Legislative proposals to amend the advertising regime in voluntary liquidations

The Legislative Reform (Insolvency) (Advertising Requirements) Order 2023

Amendments to the advertising regime in voluntary liquidations

In late 2007, we consulted on proposals for the modernisation and streamlining of insolvency procedures to be made by legislative reform order. The consultation document and summary of responses to the consultation are posted here.

The proposals in respect of advertising in voluntary liquidations have been taken forward by a separate Order, namely The Legislative Reform (Insolvency) (Advertising Requirements) Order 2023 No. 864, which came into force on 6 April 2023.

The order amends sections 95 and 98 of the Insolvency Act 1986 as they apply to England and Wales by:

(a) removing the requirement on a liquidator of a company in members voluntary liquidation and on a company in creditors voluntary liquidation to advertise notice of the creditors meeting, which is required to be summoned under those sections, in a newspaper in addition to the London Gazette;

(b) replacing it with a discretion to undertake additional advertising; and

(c) in cases where that discretion is exercised, enabling the advertisement to be effected by means other than an advertisement in a local newspaper.

The requirement to advertise in the London Gazette remains.

The Order can be viewed by following this link to the OPSI website:

The Legislative Reform (Insolvency)(Advertising Requirements) Order 2023 No. 864