The 6th of April 2010 heralds the coming into force of a number of new insolvency reforms which the Insolvency Service predict will save approximately £45 million. Their press release notes:
"A package of measures aiming to modernise and streamline insolvency legislation come into force today.Insolvency Practitioners will see the changes modernising the insolvency rules to reflect modern business practises as well as reduce costs and administrative burdens. It is estimated that the changes, along with those made last year, will save the industry an estimated £45 million a year.For creditors there will be better returns from insolvency procedures as Insolvency Practitioners are able to save money by taking advantage of electronic communication. They will also benefit from greater transparency in respect of Insolvency Practitioner fees, information on which will be provided to them in regular reports.