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    What does an ‘insolvent trust’ mean for its creditors, and how can they be protected?
    2024-02-21

    The concept of an ‘insolvent trust’ is somewhat of a paradox. A trust is not a separate legal entity in the way that companies are and, as such, cannot be insolvent in the technical sense. Trustees legally own assets in a trust for the benefit of beneficiaries.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Stewarts, Insolvency, Trustee
    Authors:
    Tim Symes , James Boissier
    Location:
    United Kingdom
    Firm:
    Stewarts
    Insolvency rates hit new highs as 2023 ends
    2023-12-19

    In the final statistics release of this year, the Insolvency Service confirmed that there were 2,466 registered company insolvencies in November 2023 (the December figures will be released early in 2024). Not only was this 21% higher than in the previous November, but 7% higher than the figures in October 2023.

    The company insolvencies in November 2023 included:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Liquidation, Insolvency, Insolvency Service (UK)
    Authors:
    Tim Symes , Alex Jay
    Location:
    United Kingdom
    Firm:
    Stewarts
    Corporate wrongdoing in the crosshairs as rate of insolvencies continues to climb
    2023-11-14

    As the ‘slow crush’ of persistently high interest rates bites, businesses of all kinds are struggling and many are reaching the point of failure, as indicated by each month’s number of creditors’ voluntary liquidations (CVLs) charting higher than the same period a year prior. The latest statistics from The Insolvency Service reveal that registered company insolvencies in October 2023 were 18% higher than in the same month in 2022.

    Filed under:
    United Kingdom, Insolvency & Restructuring, White Collar Crime, Stewarts, Corporate governance, Insolvency, Serious Fraud Office (UK), Insolvency Service (UK)
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    How does litigation arise from insolvent estate recoveries?
    2023-11-01

    On 26 September 2023, our Insolvency and Asset Recovery team hosted a seminar explaining the emerging and developing types of disputes focussed on insolvent estate recoveries.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stewarts, Insolvency, Financial Conduct Authority (UK), Barclays, Third Parties (Rights against Insurers) Act 2010 (UK)
    Authors:
    Alex Jay , Tim Symes , Harry Spendlove , Natalie Osafo , Aaron Le Marquer , Alejandro García , Julian Chamberlayne , Alice Glendenning , Jack Barlow , Aleks Valkov
    Location:
    United Kingdom
    Firm:
    Stewarts
    What can we learn from 2024’s insolvencies and statistics to date?
    2024-05-08

    Across 2023, the rate of corporate insolvencies in England and Wales fluctuated but trended significantly higher than the previous year, peaking in an especially tumultuous November. Turning from statistics to the news headlines, it was striking but perhaps not surprising to see many household name businesses forced into administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Insolvency
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    AI and insolvency: a game-changer for investigations and asset recovery claims?
    2024-04-22

    ChatGPT was launched less than 18 months ago. This relatively brief period feels like a lifetime, considering the seismic changes to date which are likely only the start.

    Filed under:
    United Kingdom, Insolvency & Restructuring, IT & Data Protection, Stewarts, Artificial intelligence, Insolvency, ChatGPT, Generative AI
    Authors:
    Tim Symes , Aleks Valkov
    Location:
    United Kingdom
    Firm:
    Stewarts
    ‘The law in four dimensions’ discussed at AIJA International Young Lawyers’ Congress
    2023-09-07

    Divorce and Family partner Lisette Dupré and Commercial Litigation partner Elaina Bailes were among 500 lawyers from more than 50 countries who gathered for the AIJA International Young Lawyers’ Congress in Rio between 20 and 26 August. This year’s theme was rethinking the law in four dimensions, which called upon speakers to think more about how the law may develop in the next five years than simply looking at how it stands today.

    Filed under:
    Global, United Kingdom, Arbitration & ADR, Insolvency & Restructuring, IT & Data Protection, Stewarts, Dispute resolution, Artificial intelligence, Asset protection, Data privacy
    Authors:
    Elaina Bailes , Lisette Dupré
    Location:
    Global, United Kingdom
    Firm:
    Stewarts
    How can creditors recover assets put out of reach by debtors under section 423 of the Insolvency Act?
    2023-08-03

    Section 423 of the Insolvency Act 1986 (s423) provides for the avoidance of transactions intended to put assets out of the reach of creditors or otherwise prejudice their interests. It is one of the most effective weapons in global asset recovery scenarios and is widely used. Partner Tim Symes, associate Jack Barlow and paralegal Bruno Ponte consider the proof needed to get home on an s423 claim, consider some recent caselaw and provide examples of what a court might order if a claim is successful.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stewarts, Asset recovery
    Authors:
    Jack Barlow , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    What do recent company crises tell us about the state of the economy?
    2023-07-27

    A combination of continued high prices and rising interest rates has heaped pressure on already struggling businesses through the summer of 2023. The challenging circumstances have lead to an overall rise in creditors’ voluntary liquidations (CVLs) compared to both earlier months and the previous year, though the picture borne out by the statistics is more complicated than might be expected.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Insolvency, HM Revenue and Customs (UK), Bank of England, Insolvency Service (UK)
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    Tim Symes speaks to Sky News as insolvencies continue to rise
    2023-07-19

    Insolvency and Asset Recovery partner Tim Symes appeared on Sky News’ Business Live with Ian King as the latest government figures revealed that company and individual insolvencies in England and Wales remain close to an all time high.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Liquidation, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK)
    Authors:
    Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts

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