Recent Issues in Personal and Corporate Insolvency
Holly Doyle and Simon Passfield
1. On 25 April 2012, the Office for National Statistics published its Preliminary Estimate for Q1 2012 showing a decrease in GDP of 0.2% and confirming that the UK economy has returned to recession, the first double-dip downturn since the 1970's. The announcement marked another year of wide ranging development in insolvency law and practice.
2. On 23 February 2012, the Chancellor of the High Court issued a new Practice Direction on Insolvency Proceedings, replacing all previous Practice Notes and Practice Directions relating to insolvency proceedings. Of particular note is the enshrining of the practice developed by Registrars in relation to applications for the extension of an administration, which should normally be made not less than one month before the end of administration in the absence of special circumstances (para 10) and of the Practice Statement: The Fixing and Approval of Remuneration of Appointees (para 20), as well as the removal of the specialist rules and procedure applying to insolvency appeals and their replacement with the general provisions of the CPR (para 19).
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