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The Insolvency Service (IS) have today published the final version of the new Revised Draft Insolvency (Amendment) Rules 2010. These were published together with Rules Modernisation Project Update for January 2010. The IS note:
"The draft Insolvency (Amendment) Rules 2010 have now been signed off by The Insolvency Rules Committee and the version of the Amendment Rules published with this update today is considered to be settled ahead of the Validation Process which will precede the making and laying of this statutory instrument. The Insolvency (Amendment) Rules 2010 are expected to come into force with effect from April 2010.
The Legislative Reform (Insolvency) (Miscellaneous Provisions) Order 2010 which has accompanied the Amendment Rules, and is required to make changes to the Insolvency Act to permit the Rules modernisation initiatives, was approved by motion in the House of Commons on 5 January 2010 and made on 6 January 2010. The Order will next be processed for registration and publication and the changes therein will come into force on 6 April 2010.
The Insolvency Service intends to publish by the end of January 2010 a further draft of the full Insolvency Rules 1986, showing, as tracked changes, the amendments to be made as a result of the Insolvency (Amendment) Rules 2010. At that time we also propose to publish a version of the draft Insolvency (Amendment) Rules 2010 which will show, as tracked changes, the amendments made to this draft statutory instrument since it was first published on The Insolvency Service website in November 2009. These publications are designed to further assist users of the legislation in their preparations for the next phase of the Rules modernisation in April 2010.
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"
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...