After an extended period of consultation and drafting the Insolvency (England and Wales) Rules 2016, were published and laid before Parliament on 25 October 2016.
The new rules will come into effect on 6 April 2017 and will represent the most significant change to the procedures relating to almost all types of insolvency process since 1986.
The underlying primary legislation (the Insolvency Act 1986) will for the most part remain unchanged and whilst the new rules are intended to streamline, simplify and consolidate the existing processes, it is nonetheless likely that at first they will present significant technical challenges for the insolvency profession as it tests the new procedures and terminology.
Running to a total of 446 pages, at present only a pdf of the new rules is available on the legislation.gov.uk website, a copy of which can be obtained from:
http://www.legislation.gov.uk/uksi/2016/1024/pdfs/uksi_20161024_en.pdf
In the coming months Teacher Stern LLP will publish a number of technical updates to assist our clients in preparing for the significant changes that the insolvency profession will be met with in the 6 month period leading to the new rules taking effect.
For further information about this or any other insolvency related issues, contact Lee Donoghue, Navinder Grover or Rod Cowper of the insolvency team at Teacher Stern LLP.
