Introduction

In this first instalment of our insights series on construction insolvency, Ironbridge Legal outlines key red flags to look for and practical steps to manage counterparty risk.

An Industry at Risk - With Contagion Potential

The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others[1] in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond the small group of individuals with controlling or m

Introduction

In December 2024, Australian Securities and Investments Commission (ASIC) released an updated version of Regulatory Guide RG 217. The guidance is designed to assist directors in complying with their duty to prevent insolvent trading. It sets out four key principles for directors to avoid insolvent trading, explains the safe harbour defence (which offers protection from personal liability), and clarifies ASIC’s approach to assessing breaches of duty and the application of the safe harbour defence.

Court held that an insolvent company was required to provide adequate security when enforcing an adjudication decision.

Background

Kingsley Napley is pleased to report the judgment of Mrs Justice Joanna Smith DBE in the case of Re MPB Developments Ltd [2025], which represents an excellent result for our client.

We act for the petitioners in long running litigation. Two years ago, our clients presented a creditors’ winding up petition, together with a contributory’s winding up petition on the just and equitable basis and an unfair prejudice petition.

Introduction

On 20 May 2025, Mr Justice Marcus Smith handed down his eagerly-awaited judgment sanctioning the two inter-conditional restructuring plans (the Plans) proposed by members of the Petrofac Group. The judgment raises issues described as “going to the heart of the Part 26A regime” and is significant as the first case to consider the application of the Court of Appeal’s ruling in Thames Water.

The judgment addresses three particularly interesting points:

The Supreme Court has handed down a decision in Bilta (UK) Ltd (in liquidation) and othersv Tradition Financial Services Ltd [2025] UKSC 18, which clarifies the parties who ar

On 7 May 2025, the UK Supreme Court (UKSC) handed down a judgment providing useful guidance on the meaning of “fraudulent trading” within s.213 of the Insolvency Act 1986 (Insolvency Act) and how the test in s.32(1) of the Limitation Act 1980 (Limitation Act) operates, in Bilta (UK) Ltd (in liquidation) v Tradition Financial Services Ltd [2025] UKSC 18 (Bilta). In this article, we give a brief summary of the facts, issues and rulings in the judgment and its practical implications for Hong Kong’s corporate insolvency regime.

Background

Written by - James Conomos

Financial difficulties can creep up on a business when least expected. Whether it’s due to market shifts, unexpected costs, or operational setbacks, many businesses find themselves at a crossroads: How do we turn this around before it’s too late? The key is acting early and having the right plan in place.

It’s hard to write a pithy article about the transfer of proceedings from the High Court in London to the Central London County Court (CLCC), but given its wide-reaching implications I thought it was worth a try.