It is an unfortunate reality that the number of insolvencies in the construction sector seems certain to rise in coming months as the economic impact of COVID-19 takes effect. In this context, the recent Supreme Court decision in Bresco Electrical Services Ltd (In Liquidation) v Michael J Lonsdale (Electrical) Ltd [2020] UKSC 25 is particularly relevant.
This case concerned important questions regarding the compatibility of two statutory regimes:
United Kingdom, Construction, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Coronavirus, Technology and Construction Court
Private wealth structures are not immune from insolvency. Here we examine the Jersey and Guernsey position from the trustee's perspective and consider the issues with which a trustee needs to be familiar.
Test for insolvency