ARTICLE
6 October 2016

New Insolvency Rules

CC
Clyde & Co

Contributor

Clyde & Co is a leading, sector-focused global law firm with 415 partners, 2200 legal professionals and 3800 staff in over 50 offices and associated offices on six continents. The firm specialises in the sectors that move, build and power our connected world and the insurance that underpins it, namely: transport, infrastructure, energy, trade & commodities and insurance. With a strong focus on developed and emerging markets, the firm is one of the fastest growing law firms in the world with ambitious plans for further growth.
The Insolvency Rules 2016 are expected to be laid before Parliament in October 2016, and are expected to come into force in April 2017.
United Kingdom Insolvency/Bankruptcy/Re-Structuring

The Insolvency Rules 2016 are expected to be laid before Parliament in October 2016, and are expected to come into force in April 2017. The principal aims of the IR 2016 include:

  • Consolidating existing rules and their amendments into a single set of rules
  • Modernising and simplify the language and making it gender neutral
  • Incorporating various changes in the law which [unclear] intended to reduce the burden of red tape and
  • New provisions to simplify insolvency procedures and reduce the costs incurred in insolvency assignments

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/448152/Explanatory_note_to_Insolvency_Rules_2016.pdf

New Insolvency Rules

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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