The following Restructuring & Insolvency guidance note Produced in partnership with South Square provides comprehensive and up to date legal information covering:
The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 came into effect on 6 April 2017. This Practice Note sets out the position from 6 April 2017 and does not necessarily reflect the position pre–6 April 2017. For details of applicable changes please also refer to Practice Notes:
The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies [Archived]
The Insolvency (England and Wales) Rules 2016—Part 17: Changes to creditors’ and liquidation committees [Archived]
The IR 2016, SI 2016/1024 seek to homogenise the various rules in relation to liquidation committees in a creditors’ voluntary winding-up and a winding-up by the court (liquidation committees), as well as creditors’ committees in administrations and in administrative receiverships (creditors’ committees) (together committees).
A committee is a useful body for the office-holder to consult with regarding strategy and in particular how funds may be used for specific investigations.
The committee cannot interfere with the office-holder’s statutory duties or make the office-holder do anything that they consider to be inappropriate.
In addition to any functions conferred on committees by any provision of the Insolvency Act 1986 (IA 1986), their function is to assist the office-holder in discharging their functions, and act in relation to the office-holder in such manner as may from time to time be agreed.
For example, the function of a
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