Government Announcement: LASPO Act 2012 and Insolvency Proceedings

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26 February 2015

Government Announcement: LASPO Act 2012 and Insolvency Proceedings

Lord Faulks QC, Minister of State for Justice, has today announced that the temporary exemption allowing no win no fee agreements for insolvency proceedings will remain in place to provide insolvency professionals with more time to adapt to changes to civil litigation funding. 

The exemption from the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act 2012, will no longer end in April 2015 as was originally proposed.

Accordingly, no win no fee agreements in insolvency proceedings will continue for the time being to operate on a pre-LASPO Act basis with any additional legal costs – success fees and after the event insurance premiums – remaining recoverable from the losing party. 

The Ministry of Justice will set out further details later in the year.

www.gov.uk/insolvency-service

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