The following Restructuring & Insolvency guidance note Produced in partnership with Eileen Maclean of Insolvency Support Services provides comprehensive and up to date legal information covering:
The Insolvency (Scotland) (Company Voluntary Arrangement and Administration) Rules 2018 (ISCVAAR 2018), SI 2018/1082 were laid before the UK Parliament on 15 October 2018 and are in force from 6 April 2019.
The Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (ISRWR 2018), SSI 2018/347 were laid before the Scottish Parliament on 14 November 2018 and are in force from 6 April 2019.
The reason for two sets of rules reflects the devolved settlement and respective responsibilities of the Scottish and UK parliaments for corporate insolvency processes. Accordingly, certain parts of each set of rules are mirrored and reference to the both sets of rules is given where parts and rules are in common.
The ISCVAAR 2018, SI 2018/1082 and the ISRWR 2018, SSI 2018/347 are intended to modernise and consolidate the Insolvency (Scotland) Rules 1986 (ISR 1986), SI 1986/1915 and the various amending statutory instruments made since ISR 1986, SI 1986/1915 came into force, as well as the Receivers (Scotland) Regulations 1986 (RSR 1986), SI 1986/1917. Subject to certain transitional provisions, the ISCVAAR 2018, SI 2018/1082 and the ISRWR 2018, SSI 2018/347 completely replace the ISR 1986, SI 1986/1915 and the RSR 1986, SI 1986/1917 for all existing and new Scottish corporate insolvency cases from 6 April 2019.
For further reading on the ISCVAAR 2018, SI 2018/1082 and ISRWR 2018, SSI 2018/347 generally, see News Analyses:
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