The following Restructuring & Insolvency guidance note Produced in partnership with James Davies of New Square Chambers provides comprehensive and up to date legal information covering:
This Practice Note has been archived and is not maintained.
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) were laid before Parliament on 25 October 2016 and are in force from 6 April 2017. They are intended to consolidate the Insolvency Rules 1986, SI 1986/1925 (IR 1986) and all statutory instruments amending the IR 1986, SI 1986/1925 (which are all repealed), modernise and simplify the language used, and incorporate changes made in the law. For materials on MVLs under the law prior to 6 April 2017, see: Members' voluntary liquidation (MVL)—overview.
The IR 2016, SI 2016/1024 are accompanied by an Explanatory Memorandum (prepared by the Department for Business, Energy & Industrial Strategy in conjunction with the Insolvency Service) which, although not forming part of the IR 2016, SI 2016/1024 (and not approved by Parliament), may assist in understanding the IR 2016, SI 2016/1024.
Being the single largest change to insolvency law in a generation, we have produced a series of Practice Notes describing most of the individual Parts of the IR 2016, SI 2016/1024 summarising what changes there are, and also where there are no changes other than new rule numbers.
This Practice Note is concerned with IR 2016, SI 2016/1024, Part 5 in relation to members' voluntary winding-up (ie MVLs), and which largely replaces IR 1986, SI 1986/1925, Part 4.
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