How Foreign Insolvency Office Holders Can Operate In England

In the modern commercial world, even the smallest businesses engage in cross-border trade. A consequence is that some assets, creditors, and a range of other issues involved in an insolvency procedure in one country often must be dealt with in another jurisdiction because that is where they are located.

When those overseas issues are situated in England, the question is how the insolvency professional appointed as office holder in the original country can take the appropriate action to deal with matters such as realising assets or settling litigation.

The good news is that English law makes provision for the easy recognition of insolvency office holders who have been appointed in foreign jurisdictions – foreign insolvency professionals (FIPs). Because of this, FIPs can take the necessary recovery actions in England as part of a foreign insolvency procedure without the costs and duplication of appointing an additional UK insolvency professional. Once they are