Insolvency Litigation Exemption
Posted on 22 April 2015
Campaigning by R3 has led to an extension of insolvency litigation from the 2012 Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO). The Act would have prevented recovery of costs in cases brought by insolvency office holders funded by condition fee arrangements (CFA's).
The result of this extension means that for the time being, Insolvency Practitioners can continue funding actions as previously.
Why is this important? Without the ability to use CFA's, Insolvency Practitioners in many instance may not have the funds to pursue an action that would result in a return to creditors.
The Government will consider the way forward later in the year.
It is important to take early advice - whilst all options are still open. The longer matters are left, the less control you will have over the outcome, and the harder it becomes to save a business
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