After a number of years of consultation the long awaited Insolvency (England and Wales) Rules 2016 will finally come into effect today.
The new regulations aim to provide a modern and concise guide for Insolvency Practitioners and other relevant stakeholders and will consolidate various amendments made to the original rules introduced in 1986.
If these intended reforms work, they will streamline the operation of Administrations and Liquidations.
You will, no doubt, already be familiar with the shape of this new landscape from the numerous training courses that have been available in recent weeks.
However, with such a dramatic overhaul of the Rules, there will inevitably be uncertainty on the part of all practitioners when it comes to some of the less well known changes.
Should you seek any advice on the more technical application of the changes or how the new rules and regulations are likely to affect you please do not hesitate to contact our well established Insolvency Team, who will be happy to assist you.