Introduction
The English High Court has handed down two important decisions for insolvency practitioners looking to contractually limit their liability – as well as for shareholders looking to pursue a claim against an office-holder. The cases concern members’ voluntary liquidations (MVLs), which are a form of solvent liquidation but where the liquidation can be converted to an insolvent one, where the insolvency practitioners had attempted contractually to limit – or exclude – their liability in their pre-appointment engagement letters. Both judges were clear that the liquidators could not contractually limit their personal liability, albeit their reasoning was somewhat novel and did not apply to the liquidators’ firms….