Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015

Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015

Whats new?

The Deregulation Act 2015 (DA 2015) made a number of amendments to the Insolvency Act 1986 (IA 1986), the Deeds of Arrangement Act 1914 (DAA 1914), and Company Directors Disqualification Act 1986 (CDDA 1986).

DA 2015, s 17, contains partial authorisation provisions which are meant to increase insolvency sector competition by reducing certain entry barriers. This is done by letting insolvency practitioners specialise in either personal or corporate insolvency, or being fully authorised to act in both.

DA 2015, Sch 6, Pt 6, simplifies the regulatory regime for insolvency practitioners and provides that the Secretary of State as sole competent authority will withdraw from the direct authorisation of insolvency practitioners after a transitional period. It also repeals a provision allowing the Secretary of State to recognise a body whose members may act as a nominee or supervisor of a voluntary arrangement under

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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.