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Half of insolvency practitioners say litigation has decreased since LASPO change
Almost half of insolvency practitioners believe that litigation work has declined since removal of the exemption from LASPO in April 2016, a survey has found. The remaining half of the 225 insolvency practitioners who took part in the survey said there had been “no noticeable difference”.
Appeal judges reject law firm’s claim for fees under insolvency CFA
The Court of Appeal has rejected a law firm’s claim to its legal fees in a battle with a liquidator over an conditional fee agreement. Lord Justice Hamblen said there was a “shared common understanding” that its fees would be paid from recoveries and the liquidator would not be personally liable for any shortfall.
End of LASPO exemption for insolvency “will lead to unscrupulous behaviour”
A large majority of insolvency practitioners and lawyers believe the end of the exemption for insolvency litigation from the abolition of recoverable success fees and insurance premiums in conditional fee cases will lead to “unscrupulous or illegal behaviour” by company directors, a survey has found.
Burford agrees £9m insolvency funding deal with Grant Thornton
Burford Capital has announced a £9m insolvency funding deal with accountants Grant Thornton, in what is believed to be the first arrangement of its kind. Funding covers all claims by and against an estate where Grant Thornton is a trustee.
Bar Council and ABI join calls for permanent exemption from LASPO for insolvency cases
The Bar Council and the Association of British Insurers have added their voices to calls from business organisations for a permanent exemption for insolvency cases from LASPO. In a letter to the justice secretary, they argued that ‘rogue directors’ could walk away with £160m a year if the exemption ended.
IPs hit back at Jackson: ending LASPO exemption would create ‘windfall’ for third-party funders
Abolishing the exemption from LASPO for insolvency cases would create a “windfall” for third party funders, insolvency trade body R3 has argued. R3 was responding to Lord Justice Jackson, who called the exemption an “instrument of oppression”.
High Court upholds claim against liquidator “personally responsible” for paying CFA fees
The High Court has rejected an appeal against a Master’s decision to hold that a liquidator was “personally responsible” to pay his solicitors and barristers’ fees under a conditional fee agreement (CFA).
Government abandons plan to end LASPO insolvency exemption
Justice minister Shailesh Vara has announced that the government has decided to drop its plan to extend Sections 44 and 46 of LASPO to insolvency cases “for the time being”.
Elite and TheJudge launch ‘waterfall’ insolvency claims product as end of exemption nears
After-the-event insurer Elite has collaborated with broker TheJudge to offer a product aimed at helping insolvency practitioners when they do not recover what they expected from litigation.
Business groups lobby PM to make LASPO insolvency exemption permanent
A coalition of six leading business groups has called on Prime Minister David Cameron to make permanent the exemption from the Jackson reforms currently applied to insolvency litigation.
