The following Restructuring & Insolvency guidance note Produced in partnership with David Menzies of ICAS provides comprehensive and up to date legal information covering:
This Practice Note has been archived and is not maintained.
Physical meetings will no longer be held unless creditors request them
Deemed consent may be used unless legislation or the court specifically requires otherwise
There are significant changes to the content of notices
One of the most significant changes being brought in by the Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) relates to how decisions to be made as part of the insolvency process involving members or creditors, can be made. The detailed provisions are contained in IR 2016, SI 2016/1024, Part 15.
One of the more controversial changes which have been brought in following the Government’s Red Tape Challenge exercise is the removal of physical meetings as the primary way of engaging with creditors.
The fear among many commentators in the profession is that the removal of physical meetings will result in creditors being even further disengaged from the process and result in information which was often useful in pursuing delinquent directors or recovering assets being ‘lost’ to the office holder.
Despite their concerns, the reality is that physical meetings will no longer be the default and the profession now needs to work with this in the best way possible.
The Small Business Enterprise and Employment Act 2015 (SBEEA 2015) introduced sections
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