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Insolvency Rule Changes – Deregulation Act 2015 – Clarion Comment

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Insolvency professionals will no doubt welcome changes detailed below. In particular, clarification that a director’s administration appointment is not invalid by virtue of the filing of a winding up petition during the interim moratorium period.

In the past this has often led to uncertainty and increased costs as a result of the requirement to apply to court for the retrospective appointment of the Administrators. Costs will also be saved now that Administrator’s no longer have to apply to Court for permission to make a prescribed part distribution to unsecured creditors.

Parliament has been busy giving Royal Assent to a number of Orders, Rules and Acts of Parliament that amend, clarify or introduce new insolvency rules and legislation that insolvency professionals should be aware of.

The Deregulation Act 2015 received Royal Assent on 26 March 2015. The following insolvency provisions will come into effect on 26 May 2015:

Further provisions of the Deregulation Act 2015 that impact upon the profession are to be implemented on or after October 2015 and we will send a further update nearer the time setting out those changes.

The Small Business, Enterprise & Employment Act 2015 received Royal Assent on 26 March 2015.  The following insolvency provisions will come into effect on 26 May 2015:

If you have any questions about this blog, please contact the Corporate Recovery and Insolvency Team.

 

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