Legislation
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The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021
These Rules amend the Insolvency (England and Wales) Rules 2016 (SI 2016/1024) in connection with the introduction of the new moratorium procedure in Part A1 of the Insolvency Act 1986 and the repeal of Schedule A1 to that Act.
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Explanatory note - The Insolvency (England and Wales) (Amendment) Rules 2017 SI 2017/366
Amendments to the Insolvency (England and Wales) Rules 2016 ("the 2016 Rules") were laid before Parliament 13 March 2017 and came into force 6 April 2017.
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Transitional provisions Schedule 2 Insolvency (England and Wales) Rules 2016
The transitional provisions are contained in Schedule 2 of the Rules 2016. Generally the new 2016 Rules apply to all cases existing at the date of commencement and to all cases commencing after 6 April 2017. There are some exceptions however to be aware of which include:
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Insolvency (England and Wales) Rules 2016 ('IR16')
The Insolvency (England and Wales) Rules 2016 ("the 2016 Rules") were published and laid before Parliament on 25 October 2016 and they come into force 6 April 2017. These Rules extend to England and Wales only.
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Part 15, IR16 - Decision Making
The Small Business Enterprise and Employment Act 2015 ("SBEE") removed physical meetings as the default mechanism for obtaining decisions from creditors. Instead insolvency practitioners ("IPs") will be required to use decision making procedures or the deemed consent procedure under s379ZB. One of the key changes is that a decision may not be made by a creditors' meeting (a physical meeting) unless the prescribed proportion of the creditors request in writing that the decision be made by such a meeting.
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Part 16, IR16 - Proxies and Corporate Representation
This topic was dealt with by a common part in the Insolvency Rules 1986 (Part 8), but there are important changes in the new Part 16, which will apply in relation to both physical meetings (if such a meeting is requested by the necessary threshold of creditors) and virtual meetings.
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Part 17, IR16 - Creditors’ and Liquidation Committees
This common part consolidates the procedures in relation to the formation and function of Creditors' and Liquidation Committees. Under the 1986 Rules, these had previously been repeated in each of the sections of the Rules pertaining to administration, administrative receivership, creditors' voluntary liquidation, winding up by the court and bankruptcy. Repetition of the shared procedures and processes has been removed and consolidated in Part 17 of the 2016 Rules with few changes to the Rules relating to the operation of a creditor or liquidation committee.
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The Insolvency (Amendment) Rules 2010
Effective from 6 April 2010.
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Part 18, IR16 - Reporting and Remuneration of Office-Holders
Part 18 brings together many of the procedures and requirements relating to reporting and remuneration that are common to most insolvencies. It deals with reporting and remuneration in Administrations, the three types of Liquidation and Bankruptcies, although it does not deal with the remuneration of provisional liquidators or interim receivers or voluntary arrangements.
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Insolvency Rules 1986
The Arrangement of Rules at the beginning of the statutory instrument lists the number and contents of all the Rules and Schedules. The Rules come into force on 29th December 1986 and generally apply to all insolvency proceedings commenced on or after that date. The Rules also apply to such proceedings commenced before that date to which provisions of the Insolvency Act 1986 are applied by Schedule 11 of the Act to the extent necessary to give effect to those provisions. In addition, Rules 6.36, 7.11 and 7.34 expressly provide for their application to insolvency proceedings, whenever commenced.
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Ben LuxfordBen Luxford
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