The Insolvency Service Policy Unit is now engaged in review of the detailed provisions of the draft Insolvency Rules 2023 with The Insolvency Rules Committee (IRC), who have also been passed draft forms and schedules to the Rules.

The Insolvency Service Policy Unit has continued to work closely with key stakeholders, including Companies House in relation to the content and format of company insolvency forms. We have met again with The Ministry of Justice to address developments in court procedure affecting the Insolvency Rules and have received further feedback from The National Association of Citizens Advice Bureaux,who have  welcomed the key changes proposed under the project.

As mentioned in previous updates, the project has generated proposals for limited changes to the Insolvency Act by Legislative Reform Order (LRO). One of the proposals that creditors should be required to actively OPT IN to receive  notices in an insolvency proceeding has been withdrawn in response to the views expressed generally under the LRO public consultation.

A further proposal aimed at improving returns to creditors is the initiative to provide office-holders with a new discretion to decide when it is worthwhile to expend monies on publicity to supplement the mandatory Gazetting of insolvency events and information available on The Individual Insolvency Register and at Companies House. Ministers have asked that these changes should be brought forward to come into force on 6 April 2023. This will require amendment to both the Insolvency Act and the existing Insolvency Rules and these changes will precede the coming into force of the new consolidated Insolvency Rules 2023 planned for October 2023.