Restructuring and Insolvency annual round-up: reviewing 2017 and previewing 2018 [Archived]
Restructuring and Insolvency annual round-up: reviewing 2017 and previewing 2018 [Archived]

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Restructuring and Insolvency annual round-up: reviewing 2017 and previewing 2018 [Archived]
  • Reviewing 2017
  • The Insolvency (England and Wales) Rules 2016
  • Recast Regulation on Insolvency
  • Special administrations for financial institutions
  • Other developments of interest
  • Previewing 2018
  • Practice Direction on Insolvency Proceedings
  • New Scottish insolvency rules
  • Impact of Brexit on cross-border restructuring and insolvency
  • more

This year’s annual round-up reviews some of the most significant developments of 2017 and previews what is on the horizon for 2018. This includes the coming into force of The Insolvency (England and Wales) Rules 2016 and the Recast Regulation on Insolvency, looking forward to the replacement Practice Direction on Insolvency Proceedings, and the General Data Protection Regulation and its impact on the insolvency profession. Also included are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months.

Reviewing 2017

The Insolvency (England and Wales) Rules 2016

What happened?

On 6 April 2017 the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) came into force, representing the single largest change in insolvency law in 30 years by repealing the Insolvency Rules 1986, SI 1986/1925 (IR 1986).

What are the key implications?

The IR 2016, SI 2016/1024 brought in various changes to procedure across various insolvency processes. More than a simple re-numbering exercise, the IR 2016, SI 2016/1024 gave effect to a number of new policy and process changes, including:

  1. removing creditors' meetings as the default of all decision-making (subject to some exceptions) and the creation of new decision-making processes

  2. giving creditors the chance to opt-out of receiving communications from an insolvency practitioner in relation