The most recent Insolvency Rules (IR) came in to place on 6th April 2017, with the intention of modernising and streamlining the initial process. This involved cutting costs on insolvency, as well as consolidating previous amendments, and ensuring that the language used is both modern and gender-neutral for the people of England and Wales.
Under the Insolvency Rules 1986 (Amended on 6th April 2017) came the abolition of statutory forms, which were replaced by specific forms, where prescribed information could be contained.
The changes to the new IR include:
