Modernised insolvency rules from 2017
New insolvency rules designed to reflect modern business practice and increase efficiency will come into force on 6 April 2017.
The Insolvency (England and Wales) Rules 2016 have been laid in Parliament and will replace the Insolvency Rules 1986 and their 28 subsequent amendments, the Insolvency Service has confirmed.
Changes introduced by the new rules will include:
- Enabling electronic communications with creditors.
- Removing the automatic requirement to hold physical creditors’ meetings. However, creditors will still be able to request meetings.
- Enabling creditors to opt out of further correspondence and for small dividends to be paid by the office holder without requiring a formal claim from creditors.
Expert legal advice on insolvency matters
Gaby Hardwicke has strong working links with leading local insolvency practitioners (IPs). We can provide expert advice on the various processes, how to initiate and implement them and the legal issues that arise and have to be dealt with.
Posted: 26 October 2016
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