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6th April 2017 – New Insolvency Rules Introduced


New rules which guide insolvency practice have come into force.

 

The rules have been rewritten to reflect modern business practice and to make the insolvency process more efficient. Changes include:

 

  • Enabling electronic communications with creditors

 

  • Removing the automatic requirement to hold physical creditors meetings, although creditors will be able to request such meetings.

 

  • Enabling creditors to opt out of further correspondence and for small debts to be paid by the office holder without requiring a formal claim from creditors.

 

The Insolvency (England & Wales) Rules 2016 were developed in cooperation with the insolvency profession as part of the government’s Red Tape Challenge. It is expected that they will save businesses an estimated £20 million annually enabling greater returns to the creditors of insolvent businesses.

 

Insolvency Service form templates: England and Wales

 

Statutory forms relating to insolvency procedures have now been withdrawn. However, the Insolvency Service and Companies House have produced some forms to be used to help consistency when dealing with insolvency appointments.


Added: 20 Apr 2017 10:02


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The Timothy James Partnership

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Insolvency Practitioners Association
About Us


We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.