The following Restructuring & Insolvency guidance note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
On 6 April 2017, the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 replaced the Insolvency Rules 1986 (IR 1986), SI 1986/1925. The new rules contained in IR 2016, SI 2016/1024, Part 17 in relation to creditors’ committees in bankruptcy replace IR 1986, SI 1986/1925, rr 6.150–6.166. For further information on the changes, please refer to Practice Note: The Insolvency (England and Wales) Rules 2016—Part 17: Changes to creditors’ and liquidation committees [Archived].
The main functions of a creditors’ committee in a bankruptcy are:
to fix the trustee in bankruptcy’s (trustee) remuneration and
to inspect financial and other records relating to the administration of the bankruptcy estate submitted to the committee by the trustee
If the committee is not satisfied with the contents and results of the information, it may inform the Secretary of State.
In addition to any functions conferred on a committee by any provision in IA 1986, the committee is also to assist the office-holder in discharging the office-holder’s functions and act in relation to the office holder in such manner as may from time to time be agreed.
A trustee will typically seek a decision from creditors early in the administration of the bankruptcy estate through one of
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