The Insolvency Service has for many decades been the Government department responsible for the oversight of bankruptcies, compulsory insolvencies and, in more serious cases, the disqualification of individual directors.
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Overview
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
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