Temporary Exemption to LASPO for Insolvency Proceedings Extended
Yesterday (26 February 2015), Lord Faulks QC, Minister of State of Justice announced that the temporary exemption to the Legal Aid Sentencing and Punishment Offences Act 2012 ("LASPO") for insolvency proceedings is to be extended past April 2015.
The aim is to allow insolvency professionals further time to adapt to the recent changes in civil litigation funding and as a result, success fees under 'no win, no fee agreements' and after the event insurance premiums will continue to be recoverable from the losing party in insolvency proceedings.
The exemption will continue to apply until further guidance is given by the Ministry of Justice which, is expected later in the year.
For more information regarding the exemption to LASPO for insolvency proceedings, please see our previous update
This article is for general guidance only. It provides useful information in a concise form. Action should not be taken without obtaining specific legal advice.