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Changes under the The Insolvency (England and Wales) Rules 2016 (IR 2016):
As all R&I lawyers and practitioners will be acutely aware, there is a lot of change afoot for the insolvency world from 6 April courtesy of the IR 2016. At Lexis®PSL Restructuring & Insolvency we will ensure that our customers will have access to new updated guidance explaining the new procedures under the IR 2016 in order to allow for a seamless progression from old rules to new.
Forms and precedents:
Forms and precedents are being significantly affected by the new rules, with the abolition of prescribed forms. For full details of how Lexis®PSL Restructuring & Insolvency are addressing this, see separate article: Insolvency (England and Wales) Rules 2016—first wave of forms published.
We are shortly to release a destination table showing how the old IR 1986, sch 4 forms relates to the new forms being published, including the source of each form (ie Companies House, Insolvency Service, HMCTS and LN forms committee)
We have a new sub-topic in Lexis®PSL Restructuring & Insolvency dealing with the IR 2016: Insolvency (England and Wales) Rules 2016 where we have collated new explanatory materials. These include:
18 new Practice Notes summarising the key changes under the new rules, detailing the impact of the IR 2016 on (i) each insolvency process and (ii) across the different processes. These new Practice Notes were externally written by practitioners with known experience in insolvency cases. They highlight both the changes the new rules will bring, and also where there is no change to practice and procedure (other than a simple rule number change). To view these, see Lexis®PSL Restructuring & Insolvency.
Lexis®PSL Restructuring & Insolvency have published a series of five Practice Notes in partnership with David Menzies of ICAS looking at the practical issues under the Insolvency (England and Wales) Rules 2016.
Lexis®PSL Restructuring & Insolvency, in partnership with Berwin Leighton Paisner have also published creditor facing guidance: The Insolvency (England and Wales) Rules 2016—what does your business need to know?
We have an overall summary Practice Note detailing the main changes which can be found here:
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