Kerry Underwood

INSOLVENCY PROCEEDINGS: NEW PRACTICE DIRECTION: 25 APRIL 2018

leave a comment »


The new Practice Direction on Insolvency Proceedings was published on 25 April 2018 and came into force immediately.

It replaces all previous Practice Directions, Practice Statements and Practice Notes relating to Insolvency Proceedings, but it does not affect other Practice Directions in the Civil Procedure Rules, the Practice Direction for Insolvency Express Trials, and neither does it affect the Practice Direction for Directors Disqualification Proceedings.

As with previous Insolvency Proceedings Practice Directions, the new one contains procedural requirements for various aspects of proceedings under the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016 and the various European Union Regulation.

 

Insolvency Proceedings are defined as any proceedings under

 

  • Parts 1 to 11 of the Act;

 

  • The Insolvency Rules;

 

  • The Administration of Insolvent Estates of Deceased Persons Order 1986;

 

  • The Insolvent Partnerships Order 1994;

 

  • The Limited Liability Partnerships Regulations 2001;

 

  • Any proceedings under the EU Regulations on Insolvency Proceedings or the Cross-Border Insolvency Regulations 2006; and

 

  • in an insolvency context an application made pursuant to Section 423 of the Act.

 

 

The relevant European Union Regulations on Insolvency Proceedings are:

 

  • Council Regulation (EC) 1346/2000 on 29 May 2000 on Insolvency Proceedings;

 

  • Regulation (EU) 2015/848 of The European Parliament and of the Council of 20 May 2015 on Insolvency Proceedings (known as the “Recast” EU Insolvency Regulation);

 

  • Service Regulation meansCouncil Regulation (EC) 1393/2007 – or any successor – concerning the service in the Member States of judicial and extrajudicial documents in civil and commercial matters.

 

Provisions are made as to who should hear matters and the jurisdiction of various level of the judiciary, including an “ICC Judge” which stands for an Insolvency and Companies Court Judge, (previously a Registrar in Bankruptcy) under Section 89(1) of the Senior Courts Act 1981.

There are new provisions in relation to the Service of Bankruptcy Petitions and new provisions on unfair prejudice petitions under the Companies Act 2006.

There are also new references to the Electronic Working Pilot Scheme.

Advertisements

Written by kerryunderwood

May 1, 2018 at 8:29 am

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: