Wednesday, 20 April 2011

Insolvency Service Announcement - New Insolvency Rules - 2013 as a date for the diaries for new publications

The Insolvency Service (IS - pictured) have announced some new information on the new Insolvency Rules. From what follows it seems as if the new insolvency rules will come into force in 2013. The IS note:

"New Insolvency Rules
Towards the end of last year we invited views on whether or not to continue our work on a full re-write of the 1986 rules, as the final phase of work to modernise the Insolvency Rules. We asked for opinions also on an alternative option of making only necessary amendments to the existing rules.

A range of views were subsequently expressed by stakeholders, both in terms of their preferred option and in relation to several questions of detail posed, such as whether or not we should continue to prescribe forms. I am very grateful to those who submitted responses.

I am now writing to inform you that, having considered those responses, Ministers have decided that work on a full new set of rules should continue, although those rules will not now come into force before October 2013. This will take into account some concerns expressed about the introduction of the new rules so soon after the changes introduced in April 2010.

We plan to publish a full working draft of the new rules in the near future for the purpose of inviting feedback on the structure, content and detailed drafting. That will be the final open invitation stakeholders will have to help shape these new rules so I really would welcome as much feedback as you are able to provide.

You might also be aware of the work we are undertaking to review the administration expense rules, particularly in light of the impact of Mr Justice Briggs’ decision at the end of last year about the costs of complying with a Financial Support Direction issued by the Pensions Regulator. Again we are grateful for the helpful suggestions and information that stakeholders have provided. If Ministers are persuaded that legislative changes are required, I would expect those changes to be implemented well before the new rules..."

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