In autumn of 2025, the English High Court decided that liquidators have unlimited personal exposure: they cannot contractually limit or exclude their personal liability for breach of duty. An application for permission to appeal that decision is now before the Court of Appeal.

The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in which section 423 of the Insolvency Act 1986 (the Act) provides protection against attempts by debtors to “defeat their creditors and make themselves judgment-proof.” This is a critical decision for insolvency practitioners, any corporate or fund which is involved in distressed deals and beyond to acquirers who were not aware they were dealing in distressed assets.