Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs [Archived]
Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs [Archived]

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

  • Small Business, Enterprise and Employment Act 2015—changes to regulation of IPs [Archived]
  • Rationale for the reforms
  • SBEEA 2015 regulatory objectives
  • Application process to become a new RPB
  • Power for the SoS to obtain information
  • Powers and sanctions available to the SoS
  • Power to create a single insolvency regulator

This Practice Note has been archived and is not maintained.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 and introduced a series of amendments and legislative clarifications intended to ensure that the UK continues to be recognised globally as a trusted and fair place to do business and open up opportunities for small businesses to innovate and compete. This has brought in a number of changes to companies and insolvency to ensure a strong regulatory regime for those that administer insolvencies.

In this Practice Note, we consider those provisions that concern the regulation of insolvency practitioners (IPs) (SBEEA 2015, ss 137–143) and introduce a reserve power to establish a single regulator (SBEEA 2015, ss 144–146 and Sch 11) which came into force on 1 October 2015 under the Small Business, Enterprise and Employment Act 2015 (Commencement No 2 and Transitional Provisions) Regulations 2015, SI 2015/1689 (ie when section 17 of the Deregulation Act 2015 (DA 2015) came into force).

For a red-line version of the changes to the IA 1986, click below:

The majority of the provisions of SBEEA 2015 were brought into force by statutory instrument, save for certain provisions (not relevant to this Practice Note), which came into force on 26 May 2015, by virtue of SBEEA 2015, s 164(3)(i)(ii). For details of the other major changes

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