Steve Allinson discusses the overhaul of insolvency legislation intended to consolidate the existing rules and modernise procedures

6 April 2017 is a watershed date for all those involved in the insolvency and restructuring industry. On that date we have the commencement of a whole new set of insolvency rules. Given that each year over 14,000 companies in England and Wales go through an insolvency procedure, and each of those will usually have a long list of creditors potentially facing bad debts, the impact is not insignificant, and that is not taking into account the total number of personal insolvencies – over 91,000 in 2016.

The Insolvency (England and Wales) Rules 2016 (the Rules) are a major overhaul of insolvency legislation aimed at modernising and updating procedures which have been...

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