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A new insolvency practice direction came into force on Tuesday 29 July 2014; it was circulated 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 3-6 are outlined below (find parts 1 & 2 here)
This is a completely new section and provides the following:
In any case in which the court is asked to make an order to which regulation 22(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (SI 1999/2979) applies, the party applying for the order must include in the petition or application a statement to that effect, identifying the system operator of the relevant designated system, the relevant designating authority, and the email or other addresses to which the court will be required to send notice pursuant to regulation 22(1) if an order is made.
At the date of this Practice Direction, the Regulations apply where, in respect of ‘a participant in a designated system’ (as those terms are defined in the Regulations), order is made for administration, winding-up, bankruptcy, sequestration, bank insolvency, bank administration, building society insolvency, building society special administration or investment bank special administration. Applicants must before making the application check for any amendments to the Regulations.'
Now commences at para 20.
Minor amendments to reflect the new County Court.
'20.9.3 In relation to all other appeals, CPR Part 52 and Practice Directions 52A, 52B and 52C and its Forms shall, as appropriate, apply to appeals in insolvency proceedings, save as provided in paragraph 19.9.4 below.
20.9.4 Paragraphs 4.3 to 4.5 of Practice Direction 52A and Section 2 and Tables A and B of Practice Direction 52B shall not apply.
20.10 For the avoidance of any doubt, references in this Part to the County Court include, in respect of decisions made before 22 April 2014, a county court.'
This was previously part five. The only other change is that it commences at para 21, rather than the previous para 20, so leading to the change in paragraph numbers throughout the Part.
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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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