Insolvency law updates in 2026 and what they mean for IPs

January 26, 2026

Insolvency law updates in 2026 and what they mean for IPs

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By Mark Rostron

Read time: 3 minutes

2026 marks 40 years since the Insolvency Act 1986 received royal assent. Since then, the world of insolvency has continued to evolve through various cases and Acts of Parliament, such as the Corporate Insolvency and Governance Act 2020, to become what it is today.

In this article, our specialist insolvency team shares:

• An update on Re Waldorf Production UK plc [2025] EWHC 2181 (Ch)’s (Waldorf) appeal to the Supreme Court
• Key changes to the Practice Statement on Schemes of Arrangement and Restructuring Plans
• Insights into the recently introduced Companies House identity verification regime (IDV) and how it is going to affect Insolvency Practitioners (IPs).

Waldorf Production UK Plc withdrawing appeal

Whilst the Supreme Court granted permission for the applicant company in Waldorf to appeal the High Court’s decision not to sanction their restructuring plan under Part 26A of the Companies Act 2006, which held that the company had not shown that the proposed restructuring plan was fair as it had not considered the views of dissenting out of the money creditors, the applicant company announced in December 2025 that they would be withdrawing their appeal.

Under section 901G of the Companies Act 2006, the Court may exercise its discretion to sanction a plan which has not been agreed by at least 75% of a class of creditor or members of a company if certain conditions are met. It was therefore expected that Waldorf would shine further light on what the Court’s approach should be when assessing the fairness of a restructuring plan where there are dissenting out of the money creditors and the plan has consequently not been approved by the requisite majority. However, as the appeal is being withdrawn, the leading cases on this issue will continue to be Re AGPS Bondco plc [2024] EWCA Civ 24, Kington SARL v. Thames Water Utilities Holdings Ltd [2025] EWCA Civ 475 and Petrofac and another [2025] EWCA Civ 1106.

New Practice Statement – key changes

A new Practice Statement applies to all cases in respect of Schemes of Arrangement and Restructuring Plans under the Companies Act 2006 listed on or after 1 January 2026. The key relevant changes include:

• A requirement for applicants to now file a listing note when issuing the claim form
• Guidance on the relevant matters an applicant should identify in its evidence
• A condition that if an applicant wishes to make material changes to its explanatory statement, it must first seek approval from the Court

The listing note is primarily intended to be an internal Court document to assist with managing its resources and list cases efficiently. The listing note should briefly set out a time estimate for both the convening and sanction hearings, an indicative timetable for the proceedings overall and any relevant matters likely to impact this and the factors of any perceived urgency.

Companies House verification regime for IPs

As of 18 November 2025, all existing and newly appointed directors, registrable persons with significant control and LLP members must verify their identity at Companies House under the IDV. From Spring 2026, an authorised filer requirement is expected to be implemented under the IDV and this will apply to IPs who submit corporate filings to Companies House. It is therefore crucial IPs are aware, and seek relevant guidance if required, in order to comply with their statutory obligations and avoid any financial penalties or criminal proceedings for non-compliance.

If you have any questions or concerns regarding this article, or need any help or advice on an insolvency related matter, please contact one of our insolvency specialists on 02920 829 100 for a free initial chat or via our Contact Us form.