Changes under the The Insolvency (England and Wales) Rules 2016 (IR 2016):
As all R&I lawyers and practitioners will be acutely aware, there is a lot of change afoot for the insolvency world from 6 April courtesy of the IR 2016. At Lexis®PSL Restructuring & Insolvency we will ensure that our customers will have access to new updated guidance explaining the new procedures under the IR 2016 in order to allow for a seamless progression from old rules to new.
Forms and precedents:
Forms and precedents are being significantly affected by the new rules, with the abolition of prescribed forms. For full details of how Lexis®PSL Restructuring & Insolvency are addressing this, see separate article: Insolvency (England and Wales) Rules 2016—first wave of forms published.
We are shortly to release a destination table showing how the old IR 1986, sch 4 forms relates to the new forms being published, including the source of each form (ie Companies House, Insolvency Service, HMCTS and LN forms committee)
We have a new sub-topic in Lexis®PSL Restructuring & Insolvency dealing with the IR 2016: Insolvency (England and Wales) Rules 2016 where we have collated new explanatory materials. These include:
18 new Practice Notes summarising the key changes under the new rules, detailing the impact of the IR 2016 on (i) each insolvency process and (ii) across the different processes. These new Practice Notes were externally written by practitioners with known experience in insolvency cases. They highlight both the changes the new rules will bring, and also where there is no change to practice and procedure (other than a simple rule number change). To view these, see Lexis®PSL Restructuring & Insolvency.
Lexis®PSL Restructuring & Insolvency have published a series of five Practice Notes in partnership with David Menzies of ICAS looking at the practical issues under the Insolvency (England and Wales) Rules 2016.
Lexis®PSL Restructuring & Insolvency, in partnership with Berwin Leighton Paisner have also published creditor facing guidance: The Insolvency (England and Wales) Rules 2016—what does your business need to know?
We have an overall summary Practice Note detailing the main changes which can be found here: A summary of the key changes in the Insolvency (England and Wales) Rules 2016.
Updated practical guidance:
Given the extent and impact of the new insolvency rules, Lexis®PSL Restructuring & Insolvency has undertaken (and continues to do so) a wide range of updating work over the past weeks and months, including:
• updating our Annotated Guide to the New Insolvency Rules, written by Dr John Tribe and Susan Morgan, to reflect the finalised version of the rules. The current version of this resource compares the July 2015 version of the draft new insolvency rules with the IR 1986. The updated version of the Annotated Guide is now available in both Lexis®PSL Restructuring & Insolvency and Lexis®Library. See : Annotated Guide to the New Insolvency Rules – published in Lexis Library today
• repurposing Q&A’s from the Insolvency Service’s blog which are available in the Insolvency Rules 2016 sub topic
• reviewing and updating where appropriate our Lexis®PSL Restructuring & Insolvency core content in line with the new rules (ie Practice Notes, Checklists, Precedents)
• Content continues to be updated across the Lexis®PSL Restructuring & Insolvency product to take account of the new IR 2016. Where appropriate, the original document contains both the old and the new rules so they will sit alongside each other for some time to come. In cases of significant change it has been necessary to produce a new document setting out the procedure under the new rules only. After 6 April 2017, the ‘old’ document will be archived to remain available for customers for some time following the rule changes.
New material in Lexis Library: Insolvency Legislation: Annotations and Commentary
Further, in preparation for the Insolvency Rules 2016, LexisNexis and Jordan Publishing are proud to announce the new edition of Insolvency Legislation: Annotations and Commentary which has been thoroughly updated to take into account the relevant case-law and statutory developments including a destination table for the new Rules.
Edited and updated by Louis Doyle, barrister at Kings Chambers and Professor Andrew Keay of University of Leeds. With annotations and commentary on EC materials by Gerard McCormack, University of Leeds; contributions to annotations and commentary from Stefan Ramel, Simon Passfield and Holly Doyle of Guildhall Chambers, Joseph Curl, of 9 Stone Buildings, and Destination Table for Insolvency Rules 2016 prepared by Susan Morgan, Director, Enigma Resource Group. Consultant Editor: Registrar Nicholas Briggs.
If you are a Lexis®PSL Restructuring & Insolvency subscriber, click the links below for further information on the Insolvency Rules 2016:
The Insolvency (England and Wales) Rules 2016—overview (Subscriber access only)
The Insolvency (England and Wales) Rules 2016—what does your business need to know? (subscriber access only)
Key forms are available in Lexis®PSL Restructuring & Insolvency under the forms tab of the Insolvency (England and Wales) Rules 2016 subtopic and the full suite will be available in Lexis Library Smartforms, under ‘Insolvency’.