United Kingdom: Insolvency/Bankruptcy/Re-Structuring

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Article
UK Supreme Court Confirms That Unrecognised Foreign Judgments Under Common Law Rules Can Trigger Insolvency Proceedings
The UK Supreme Court's landmark decision in Drelle v Servis-Terminal LLC establishes that foreign judgment debts from countries without UK recognition regimes can directly support bankruptcy petitions, potentially making enforcement easier than for judgments from countries with formal recognition arrangements. This ruling resolves uncertainty about whether unrecognised foreign judgments constitute a "debt" for insolvency purposes and introduces a striking paradox in English cross-border enforcement law.
United Kingdom Insolvency
MB
Mayer Brown
Article
Supreme Court Restores Creditor-friendly Position That Unrecognised Foreign Judgments Can Found A Bankruptcy Petition
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.
United Kingdom Insolvency
LS
Lewis Silkin
Article
The Iran War Will Generate A Global Tide Of Multi-jurisdictional Restructurings And Insolvencies: What Are The Challenges For Businesses And Advisors Worldwide?
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.
Worldwide Insolvency
GGI Global Alliance
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Related Country Guides

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Restructuring & Insolvency

Financial Restructuring

Article
Recent Changes To UK Tax Clearance For Restructuring
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.
United Kingdom Tax
GGI Global Alliance
Article
The Iran War Will Generate A Global Tide Of Multi-jurisdictional Restructurings And Insolvencies: What Are The Challenges For Businesses And Advisors Worldwide?
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.
Worldwide Insolvency
GGI Global Alliance
See more

Insolvency/Bankruptcy

Article
UK Supreme Court Confirms That Unrecognised Foreign Judgments Under Common Law Rules Can Trigger Insolvency Proceedings
The UK Supreme Court's landmark decision in Drelle v Servis-Terminal LLC establishes that foreign judgment debts from countries without UK recognition regimes can directly support bankruptcy petitions, potentially making enforcement easier than for judgments from countries with formal recognition arrangements. This ruling resolves uncertainty about whether unrecognised foreign judgments constitute a "debt" for insolvency purposes and introduces a striking paradox in English cross-border enforcement law.
United Kingdom Insolvency
MB
Mayer Brown
Article
Supreme Court Restores Creditor-friendly Position That Unrecognised Foreign Judgments Can Found A Bankruptcy Petition
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.
United Kingdom Insolvency
LS
Lewis Silkin
See more

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