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The Enterprise and Regulatory Reform Act 2013 (ERRA 2013) received Royal Assent on 25 April 2013 and ERRA 2013, s 71 introduced a new bankruptcy applications regime to replace debtors' bankruptcy petitions. On 22 February 2016, three statutory instruments were published providing for the coming into force of the new regime on 6 April 2016.
The new bankruptcy applications regime is borne out of government consultations published since 2007 that, broadly, invited views on debtor bankruptcy petitions being dealt with administratively rather than by the court, and how such administrative process should operate.
ERRA 2013, s 71 inserts a new section 398A and (under ERRA 2013, Sch 18) sections 263H–263O into the Insolvency Act 1986 (IA 1986). ERRA 2013, Sch 19 also contains minor and consequential amendments.
The main changes are:
According to the Insolvency Service's latest insolvency statistics, there were 4,374 creditors' bankruptcy petitions and 11,423 debtors' bankruptcy petitions presented in 2015. On the face of it, therefore, the introduction of the new bankruptcy applications regime will remove a significant amount of the court's workload.
On 22 February 2016, a number of statutory instruments were published in relation to the new bankruptcy applications regime:
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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.
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