New Consultation from the Insolvency Service - Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up - and Question Time Meeting to Discuss the Proposals
Mr Edward Davey MP, Minister for Consumer Affairs, has just announced the launch of a 12 week consultation about reforming the application process for bankruptcy and company winding up. The consultation document can be accessed here.
As the Insolvency Service note "In the consultation the Insolvency Service sets out proposals that aim to provide the most appropriate and efficient route into bankruptcy and winding up, and to ensure that the Court’s focus is on dispute resolution.
It is proposed that uncontested applications, even where brought by a creditor, would be determined in a more streamlined way by an Adjudicator, making use of a new pre-action process. The proposals recognise the vital role the Court has to play where there is a dispute between the parties, but aims to encourage debtor and creditor to engage at an early stage wherever possible to resolve debt issues."
The proposed change could have a huge impact on the nature and function of the bankruptcy jurisdiction. For that reason a "Question Time" type event (open to all stakeholders) is being organised to discuss the proposals. Chief Registrar Baister has agreed to sit on the panel. The event will take place at KPMG's Salisbury Square offices - date to be confirmed.
The consultation closes on the 31st January 2012.
"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...