The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
Bankruptcy in England and Wales is a process by which the court or the bankruptcy adjudicator adjudicates an individual bankrupt by making a bankruptcy order. While a company may go into voluntary liquidation without any involvement from the court, only the court or the bankruptcy adjudicator can make an individual bankrupt.
The bankruptcy procedure available to a debtor’s creditors has its own prescribed process, which includes (in some cases) its own pre-action procedure (the statutory demand), and is conducted under the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016). The Practice Direction on Insolvency Proceedings (PDIP) also applies.
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I
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