Current legislation will be replaced by new consolidated rules, The Insolvency Service has announced. A move to reflect modern business practice.
The new rules, approved by the Insolvency Review Committee, have been developed by working with those in the Insolvency profession.
They will replace the insolvency rules of 1986 and its 28 subsequent amendments in a bid to make the insolvency process more efficient.
The new rules now incorporate and allow electronic communications with creditors and remove the requirement to hold physical creditors meetings.
As well as such things as enabling creditors to opt out of further correspondence and without formal claims submitted by creditors for small dividends to be paid by the office holder.