The New Insolvency Rules 2017

• October 2019
• Solvent Restructuring , Corporate Recovery & Restructuring , Insolvency

The new Insolency Rules will come into force on 6th April 2017.

The major changes are:-

• They adopt and extend use of e-mail communication and website document portals.
• Abolition of requirements to hold meetings (but not in all circumstances).
• Ability for creditors to opt not to receive certain notices.
• Debtors with claims of less than £1,000 do not need to file a proof.
• Deemed consent of IP’s decision unless 10% in value or number, or 10 creditors object.
• Corporate; filed Statement of Affairs need not contain details of creditors who are employees, ex-employees or consumer customers.
• Bankruptcy; enables the appointment of an IP as an interim receiver after the presentation of a creditor’s bankruptcy petition.
• Bankruptcy; repeals the automatic requirement for a bankrupt to produce a Statement of Affairs following a creditor’s bankruptcy petition.
• Abolition of receiver and manager function of OR so that the OR will become trustee in bankruptcy on the making of a bankruptcy order unless the Court appoints someone else.

The Rules contain many other amendments which will feature as a topic in our IP seminar next year.

Contact Chris Millar on 01306 502225 or [email protected] for further information.