A summary of the key changes in the Insolvency (England and Wales) Rules 2016

A summary of the key changes in the Insolvency (England and Wales) Rules 2016

Produced in partnership with Sarah Clarke of Hardwicke

Note: since the date of drafting this note the Insolvency (England and Wales) (Amendment) Rules 2017, SI 2017/366 were laid before Parliament on 13 March 2017 to come into force on 6 April 2017. This SI makes a number of minor amends to the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 and should be reviewed along with the provisions of IR 2016, SI 2016/1024.

Introduction

The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were published and laid before parliament on 25 October 2016. The rules will come in to force on 6 April 2017. This Practice Note is an attempt to summarise the key features of the rules. For further detail the reader is referred to the following sources:

Full text of the IR 2016

Explanatory memorandum

Derivation table

The structure of the IR 2016 and abolition of statutory forms

The new rules entirely do away with statutory forms for use in insolvency proceedings.

The explanatory notes explain that this is part of a process of ‘future proofing’ the rules by reducing the need for amendments to forms. Instead of statutory forms, the IR 2016, SI 2016/1024, Pt 1 sets out what should be included in various documents and notices. So, for example, IR 2016, SI 2016/1024, r 1.35 sets out the contents of application notices, IR 2016, SI 2016/1024, r 7.5 sets out the prescribed contents of a creditors winding-up petition, IR 2016, SI 2016/1024, r 7.26 sets out the prescribed contents of a contributory’s winding-up petition etc.

The order in which the prescribed information is to appear is defined in IR 2016, SI 2016/1024, r 1.8, and IR 2016, SI 2016/1024, r 1.9 allows variations from prescribed content (except in statutory demands) if the circumstances require or the departure is immaterial.

The transitional provisions acknowledge limited circumstances in

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About the author:
Eleanor qualified in 1998 into the insolvency team at ASB law. She became a partner in 2005, and went on to head up the Recovery & Insolvency team. Whilst traditionally specialising mainly in contentious corporate insolvency matters, in recent years she has moved into the non contentious arena, in particular specialising in company administrations.