The Insolvency regime will see fundamental changes when the redrafted Insolvency Rules are introduced in April next year.
The current rules were created in 1986, and whilst amendments have been made over the last 3 decades (28 in total), they are now clearly in need of restructure.
These changes are designed to consolidate the Rules, update language including gender neutral drafting, and provide greater consistency across the various Insolvency processes.
In addition, they will take into account changes made to the Insolvency Act by the Deregulation Act 2015 and the Small Business, Enterprise and Employment Act 2015. The main changes include alternative communication methods which reflect the progression and changes in technology.
The effectiveness of these changes will be measured by whether they have improved efficiency and transparency in Insolvency procedures as well as delivering savings to stakeholders. A review is expected to take place within 5 years of inception on 6th April 2017.