Timing announcement for the Insolvency Rules 2016

At the event on 26 July 2016, Insolvency Live!, the Insolvency Service advised that there will be a six-month lead in to the anticipated commencement of the new Insolvency Rules 2016 in April 2017, subject to Ministerial approval.

Insolvency Rules 2016

At the event on 26 July 2016, Insolvency Live!, the Insolvency Service advised that there will be a six-month lead in to the anticipated commencement of the new Insolvency Rules 2016 in April 2017, subject to Ministerial approval.

Background

The Insolvency Service has set about to completely overhaul the Insolvency Rules 1986 (IR 1986) and draft new Insolvency Rules, to replace all previous Insolvency Rules and updates. Since coming into force, IR 1986 has been amended no less than 23 times. No similar review has been undertaken of the Insolvency Act 1986, which will inevitably somewhat hamper the ability to fully streamline all processes and amend the systems.

Current draft of the new rules

The latest draft of the Insolvency Rules was published in July 2015, having been extensively redrafted since the version circulated in 2014. It is expected that there will be further changes to the draft before they are published in their final form.

For further information, see Practice Note: The Insolvency Rules 2016 (subscribers to LexisPSL Restructuring and Insolvency only).

Subscribers to Lexis®PSL Restructuring and Insolvency can also access our Annotated Guide to the new Insolvency Rules written by Dr John Tribe and Susan Morgan. The Annotated Guide to the New Insolvency Rules compares, on a rule-by-rule basis, IR 1986 and the new draft Insolvency Rules as they were published in July 2015. The Annotated Guide to the New Insolvency Rules will be updated once the new insolvency rules are passed.

 

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