Bankruptcy Law and Insolvency Law

The FCA's latest Primary Market Bulletin sets out its expectations on regulatory announcement language, inside information classification and delayed disclosure notifications.

The Supreme Court has unanimously reversed the Court of Appeal's decision in Drelle v Servis-Terminal LLC, establishing that creditors can rely on unrecognised and unregistrable foreign judgments to found bankruptcy petitions in England and Wales. This landmark ruling clarifies the legal effect of foreign judgments at common law and significantly impacts enforcement strategies for international creditors seeking to recover judgment debts without prior recognition proceedings.

The court also held that a chargee’s right to request information under a charge document was arguably subject to an implied term that the right should be exercised only for legitimate commercial aims

Recent UK Budget 2025 reforms have fundamentally altered the tax clearance regime for corporate restructurings, removing the explicit "bona fide commercial reasons" test and the 5% shareholder exemption while introducing new counteraction powers. These changes require businesses to provide more robust documentation of commercial objectives and prepare for heightened scrutiny from HMRC when seeking clearance for transactions including share exchanges, demergers, and company reconstructions.

Geopolitical tensions in the Middle East are creating unprecedented challenges for businesses worldwide, driving up restructuring risks through volatile commodity prices, disrupted supply chains, and complex sanctions compliance. As companies face liquidity squeezes and covenant pressures across multiple jurisdictions, understanding the intricacies of cross-border insolvency has become essential for survival in an increasingly uncertain global economy.

A recent English High Court judgment examines how courts manage parallel restructuring litigation when a New York law indenture intersects with an English law intercreditor agreement.