After three years in the making the Insolvency (England and Wales) Rules 2016 have finally arrived and will come into force on 6 April 2017. The new rules are a consolidated, restructured, modernised take on the 1986 rules which have been amended 28 times since they came into force. The new rules also take account of changes made by the Deregulation Act 2015 and the Small Business, Enterprise and Employment Act 2015, removing red tape and abolishing certain physical meetings and paper forms. Whilst quite an overhaul, the new rules are supported by material to help navigate the “modernised” insolvency world.
The new rules replace the old (and all amendments) in their entirety and have been wholly restructured. However, the new rules helpfully come with non-legislative notes to prompt and guide readers. They also come with a derivations table which lets you track through old rules to their new rule equivalents. The Insolvency Service will also be publishing guidance by way of frequently asked questions on their website.