The new rules replace the Insolvency Rules 1986 and their 28 subsequent amendments. They have been developed working with the insolvency profession and have been approved by the Insolvency Rules Committee. The rules have been recast to reflect modern business practice and to make the insolvency process more efficient. Changes include:
The rules will apply in England and Wales. A parallel project to modernise the Scottish insolvency rules is currently underway with the Scottish Government. We are continuing to work on consequential amendments to other related legislation, including the Insolvent Partnerships Order.