Modernised insolvency rules introduced

New rules which guide insolvency practice have come into force.

The modernised and consolidated rules replace the Insolvency Rules 1986 and their 28 subsequent amendments.

The rules have been recast to reflect modern business practice and to make the insolvency process more efficient.

Changes include:

  • enabling electronic communications with creditors

  • removing the automatic requirement to hold physical creditors meetings, although creditors will be able to request such meetings

  • enabling creditors to opt out of further correspondence and for small debts to be paid by the office holder without requiring a formal claim from creditors

Statutory forms relating to insolvency procedures have now been withdrawn and previous templates should no longer be used.

For further information please visit the GOV.UK website.

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