The new Insolvency (England & Wales) Rules 2016 (IR 2016), SI 2016/1024 come into force today replacing the Insolvency Rules 1986 (IR 1986), SI 1986/1925. We provide details of some of the steps Lexis®PSL Restructuring & Insolvency, together with our external partners and LexisNexis Smartforms, have taken to ensure that you are ready for the changes.
As all restructuring and insolvency professionals will be acutely aware, there is a lot of change afoot for the insolvency world from today as a result of the commencement of the IR 2016. At Lexis®PSL Restructuring & Insolvency, our customers have access to a range of guidance explaining the new procedures under the IR 2016 in order to allow for a seamless progression from old rules to new.
We set out below some of what is specifically available to Lexis®PSL Restructuring & Insolvency customers. Not a customer? Find out more about how LexisPSL can help you and click here for a free trial of LexisPSL Restructuring & Insolvency.
New subtopic—The Insolvency (England and Wales) Rules 2016
We have created a new subtopic in Lexis®PSL Restructuring & Insolvency entitled ‘The Insolvency (England and Wales) Rules 2016 which contains IR 2016-specific content (including news)—see: The Insolvency (England and Wales) Rules 2016—overview (subscription required).
In particular, we have published the following Practice Notes, externally written by practitioners with known experience in insolvency cases, that each consider a separate Part of the IR 2016, including (subscription required):
- The Insolvency (England and Wales) Rules 2016—Part 2: Changes to company voluntary arrangements (CVAs)
We have also published a Checklist: Guide to the destination of the Insolvency Rules 1986, SI 1986/1925 in the Insolvency (England and Wales) Rules 2016, SI 2016/1024 which is based on the destination table published by the Insolvency Service, and contains links through to the individual provisions of both the IR 1986 and IR 2016.
Finally, we have published the following content that will be of interest to customers (subscription required):
- a series of five Practice Notes in partnership with David Menzies of ICAS looking at the practical issues under the IR 2016:
- The Insolvency (England and Wales) Rules 2016—time periods
- The Insolvency (England and Wales) Rules 2016—communications
- The Insolvency (England and Wales) Rules 2016—decision-making
- The Insolvency (England and Wales) Rules 2016—CVL commencement
- The Insolvency (England and Wales) Rules 2016—Privacy of employee and consumer information
- Practice Note: The Insolvency (England and Wales) Rules 2016—what does your business need to know? produced in partnership with Ben Jones and Sophie Taylor of Berwin Leighton Paisner
- Practice Note: A summary of the key changes in the Insolvency (England and Wales) Rules 2016, produced in partnership with Sarah Clarke, barrister at Hardwicke
Annotated Guide to the New Insolvency Rules
This resource, written by Susan Morgan and Dr John Tribe, was originally published in April 2016 and contained a side-by-side comparison of the IR 1986 with the draft July 2015 version of the new insolvency rules, with annotations explaining the changes.
This resource has now been republished, and compares the IR 1986 with the IR 2016 as laid before Parliament. It is available via the ‘Key Resources’ tab on the Lexis®PSL Restructuring & Insolvency home page. It is also available to Lexis®Library customers with the appropriate subscription.
The authors are currently working on a further update to take into account the changes brought about by The Insolvency (England and Wales) (Amendment) Rules 2017, SI 2017/366 and The Insolvency (England and Wales) Rules 2016 (Consequential Amendments and Savings) Rules 2017, SI 2017/369.
Forms and precedents
The IR 2016 remove the Insolvency Service’s obligation to prepare prescribed forms when they come into force on 6 April 2017.
We have reported previously (see blog post: Insolvency (England and Wales) Rules 2016—forms committee named by LexisNexis) that LexisNexis SmartForms were, in conjunction with a committee of leading insolvency professionals, producing a suite of standard forms that are expected to be widely adopted across the market.
A number of these forms have now been published and are available in Lexis®PSL Restructuring & Insolvency. These include those forms produced by the Insolvency Service and Companies House. We understand that HMCTS intends to publish various court forms, and these will be added to our suite once available. Until then, we are publishing some of the more commonly used court forms as an interim measure to assist our customers.
LexisNexis SmartForms are published in editable PDF format and offer many benefits over so-called ‘flat’ forms as they can be easily completed, edited, saved and shared.
Further forms will continue to be added to our suite over the next few weeks, and we will shortly be publishing a destination table to make finding a new form easier.
Again, as a result of customer feedback, forms prescribed under the IR 1986, Sch 4 which are available in Lexis®PSL Restructuring & Insolvency will continue to be made available for the time being.
Webcasts and webinars
We will be releasing in the next few days a series of four short webcasts, hosted by Stefan Ramel, barrister at Guildhall Chambers, on the following subjects:
- How do the IR 2016 affect creditors?
- What changes will be brought into the court process under the IR 2016?
- How to wind up a company under the IR 2016?
- How to make an administration appointment under the IR 2016?
We will also release a one-hour webinar on the impact of the IR 2016 in due course as part of our partnership with R3 through Lexis Webinars. News on this to follow.