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
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