Insolvency (E&W) Rules 2016 get their first amendments; LLPs brought into the fold
Two new statutory instruments will come into effect on 8 December 2017 making amendments to the insolvency regimes in the UK. David Menzies explains the effect of the new legislation.
Amendments to the Insolvency (England & Wales) Rules 2016 (the 2016 Rules) have been laid in Parliament and will come into effect on 8 December 2017. The amendments come less than 8 months after commencement of the 2016 Rules which brought about fundamental changes to insolvency procedures.
The Insolvency (England and Wales) and Insolvency (Scotland) (Miscellaneous and Consequential Amendments) Rules 2017 make minor corrections and clarifications which have been brought to the attention of the Insolvency Service since the new insolvency rules came into force in April 2017.
Many of the amendments simply correct incorrect cross referencing of sections within the Rules, grammatical errors and restore missing text.
Consequential amendments to The Insolvency Regulations 1994 which still referred to final meetings in places are also corrected.
The Insolvency (Miscellaneous Amendments) Regulations 2017 ensure that the insolvency regimes for limited liability partnerships are brought into line with mainstream insolvency procedures, and with the recast EU Insolvency Regulation (848/2015).
They also bring insolvency regimes under the Insolvent Partnerships Order 1994 and the Administration of Insolvent Estates of Deceased Persons Order 1986 into line with the insolvency procedures that apply to other entities under the Insolvency (England & Wales) Rules 2016.
The Regulations withdraw Form 600 used to notify the Registrar of Companies of the appointment of a liquidator in a CVL and replaces this with the content of a notice to be submitted to Companies House which will facilitate electronic filing. It is expected that Companies House will shortly issue a form to be used as they have done with the other notices under the 2016 Rules.