We have published a further working draft of new Insolvency Rules which will replace The Insolvency Rules 1986 and all its amendments.
The Insolvency Service consulted on an earlier draft between September 2013 and January 2014.
Responses to the consultation resulted in well over a thousand policy and drafting points and we have been considering each of these and revising the drafting as appropriate. We have also been engaging with a group of stakeholders, as Parts of the rules are revised, to ensure that the provisions will work as intended. This process of revision and engagement is ongoing.
The new rules are intended to make the legislation clearer, more consistent and modern whilst also delivering amendments resulting from the Government’s Red Tape Challenge initiative.
The intention is that the new rules will come into force in April 2016.