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Modernisation of insolvency rules

In 2009 and 2010 we put into force a series of amendments to modernise the Insolvency Rules 1986:-

1. In April 2009 amendments were made to the Rules (and also to sections 95 and 98 of the Insolvency Act 1986) to deliver a more flexible and better targeted regime for the advertising and/or publicity of insolvency events; and

2. In April 2010 a wide range of amendments were made to the Rules (complemented by various changes to the Insolvency Act 1986) aimed at modernising insolvency processes. Amongst many other things, these measures have opened up the possibility of electronic communication and use of websites as a means of communication within those processes.

In April 2011 we announced that Ministerial approval had been given to continue work on the final phase of the modernisation which is to produce a new set of Insolvency Rules to restructure and entirely replace the 1986 Rules, which have been amended more than 20 times since they came into force.

We are now working to produce a full consultation draft of the new Rules for the purpose of inviting feedback on the structure, content and detailed drafting. It is anticipated that the draft for consultation will be published during the first half of 2012 and comments from stakeholders will be very welcome at that stage in order to assist in developing and finalising the new Rules. The new Rules will not come into force before October 2013.

The link below under the heading “New Insolvency Rules for 2013” relates to this current work. The links further down the page relate to the earlier 2009 and 2010 amendments.
Any enquiries regarding the above should be directed towards Jane Tranter, Policy Unit, Zone B, Third Floor, 21 Bloomsbury Street, London WC1B 3QW; e-mail jane.tranter@insolvency.gsi.gov.uk