New Insolvency Rules now in place
20 April 2017
The Insolvency (England and Wales) Rules 2016 came into force on 6 April 2017 for all existing and future proceedings and represent a major and long awaited overhaul of a key section of our insolvency legislation.
The new Rules have several purposes:
- To consolidate the many legislative changes since the original 1986 Rules came into force;
- To update the legislative language and restructure the layout of provisions; and
- To give effect to some major policy changes on the conduct of insolvency processes.
In particular, the new Rules fundamentally change the way in which insolvency office holders and other stakeholders interact and reach decisions.
Our insolvency team is able to provide immediate guidance on these wide ranging changes and how they might affect you.