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At the Institute of Chartered Accountants in England and Wales’ Insolvency and Restructuring Group’s roadshow on 22 September 2016, the Insolvency Service said that it was aiming to lay the new insolvency rules before Parliament week commencing 10 October 2016, with a commencement date of 6 April 2017, subject to Ministerial approval.
The Insolvency Service has set about to completely overhaul the Insolvency Rules 1986, SI 1986/1925 (IR 1986) by drafting new insolvency rules to replace the IR 1986 and all statutory instruments which have subsequently amended the IR 1986. Since coming into force, the IR 1986 has been amended no less than 28 times, most recently by the Insolvency (Amendment)(No 2) Rules 2016, SI 2016/903. 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, although some changes have been brought about by the Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015.
The latest draft of the new insolvency rules was published in July 2015, having been extensively redrafted since the version circulated in 2014. That version was sent to the Insolvency Rules Committee for review, and it is therefore expected that there will be further changes to the draft rules before they are published in their final form.
If you are a LexisPSL subscriber, click the links below for further information:
The Insolvency Rules 2016
Annotated Guide to the New Insolvency Rules
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First published on LexisPSL Restructuring and Insolvency
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