Over the years, the U.K. Parliament's Treasury Select Committee has earned itself a justified reputation for generating more heat than light. Its members have tended to grandstand for the benefit of the media rather than engage in serious scrutiny of financial policy and as a result its reports have been largely worthless. But under new chairman Andrew Tyrie, the committee is taking its task far more seriously.

Appointment Under the provisions of the Insolvency Act 1986,an individual appointed as an insolvency office holder to the following types of appointment must be a Licensed Insolvency Practitioner (IP): • Corporate insolvency: Administration, Administrative Receivership, Provisional Liquidation, Liquidation, Company Voluntary Arrangement • Personal insolvency: Bankruptcy, Sequestration, Individual Voluntary Arrangement • Partnership insolvency: Liquidation or Administration of Insolvent Partnership, Partnership Voluntary Arrangement.

EUROPEAN UPDATE: The Powers of the Pensions Regulator: Where Do They Rank in an Insolvency? (Citation: Adam Gallagher, The Powers of the Pensions Regulator: Where Do They Rank in an Insolvency?, XXX ABI Journal 4, 26, 56-57, May 2011) - Adam Gallagher

The Ministry of Justice yesterday published its consultation entitled "Proposals for Reform of Civil Litigation Funding and Costs in England and Wales – Implementation of Lord Justice Jackson's recommendations". Click here for more.

On 1 July 2010 the European Commission published a Green Paper on policy options for progress towards a European Contract Law for consumers and businesses. Consultation on the Green Paper has now closed. In this e-bulletin we discuss some of the issues raised in responses to the Commission and set out the next steps. Click for more.

A recent High Court decision has important practical implications for the drafting and filing of Tomlin orders, which are commonly used to record agreed terms of settlement: ABC Ltd v Y [2010] EWHC 3176 (Ch). The judgment also helpfully reviews the applicable principles governing non-party access to documents on the court file. Click here for more.

The claimant sued the defendant for approximately €10 million under a sub-contract to conduct geological studies in the waters offshore Iran. The claimant had previously held negotiations with the purchaser under the main contract, IOOC, seeking payment of sums due from the defendant. In the negotiations, the claimant had offered to accept a reduced sum for the work done (€7.5 million and then €6.5 million), but no agreement was reached. Click here for more

Since Herbert Smith LLP announced in November that it was setting up an operation in Belfast, it has been full steam ahead with preparation for the opening of the office in April 2011. The Belfast office will focus principally on reviewing and analysing the large volumes of documents often found in major contentious work, notably in litigation, arbitration and regulatory investigations. Click here for more..

Does it matter if a defendant to foreign insolvency proceedings does not submit to the jurisdiction of the foreign courts seeking to enforce bankruptcy claims against him?