It is a recurring practical issue in insolvency proceedings how the creditor may prove that an invoice was duly communicated to the debtor. In a recent decision, the Hungarian court examined if screenshots taken from an electronic invoicing system suffice to prove delivery and awareness of an invoice, in the absence of traditional postal proof. In our article we analyse the decision.
1. Facts of the case
Summary: In EPC Constructions India Ltd. v. Matix Fertilizers & Chemicals Ltd., the Supreme Court addressed whether holders of non-cumulative redeemable preference shares can initiate insolvency proceedings under Section 7 of the IBC, as financial creditors. The Court held that preference shareholders are not creditors and cannot trigger insolvency proceedings, as preference shares remain part of the share capital even upon maturity, and conversion of debt into preference shares permanently extinguishes the original creditor relationship.
Introduction
In a recent decision, the Employment Appeal Tribunal (EAT) provided useful clarification on how TUPE operates in insolvency scenarios when a provisional liquidator is appointed. The judgment confirms that the TUPE exception for terminal insolvency proceedings can apply earlier than some employers and buyers may expect, with the result that employee transfer protections may be disapplied before a winding-up order is made.
TUPE and insolvency
Can section 234 of the Insolvency Act 1986 serve as a fast-track route for administrators to secure vacant possession of property from trespassers? That was the question before the High Court in the recent case of Maher v Investalet Ltd [2025] EWHC 3133 (Ch).
The facts
It has recently been reported in the press that the project company for England’s largest Private Finance Initiative (PFI) contract is going into liquidation, affecting 88 schools in Stoke-on-Trent.
What is insolvency?
Insolvency is defined in section 95A of the Corporations Act 2001 (Cth)(Act) as the inability of a company to pay its debts when they fall due. Australian law applies a cash-flow test rather than a balance-sheet test, meaning the inquiry does not turn on the numerical gap between assets and liabilities.
For reasons explained in this blog, they did not in the case of Conway and others v Plass and others [2025] EWHC 2625 (Ch) but there could be situations where it might.
In Conway and others v Plass and others, the High Court has provided guidance on when contract liabilities incurred by administrators will be treated as administration expenses under the Lundy Granite principle.
Factual Background
Welcome to the final edition of Buddle Findlay's insolvency and restructuring update for 2025. As we head towards the silly season and a well-deserved break for many, it's an opportunity to reflect on what has been a very busy year in the insolvency and restructuring space.
The Insolvency and Bankruptcy Board of India (IBBI) has released two notable discussion papers, namely, Minimum Shareholding Requirements for Directors and Partners of IPEs dated November 17, 2025, and Standardised Templates for Beneficial Ownership and Section 32A Affidavits dated November 6, 2025. Together, these papers propose substantive reforms intended to enhance governance discipline within Insolvency Professional Entities (IPEs) and improve the quality, uniformity, and reliability of disclosures in the Corporate Insolvency Resolution Process (CIRP).
The UK retail and hospitality sectors are entering the crucial winter trading period under renewed pressure following the Chancellor’s November Budget. Economic growth remains weak, and the Office for Budget Responsibility has downgraded its annual economic forecasts through to 2030, signalling that the operating environment for consumer-facing businesses is likely to remain difficult for some time. Meanwhile, insolvency levels continue their upward trajectory: 2,029 company insolvencies were recorded in October 2025, a 17% increase compared with the same month last year.