Reforming Corporate Insolvency Law for the 21st Century: Shaping the Future of Insolvency

Posted on by John Wood

A group of approximately 25 participants, including conference organiser Dr John Wood, alongside session chairs and speakers, pose together for a group photo outside the conference room at Lancaster Castle.

On the 28th March 2025, Dr John Wood hosted a notable conference at Lancaster Castle, with Dr Sofia Ellina, Dr John Tribe, and Prof. Emeritus David Milman acting as chairs. The conference focused on the evolving landscape of insolvency law, with keynote papers provided by Paul Bannister, Head of Policy at the Insolvency Service, Jag Saroe, Head of Special Situations, Chief Executive Division, of the Insolvency Service, Lisa Linklater K.C., King’s Counsel, Exchange Chambers, and the great Karen Gross, who spoke about her landmark book on failure, forgiveness and the community - 25th Anniversary reflections. In this blog we’re thrilled to share some key takeaways and a call to action within our wider community.

First and foremost, we extend our sincere gratitude to the Society of Legal Scholars and to our own Lancaster University, School of Law, for their generous support in funding this timely and significant conference. It's always encouraging to see insolvency law, a field of ever-increasing importance, receive the attention it deserves. We hope this conference marks the beginning of many future collaborations between academia and practice.

The discussions at the conference underscored the enduring relevance of the challenges outlined by the Cork Committee in their landmark 1982 Report. Their observation, particularly in paragraph 198, regarding the fundamental role of credit in wealth creation and the necessity of a robust insolvency framework to manage its consequences, remains as pertinent today as it was decades ago.

In our rapidly evolving economic environment, it is imperative to ensure that insolvency laws remain "fit for purpose". We must continuously assess how effectively the law adapts to societal shifts, meets the needs of businesses and stakeholders, and how the law navigates the unpredictable financial pressures that are become regular. The pace of change has accelerated dramatically, demanding a proactive and responsive approach to legal reform.

This conference was designed to address these critical issues through two primary objectives:

  • Bridging the Gap Between Theory and Practice: We sought to explore reforms with practical significance, emphasising the importance of linking academic insights with real-world applications to inform effective policy development.
  • Building a Collaborative Research Community: We aimed to foster a network of academics and practitioners dedicated to contributing meaningfully to legal scholarship in insolvency.

Future Action:

We invite all members of the legal community, including academics, practitioners, and students with an interest in corporate insolvency, to join us in this endeavour to:

  • Conduct rigorous research that addresses the evolving challenges in insolvency law.
  • Develop practical policy recommendations that reflect the realities of the modern economy.
  • Foster a vibrant and engaged community of scholars and practitioners dedicated to advancing the field.

By working together, we can ensure that our insolvency laws remain relevant, effective, and responsive to the evolving needs of our society. We look forward to continuing this important dialogue and contributing to meaningful change.

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