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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

28 AUG 2012

Red Tape Challenge - the details

The Insolvency Service red tape challenge can be seen here. Here is the introductory paragrpah to give a flavour of what the initiative means: 


The aim of the insolvency law framework is to provide an efficient and flexible means for dealing with financial failure and for dealing with the misconduct that is often associated with it. An important part of this is ensuring that creditors have confidence that assets will be sold for fair value and as much as possible is returned to them by way of dividend. Individuals who get into debt also need the means to be free from overwhelming debts they cannot pay, and after a period of time to have a fresh start.

The Insolvency Service, an executive agency of the Department for Business, Innovation and Skills has been working with the insolvency industry, and creditor and debt advice representatives to review and modernise the Insolvency Rules, which set out the detail of how insolvency procedures are administered. We want to build on this work and the Red Tape Challenge is a unique opportunity to ask the public and business for their views on insolvency law issues.

We have divided the regulations into three categories to make the regulations more accessible. We welcome all comments about the insolvency law framework, particularly on what stops you doing business effectively and how we can reduce burdens and simplify. We would also like to know whether we could improve guidance to insolvency practitioners, creditors and people who are overwhelmed by their debts.

Insolvency legislation is wholly devolved in Northern Ireland, and partly devolved in Scotland, so not all of the regulations listed apply across the UK.

To accompany this Red Tape Challenge theme, the Insolvency Service has produced an information paper entitled: “Insolvency Law – providing a flexible framework which encourages entrepreneurship”. You can read it here.

Share your thoughts by commenting on the sub-categories below, or send a private contribution to redtapechallenge@cabinet-office.gsi.gov.uk.

Meet our theme sector champion – Philip King, Chief Executive of the Institute of Credit Management here."

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