10 Chartered Accountants
Book a call... we'd like to hear from you...

News

Shake-up on way for insolvency rules
03 October 2013

Businesses and individuals affected by insolvency are set to benefit from moves to bring insolvency rules into the 21st century.

In a consultation document published on 26 September, the Insolvency Service proposes streamlining 24 different rules and regulations and harmonising processes, such as meetings of creditors, which apply across different insolvency procedures, to make them more user-friendly. The proposals also include:

  • reorganising the rules on more logical and clearer lines.
  • improving consistency to make the rules easier to understand
  • using plain English
  • making it easier for documents to be delivered electronically.

The Insolvency Service’s deputy chief executive Graham Horne said: “We want to modernise the insolvency rules so that they are easier to understand and apply. This consultation is a great opportunity for people who use the rules to help us ensure they are fit for modern needs.”

The current rules have been in force since 1986 and provide a framework for the Insolvency Act 1986, setting out requirements for the majority of insolvency procedures.

The consultation, which closes on 24 January 2014, is aimed at insolvency practitioners, judges, lawyers and people involved in insolvency issues, such as creditors and debtors.

Link: Information on the consultation

Other recent news

Smaller estates should not have to file Inheritance Tax paperwork, says Office for Tax Simplificatio
12 December 2018

The Office for Tax Simplification (OTS) has said…
Read more

Big increase in P2P lending
12 December 2018

The fifth annual UK Alternative Finance Industry…
Read more

180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)
12 December 2018

Figures released by HM Revenue & Customs (HMRC)…
Read more

Italian e-invoicing requirements make Making Tax Digital look like a walk in the park
12 December 2018

While a series of false starts and changes of direction…
Read more

House of Lords calls for a delay to Making Tax Digital
12 December 2018

The House of Lords Economic Affairs Committee has…
Read more

»

Case Studies