SIPs 8, 10 and 12 to continue in England and Wales for LLP insolvencies
Further to the announcement on 10 March that an interim SIP 6 would be introduced effective from 6 April and that SIPs 8,10 and 12 were to be withdrawn in England & Wales from the same date, the Recognised Professional Bodies have been informed that the Insolvency (England & Wales) Rules 1986 (the old Rules) will continue to apply to Limited Liability Partnerships (LLPs) and certain other special insolvency regimes as set out in The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017 and The Insolvency (England and Wales) Rules 2016 (Consequential Amendments and Savings) Rules 2017.
These Regulations have only recently been laid in Parliament.
As a result of this late amendment to the application of the new Rules, SIPs 8, 10 and 12 should continue to be applied in respect of LLPs and the special insolvency regimes stated in the above Regulations until such time as Regulations are put in place to apply the new Rules to those procedures. The Insolvency Service have advised that, subject to Parliamentary time, it is expected that Regulations will be brought forward for commencement in October 2017.