The following Restructuring & Insolvency guidance note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
The Insolvency (England and Wales) Rules 2016 (IR 2016) provide a revised scheme for decision-making in all insolvency procedures. The detailed provisions for decision-making are set out in Part 15 of IR 2016. For details on the changes brought about by this Part, please see Practice Note The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies and The Insolvency (England and Wales) Rules 2016—communications [Archived].
The most significant change to the decision-making process and that which will have most impact on insolvency practitioners is that physical meetings are no longer the primary method of engaging with creditors. A deemed consent procedure has been introduced, and qualifying decision procedures are to be used as alternatives to a physical meeting in the first instance. For further information, see Practice Note: The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016.
Decisions from creditors in formal insolvency are required for a variety of reasons, including the appointment of an office-holder, ie trustee in bankruptcy (trustee) or liquidator, statutory requirements, ie annual meetings following a liquidator’s appointment, and final meetings.
Prior to IR 2016 statutory and final meetings were generally paper-based meetings, without physical attendance by creditors. However, if a creditor had an issue with the conduct of the office-holder
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