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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.
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).
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