There has been a considerable amount of discussion and work undertaken in relation to the modernisation of the Insolvency Rules. Towards the end of last year, the Insolvency Service invited views and comments on whether to work on a complete re-write of the Insolvency Rules or to just make necessary amendments to the existing rules.
The Insolvency Service has now confirmed, in a letter to stakeholders, that an entirely new set of rules will be written and will replace the Insolvency Rules 1986. The new rules will consolidate all the amendments made to the Insolvency Rules since they came into force on 29 December 1986. In order to address concerns about the introduction of new rules so soon after changes introduced in April 2010, the new Insolvency Rules will not come into force before October 2013.
The Insolvency Service will publish a draft of the new rules in the near future. We will keep you updated of any substantial amendments to the Insolvency Rules and the date for their implementation as and when they are confirmed.