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.

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.

This article discusses the defining features of Bermuda’s insolvency landscape and the primary insolvency and rescue procedures available under Bermuda law, including compulsory liquidations, provisional liquidations and schemes of arrangements. The case of Chishti v Afiniti Ltd is presented as a recent example of a company successfully availing itself of a restructuring plan through the use of ‘light touch’ provisional liquidation.

The Property (Digital Assets etc) Act 2025 (the “Act”) came into force on 2 December 2025, providing helpful statutory confirmation that digital assets may be considered “property” as a matter of law in England, Wales and Northern Ireland.

The Act, working together with current insolvency law, is a significant step in providing further certainty to investors, lenders, and custodians in the digital asset market.

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

Despite meeting statutory jurisdictional requirements under Part 26A of the Companies Act 2006, the High Court declined to exercise its discretion in favour of sanctioning Waldorf Production UK Plc’s restructuring plan in August 2025due to concerns about fair allocation of value and lack of meaningful engagement with unsecured creditors.