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Insolvency Blog

European Insolvency Regulation – revised

The European Insolvency Regulation (Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings) is being revised. In the months since we last reported, the European Council, Parliament and Commission reached agreement on a revised draft in December 2014. Now, in March 2015, a recast Regulation (i.e. one to replace the old...

Date: 5th March, 2015   |   Author: Chris Laughton   |   Comments: 0

LASPO Act 2012: insolvency exemption continues

Insolvency office holders conducting litigation can continue to recover CFA uplifts and ATE premiums from losing parties. The government announced today, 26 February 2015, in a Written Statement that the insolvency exemption to sections 44 and 46 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 will no longer be brought to an end...

Date: 26th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Competition in the insolvency market

The insolvency market is small and shrinking, 33,000 corporate insolvencies a year will produce something like 20 to 30 cases for each of those who take corporate appointments.  That number of small liquidations is unlikely to make a viable practice.  However we face the challenge of retaining experience whilst bringing new blood into the...

Date: 23rd February, 2015   |   Author: Chris Laughton   |   Comments: 0

Communication in insolvency

Insolvency practitioners are at the sharp end of an increasingly complex system that is understood by few outside the profession.  We have to explain clearly and succinctly what we do and why, and we have to do so over and over again, both case by case and generally. If we or the system within which we work is misunderstood, we have to explain...

Date: 19th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Insolvency regulation

The UK insolvency regulatory system is being tinkered with, but it needs to be and be seen to be more effective.  For that it needs a more robust design.  At present it neither gives confidence to the public nor serves the profession well, often appearing to act too slowly or opaquely and with insufficient unanimity. The profession must...

Date: 16th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Who do you work with in restructuring and insolvency?

We are usually introduced to financially stressed or distressed businesses by professional advisors, often solicitors or accountants, who see the need for our specialist skills.  However, ultimately we are instructed by the management, creditors or other stakeholders in a business. Our focus is on delivering solutions to financial stress or...

Date: 12th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Insolvency legislation

Tinkering would seem to describe the current legislative approach to insolvency – rarely a good model for effectiveness and efficiency. Separate corporate and individual insolvency licensing is an astonishingly wasteful and regulatory introduction in the Deregulation Bill, The crass removal in the Small Business Enterprise and Employment...

Date: 9th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Current insolvency trends

The numbers of corporate insolvencies are falling.  At the time of writing my current estimate for 2014 is 33,000 corporate insolvencies which is about 75% of the peak reached in 2009. Interest rates are not now expected to rise until 2016 and UK GDP growth is not expected to fall dramatically.  Neither economic factor is therefore...

Date: 5th February, 2015   |   Author: Chris Laughton   |   Comments: 0

Insolvency exemption to the Jackson Reforms ending?

If the insolvency exemption to the Jackson Reforms comes to an end in April 2015 as the Government has indicated, creditors will lose out because the threshold for economically viable litigation of insolvency claims will rise.  There will be less litigation, less settlement and fewer claims, especially in no or low asset estates.  It will...

Date: 2nd February, 2015   |   Author: Chris Laughton   |   Comments: 0

Restructuring and Insolvency in 2015

I expect a busy year for Mercer & Hole’s Restructuring and Insolvency team, with different and interesting assignments, solving problems and delivering solutions by doing what we  do best.  I would not be in this job if I did not thrive on such challenges and I am confident that enough people value my particular skills and...

Date: 29th January, 2015   |   Author: Chris Laughton   |   Comments: 0

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