The Deregulation Act 2015 for insolvency professionals

The Deregulation Act 2015 for insolvency professionals

The Deregulation Act 2015 (DA 2015) received Royal Assent on 26 March 2015. DA 2015 applies to a huge range of regulations in the UK—its purpose being to try to reduce the administrative burden on businesses, organisations and individuals by repealing a raft of legislation which is no longer of practical use.

In terms of insolvency and restructuring, DA 2015 only touches upon a small portion of the insolvency legislation. Some of the Act comes into effect in May 2015, the rest is to be brought into effect by way of separate statutory instruments.

We set out below in brief where DA 2015 affects insolvency legislation specifically.

The applicable insolvency sections

There are two sections and one schedule that apply to insolvency in DA 2015:

  • s 17—authorisation of insolvency practitioners
  • s 19—insolvency and company law: miscellaneous
  • Schedule 6 —insolvency and company law

In summary the main changes relating to insolvency are:

  • the ability for insolvency practitioners (IPs) to gain only partial authorisation, either over a company or an individual rather than both as t

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About the author:

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.