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Important changes to the provisions governing the conduct of insolvency proceedings came into effect on 6 April 2010. The changes were introduced by the Legislative Reform (Insolvency) (Miscellaneous) Provisions Order 2010 (SI 2010/18) and the Insolvency (Amendment) Rules 2010 (SI 2010/686).
These amendments complete the implementation of the Government’s modernisation proposals for insolvency law, which began with the advertising amendment changes which came into effect in April 2009. The purpose of the amendments was to modernise and streamline insolvency procedures and remove a number of burdensome requirements, with the aim of achieving cost savings that can be passed on to creditors. It is expected that the present version of the Rules as amended will be superseded by a restructured and re-ordered version which will come into effect in October 2012.
... is to provide an overview and background to the changes made in April 2010. It consists of a summary of the provisions.
However please consult the legislation for the detailed provisions as well as the office holder when dealing with case specific issues.
The legislation summaries are provided as a downloadable PDF.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...