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Legislation relevant to insurance insolvency

Insolvency laws generally make special provisions for insurance companies because of the regulated status of the industry and the importance of insurance to the economy. The Insurers (Reorganisation

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Latest Restructuring & Insolvency News

South Square Digest—December 2024

Restructuring & Insolvency analysis: December 2024 edition of the South Square Digest is now available.

Insolvency Service prosecutes fireworks trader for fraud and insolvency offences

The Insolvency Service has successfully prosecuted the director of Ikandy Wholesale Ltd, Raashid Khan, resulting in a four-year prison sentence for fraud, forgery, and insolvency offences. Khan, a Birmingham fireworks trader, forged multiple documents to evade a £75,000 payment for fireworks and to circumvent bank account restrictions. He fraudulently obtained a £50,000 Covid Bounce Back Loan and withdrew £62,158 after his company entered liquidation. Khan has been disqualified as a company director for 12 years and was convicted of using a false instrument, fraud in anticipation of winding-up, and fraud by false representation. This case underscores the Insolvency Service's commitment to maintaining the integrity of the insolvency regime and protecting public.

Insolvency Service issues suspended sentence to company director for BBL Fraud

The Insolvency Service has successfully charged Irena Tokarczyk, a company director from Watford, for fraudulently obtaining a £50,000 Bounce Back Loan (BBL) and subsequently dissolving her company, Good Food Shops Ltd, without informing creditors and in breach of the Companies Act 2006. Tokarczyk received a two-year suspended sentence, 100 hours of unpaid work, and a three-year disqualification from acting as a company director.

New Supreme Court Practice Directions published

The Supreme Court has published the Supreme Court Practice Directions, November 2024.

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