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New insolvency practice direction (access to LexisPSL subscribers only)
A new insolvency practice direction came into force on 29 July 2014. It states that it replaces all previous practice directions, practice statements and practice notes relating to insolvency proceedings with the exception of the Civil Procedure Rules 1998, SI 1998/3132 PD 49B (CPR)—Order under section 127 Insolvency Act 1986 which deals with contributories’ winding up petitions.
Much of the practice direction remains the same but there are a number of amendments which are outlined below. We have also created a comparison document to the previous practice direction which came into force on 23 February 2012.
New insolvency practice direction with tracked changes (access to LexisPSL subscribers only)
The practice direction is set out in six parts:
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