The Insolvency Service has recently released modernised and consolidated insolvency rules which have been put before Parliament and which will come into force in April 2017. The new rules will replace the Insolvency Rules 1986 and their 28 subsequent amendments, and seek to better represent modern business practices.
The rules have been developed by working closely with the insolvency profession and have been approved by the Insolvency Rules Committee. There is hope that the new rules will also make the insolvency process more efficient.
Changes to the rules include: