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Getting to grips with the new Insolvency Rules

Steve Allinson discusses the overhaul of insolvency legislation intended to consolidate the existing rules and modernise procedures

28 March 2017

6 April 2017 is a watershed date for all those involved in the insolvency and restructuring industry. On that date we have the commencement of a whole new set of insolvency rules. Given that each year over 14,000 companies in England and Wales go through an insolvency procedure, and each of those will usually have a long list of creditors potentially facing bad debts, the impact is not insignificant, and that is not taking into account the total number of personal insolvencies – over 91,000 in 2016.

The Insolvency (England and Wales) Rules 2016 (the Rules) are a major overhaul of insolvency legislation aimed at modernising and updating procedures which have been in force for some 30 years via the Insolvency Rules 1986. Since that date we have seen 28 sets of Insolvency Amendment Rules, and at a stroke these are all being repealed and a new regime placed before us. This will enable the insolvency office hold...

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