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The new Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) come into force on 6 April 2017. We look at the impact on forms and discuss our plans for new forms and the appointment of the LexisNexis forms committee.
The IR 2016 remove the Insolvency Service’s obligation to prepare prescribed forms when they come into force on 6 April 2017. Despite Companies House and the Insolvency Service announcing that they will be producing certain forms, significant uncertainty remains as to what the format of many of the forms and applications under the IR 2016 should look like. This uncertainty has caused alarm to many practitioners. LexisNexis has therefore established a committee of the following leading insolvency professionals to establish standard form documents which are expected to be widely adopted across the market:
The forms are being drafted by leading practitioners, including barristers from No5 Chambers and 5 Stone Buildings and lawyers from Darlingtons LLP. Forms adopted by the committee (as well as the forms produced by Companies House and the Insolvency Service) will be available in Lexis®PSL and Lexis®Smart Forms in our ever-popular editable PDF format. Lexis®Smart Forms provide instant access to all the forms you need across all practice areas in editable PDF format. The PDF format works in Adobe Reader (which is free) and offers many benefits, including that they can be quickly and easily completed, edited and shared.
All new forms will be released in good time before the IR 2016 come into force. More specifically:
To find out more about our full range of editable PDF forms visit www.lexisnexis.co.uk/smartforms or call 0330 161 1234.
If you are a Lexis®PSL Subscriber, click the link below for further information:.
The Insolvency (England and Wales) Rules 2016—overview
The Insolvency (England and Wales) Rules 2016—Part 8: Individual voluntary arrangements
Not a subscriber? Find out more about how Lexis®PSL can help you and click here for a free trial of Lexis®PSL Restructuring and Insolvency.
First published on Lexis®PSL Restructuring and Insolvency
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Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234