Insolvency Rules to be simplified

On 26th September 2013, The Insolvency Service released a consultation document that outlined a set of proposals aimed at streamlining legislation contained in the Insolvency Rules 1986.

The proposals intend to bring all insolvency legislation together in one single set of rules that contain the main piece of legislation, the Insolvency Act 1986, plus subordinate legislation.

Graham Horne, Deputy Chief Executive of The Insolvency Service, said: “We have listened to our stakeholders and want to modernise the Insolvency Rules so that they are easier to understand and apply.

“This consultation is a great opportunity for people who use the Rules to help us ensure they are fit for modern needs.”

The ongoing consultation on these proposed new rules involves IPs, insolvency lawyers, judges and institutional lenders among others. It will close on 24th January 2014.

You can find out more about the proposals to the Insolvency Rules here.

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