specified time, date and place, and must invite creditors to consider it through a decision procedure. The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 apply to CVAs. The creditors’ decision date may take place on the same day as the company meeting, or on different days; in all cases, the creditors must reach their decision before the members, and the members’ decision must occur no later than five business days after the creditors’ decision. The decision date must be set not less than 14 days from delivery of the notice under IR 2016, SI 2016/1024, r 2.25, and not more than 28 days after the nominee’s report is filed with the court. To convene the...

Under section 15 of the Bankruptcy Act 1914 (which preceded the Insolvency Act 1986 (IA 1986)), a public examination was mandatory whenever a debtor was adjudged bankrupt. The IA 1986 provisions remove the obligation to hold a public examination in each and every case, but permit the official receiver (OR) to apply to the court for the bankrupt’s public examination before the bankrupt is fully discharged. This route is commonly taken where the bankrupt has not co-operate d with the OR, for instance by failing to fulfil his/her duty to supply the OR with an inventory of their estate or any other information the OR reasonably requires, or by failing to attend on the OR. Although a public examination is not intended as a fishing exercise, it does enable the gathering of material that will aid the OR and/or any trustee in...

Key steps and timetables The restructuring plan (RP) broadly follows the framework applied to schemes. In matters where Cross Class Cram-Down (CCCD) or valuation points are likely to be challenged, or where valuation specialists may need to be cross-examined, it is sensible to inform the court at the convening hearing and to build sufficient time into the court timetable so these issues can be properly considered by the affected parties and the court. Although the court accepts that a distressed company cannot, and does not need to, negotiate bilaterally with every creditor impacted, there should be genuine efforts to engage at least with those with the greatest exposure. For reference, see Poundland (sanction) and News Analysis: Cross-class cramdown successfully used against nine dissenting classes (Re Poundland Ltd)......

Applicant: [ insert initials and surname ] 1st statement (exhibits) 1–4: [ insert date ] 20[ insert year ] Court Reference No: [ INSERT COURT REF. NUMBER ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES OR IN [ INSERT LOCATION ] ] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT AT [ INSERT LOCATION ] [BUSINESS AND PROPERTY COURTS LIST] OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [ INSERT LOCATION ] DISTRICT REGISTRY ] IN BANKRUPTCY IN THE MATTER OF [ INSERT DEBTOR’S OR BANKRUPT’S NAME ] AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN [ insert name of the trustee ] ApplicantAnd [ insert full name of the debtor ] Respondent I, [ insert name of the trustee in bankruptcy ], of [ insert the trustee in bankruptcy’s business address, firm and title ], a...

Company number: [ insert number ] [ insert company name ] [ LTD OR PLC ] Minutes of a board meeting (the Meeting) of [ insert full name of company ] (the Company) Convened at [ the offices of the Company ] on [ insert day, month and year of the meeting ] at [ insert time ] [ am OR pm ] Present: [ Insert names of the director(s) physically present ] [ Insert names of any directors attending by telephone as allowed by the Company’s articles of association ] (by telephone) [ Insert names of any directors attending by other means permitted by the Company’s articles of association ] (by [ insert other means ]) In attendance: [ Insert name of anyone in attendance who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)...

Notice: About this Proposal This Proposal has been produced by [ names of Special Administrators ], the Special Administrators of [ Investment Bank name ], exclusively to discharge their statutory obligation under para 49, Sch B1 of the Insolvency Act 1986, as amended by the Investment Bank Special Administration Regulations 2011, SI 2011/245, and for no other purpose. It should not be relied upon by any other person, for any purpose, or in any alternative context. This Proposal was not prepared with a view to its use, and is not appropriate to be used, to inform any investment decision concerning the debt of, or any financial interest in, [ Investment Bank name ] (in Special Administration). Any estimated outcomes for creditors set out in this Proposal are illustrative only and must not be treated as guidance as to the actual...

Clare Ambrose, Twenty Essex The party’s representative should liaise with the witness and the other side. It should seldom be impossible to resolve matters by arranging for evidence to be given remotely. Such an approach is fairly standard practice......

Can the administrator sublet the property to the purchaser? An administrator may do whatever is necessary or expedient to manage the company’s affairs, business and property (paragraph 59(1) of Schedule B1 to the Insolvency Act 1986 (IA 1986)), which also encompasses the powers set out in IA 1986, Sch 1. In respect of subletting, IA 1986, Sch 1, para 17 confirms that an administrator has the power to grant or accept the surrender of a lease or tenancy of any company property, and to take a lease or tenancy of any property required or convenient for the company’s business. For further detail, see Practice Note: Roles, powers, functions and duties of an administrator, particularly the section ‘The administrator’s powers’......

When one company advances funds to another, the contractual provisions govern any restriction on repaying the loan before the ten-year period first contemplated. Should the lending company enter liquidation or administration, that circumstance, by itself, does not alter the contract’s terms. The office-holding insolvency practitioner should nevertheless review the agreement to determine whether it permits earlier repayment, or repayment on alternative terms, if the lending company goes into liquidation or administration. Although that may appear improbable, it remains possible, and the officeholder ought to explore every avenue to secure accelerated repayment of the borrowing. Absent an express clause to the contrary, the insolvency of the lender does not, of itself, accelerate the debt, and timing remains governed by the bargain. It would seem that the office-holding insolvency practitioner holds an appointment that must remain open for at least ten years before the loan can be...