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A new insolvency practice direction came into force on Tuesday 29 July 2014; it was circulated today on Monday 4 August. The practice direction replaces the previous practice direction which came into force on 23 February 2012. It also states that it replaces all previous Practice Directions, Practice Statements and Practice Notes relating to insolvency proceedings with the exception of CPR PD 49B order under section 127 Insolvency Act 1986 which deals with contributories’ winding up petitions.
Much of the practice direction remains the same but there are a number of amendments. Parts 1&2 are outlined below, with 3-6 following later in the week.
The provisions for the contents of a winding up petition have been amended. All the provisions are now required unless 'by reason of the nature of the company or its place of incorporation the information cannot be stated'. If that is the case then there is a requirement to provide as 'much similar information' as possible. The actual contents required are set out in para 11.2 and the amendments are:
Parts 3-6 here.
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Janna is a dispute resolution lawyer. She deals primarily with cross border issues and is active in the work being undertaken in relation to the implications of Brexit for Dispute Resolutions lawyers. Janna also heads up a LexisNexis costs team bringing together expertise from across the company to deal with the costs issues facing the profession.
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