Legislation Update – Increased information-gathering powers for Insolvency Practitioners

In December 2024, our insolvency expert, Daniel Lewis, published a helpful overview of ways in which the Insolvency Act 1986 can be utilised from an information-gathering perspective (Information-gathering powers under the Insolvency Act 1986). Further to this, there has been recent further legislation which widen Insolvency Practitioners’ abilities to obtain information about corporate entities and their directors.
Information Sharing (Disclosure by the Registrar) Regulations 2024 (the “Regulations”)
The Information Sharing (Disclosure by the Registrar) Regulations 2024 (the “Regulations”) recently came into force on 20 December 2024. The core impact of the Regulations is that the Registrar (being the entity responsible for Companies House) is now able to provide information it holds where it is satisfied such information is required for certain claims to be brought by an Insolvency Practitioner. Such claims include, but are not limited to, wrongful trading, preferences and transactions at an undervalue.
The Regulations are not a legislative development which has been implemented in isolation. The role of the Registrar has also been reformed through the Economic Crime and Corporate Transparency Act 2023 (Economic Crime and Corporate Transparency Act 2023)(“ECCTA 2023”). Most notably, under ECCTA 2023, the Registrar may now require those making Companies House filings to provide additional supporting information, rather than merely accepting information where it has been properly delivered. Furthermore, filings may be rejected if the information conflicts with existing held information.
Broadly, the impact of ECCTA 2023 in the context of the Regulations is that those seeking information from the Registrar may now find themselves being able to obtain an increased level of information, which may assist progressing claims for creditors.
How can Ellis Jones help?
Our insolvency specialists at Ellis Jones are experienced in handing a range of contentious insolvency matters, including investigating and progressing claims for office holders. Often, such claims start with obtaining information from all available sources to develop the most robust case possible. If you would like to discuss any of the points raised in this article, please do not hesitate to contact Tim McMahon (Tim.McMahon@ellisjones.co.uk) or Daniel Lewis (Daniel.Lewis@ellisjones.co.uk) or call 01202 525333.
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