Small Business, Enterprise and Employment Act 2015—position of creditors (decision making, notices, small debts etc) [Archived]
Small Business, Enterprise and Employment Act 2015—position of creditors (decision making, notices, small debts etc) [Archived]

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

  • Small Business, Enterprise and Employment Act 2015—position of creditors (decision making, notices, small debts etc) [Archived]
  • Abolition of requirements to hold meetings and deemed consent procedure
  • Ability for creditors to opt not to receive certain notices
  • Creditors not required to prove small debts
  • Voluntary winding up—progress reports

This Practice Note has been archived and is not maintained.

The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent on 26 March 2015. It contains a number of provisions that are relevant to insolvency professionals.

In this Practice Note, we consider the changes made in relation to:

  1. the abolition of requirements to hold meetings in certain cases (SBEEA 2015, ss 122–123 and Sch 9)

  2. the new deemed consent procedure (SBEEA 2015, ss 122–123 and Sch 9)

  3. the ability for creditors to opt not to receive certain notices (SBEEA 2015, ss 124–125 and Sch 9)

  4. creditors not being required to prove for small debts (SBEEA 2015, ss 131–132), and

  5. progress reports (in relation to voluntary winding up) (SBEEA 2015, s 136)

This Practice Note sets out the commencement provisions and timing in relation to each of the above stated changes.

For details of the other major changes under the SBEEA 2015, see Practice Notes:

  1. Small Business, Enterprise and Employment Act 2015—office-holder actions and removal of requirement to seek sanction [Archived]

  2. Small Business, Enterprise and Employment Act 2015—amendments affecting the Company Directors Disqualification Act 1986

  3. Small Business, Enterprise and Employment Act 2015—changes affecting administrations [Archived]

  4. Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs

  5. Small Business, Enterprise and Employment Act 2015—trustees in bankruptcy [Archived]

Abolition of requirements to