The new Insolvency Rules 2016 will come into force on 6 April 2017
The existing rules have been extensively amended over the years - 23 times since 1986 - in order to reflect ongoing changes in primary legislation, case law and policy. Regular additions and deletions of text have resulted in, what has been described as, an “impenetrable thicket” of legislation.
The new rules aim to do three things: firstly, to consolidate the existing rules and their amendments into a single set of rules; secondly, to modernise and simplify the language; and thirdly, to incorporate various changes in the law which are intended to reduce the burden of red tape. Some of the more eye-catching changes include: