07 Z4 Undercar Problem (Heat Shield?)

I have started hearing a scraping sound when going over speed bumps/curbs from the underside of the car. I took a look this morning and seen that there was a large sheet of metal under the car that looked messed up. As I am not the best with cars i have no idea what this could be. After searching the internet it looks like it could be the heat shield?

I have attached some images that I took from under my car can anyone tell me what this piece of metal is and how I would go about repairing it and at what cost?

Thanks in advance :)




Boldonglen
 
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