Scottish insolvency procedure tweaked: The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019

Scottish insolvency procedure tweaked: The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019

Steven Wood, Practice Support Specialist (Insolvency) at the Institute of Chartered Accountants of Scotland (ICAS), considers the changes to Scottish insolvency procedure brought in by two recent SIs: The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019 and The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2019. 

Two statutory instruments have been laid which make minor corrections to the new Scottish Insolvency Rules and makes miscellaneous amendments to reserved and devolved legislation required as a result of the introduction of the new rules.

The Insolvency (Scotland) (Company Voluntary Arrangement and Administration) Rules 2018, SI 2018/1082 (ISCVAAR 2018) and the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018, SSI 2018/347 (ISRWUR 2018), (referred to jointly as the 2018 Rules), came into force on 6 April 2019.

The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019, SI 2019/1059 (the amendment Rules) have been laid in Parliament and come into force on 23 July 2019. 

Delivery of draft final account to members in an MVL 

Rule 3.11 ISRWUR 2018 relates to the delivery of the draft final account to members in a members’ voluntary liquidation (MVL). It states that the liquidator must give members a minimum of eight weeks’ notice of a specified date on which the liquidator intends to deliver the final account, as required by section 94(2) of the Insolvency Act 1986 (the 1986 Act).

Rule 3.1

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About the author:

Zahra started working as a paralegal at Lexis Nexis in Banking and Insolvency teams in April 2019. Zahra graduated with a 2.1 honours in a BA French and Spanish, completed the GDL at BPP University and is seeking some experience before commencing the LPC. She has undertaken voluntary work for law firms in London, Argentina and Colombia.