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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

27 AUG 2010

Draft Insolvency Rules Reform - latest update released

The Insolvency Service are seeking views on the draft Insolvency Rules. They have just published their latest update on the rules reform project. The new rules are due to take effect in 2012. Any responses to the consultation are due by January 31, 2011. The update notes:

"Rules Modernisation project update – August 2010

New Insolvency Rules for 2012

Insolvency Service Policy Unit has delivered the first two phases of the project to modernise the Insolvency Rules, thanks in no small part to the valuable contributions and feedback received from a wide range of insolvency stakeholders and from the Insolvency Rules Committee.

We are now preparing a new set of Insolvency Rules for implementation in 2012 and from August 2010 we will commence the roll out, on The Insolvency Service website, of individual draft Parts of those new Rules in a form that also demonstrates the overall proposed structure for the new Insolvency Rules. The intention is to provide users with an early opportunity to review and comment on individual draft Parts as these are prepared. It is hoped that this piecemeal provision of draft Parts will afford users the opportunity to consider and provide feedback on the content. The overall structure proposed for the new Rules may be subject to change as drafting proceeds but we would welcome observations on this too.

The substantive changes in content to modernise the Rules have already been delivered in April 2009 (new insolvency advertising regime & DRO Rules) and in April 2010 (wider range of modernisation changes, including e-delivery provisions etc). The final phase of Rules modernisation will deliver a new set of Insolvency Rules which will restructure the existing Insolvency Rules 1986 (as amended more than 20 times) and drive consistency across all insolvency procedures. We are planning to make only a very limited number of further changes to the substance of the provisions within the new Insolvency Rules, principally in response to feedback that we receive from our engagement with insolvency users.

On 23rd July 2010, twenty six external stakeholders from a cross section of interested insolvency users attended an Insolvency Rules Focus Group meeting at the offices of The Insolvency Service. The meeting generated an enthusiastic response from users and a lively debate on the look and feel of the new Rules template. Our thanks go to those who attended and have provided us with preliminary feedback upon the proposals for the new Rules.

Insolvency Service Policy Unit will continue to engage closely with stakeholders as the project moves forward and we look forward to receiving further feedback from insolvency users. Our timetable towards implementation in 2012 is challenging and would require all user comment on the draft Parts to be received by January 2011.

Any enquiries regarding the above should be directed towards Neil Ogilvie, Policy Unit, Zone B, Third Floor, 21 Bloomsbury Street, London WC1B 3QW; e-mail Neil.Ogilvie@insolvency.gsi.gov.uk

Any enquiries regarding the Scottish Rules should be directed towards Steven Chown, Policy Unit, Zone B, Third Floor, 21 Bloomsbury Street, London WC1B 3QW; e-mail Steven.Chown@insolvency.gsi.gov.uk"

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