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The current exemption for insolvency proceedings will come to an end in April 2015. The confirmation for this arose out of a written question put to the Secretary of State for Justice.
The confirmation that the insolvency exemption will come to an end in April 2015 came out of a written question to the Secretary of State for Justice:
The response from Shailesh Vara, the parliamentary Under-Secretary of State for Justice responded as follows:
The application of the Jackson reforms was delayed in relation to insolvency proceedings due to the Government requiring additional time to see how the reforms would impact, in particular in relation to the substantial revenue to the tax payer from such claims.
The delay is set out in CPR PD 48, para 3.1 but no date for the exemption coming to an end is provided. There has been lobbying for the exemption to be made permanent. It is now clear that that will not happen.
For further analysis of the likely effect removal of this exemption, see our news analysis from 12 September 2014 on the report commissioned by industry body R3: R3 report on the impact of the Jackson Reforms on insolvency litigation from April 2015
If you are a LexisPSL Subscriber, click the links below for further information on the Jackson reforms:
Jackson final costs report (Subscriber access only)
Ways in which an IP can fund litigation/investigations where there are no assets in the estate (Subscriber access only)
Not a subscriber? Find out more about how LexisPSL can help you and click here for a free trial of LexisPSL Restructuring and Insolvency.
First published on LexisPSL Restructuring and Insolvency
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