How the new insolvency rules affect Gazette notices
The new insolvency rules come into force on 6 April 2017. The new rules, which apply in England and Wales, replace the Insolvency Rules 1986 and their 28 subsequent amendments, resulting in substantial changes to insolvency law.
The Gazette has updated its notice codes so that insolvency practitioners (IPs) can place relevant information in The Gazette, as required by legislation. Provision has also been made for notices that may be placed at the IP’s discretion in order to share information with creditors.
New decision-making procedures
When it comes to gazetting new decision-making procedures, the notice code that notices are published under will depend on the decision-making procedure chosen.
If a virtual or physical meeting is chosen, the existing notice codes will apply. When a meeting is chosen to be held by correspondence, or by using electronic voting (or any other method), a new ‘qualifying decision procedure’ notice code will apply.
New notice codes for deemed consent
Five new notice codes cover the deemed consent procedure, depending on the type of insolvency.
The table below shows the decision-making procedure and the corresponding notice code, its description and its underlying legislation:
Decision-making procedure |
Notice code |
Notice description |
Legislation |
|
|
Correspondence |
2409 |
Qualifying decision procedure (corporate insolvency) |
||
|
Electronic voting |
2409 |
Qualifying decision procedure (corporate insolvency) |
||
|
Any other method |
2409 |
Qualifying decision procedure (corporate Insolvency) |
||
|
Correspondence |
2528 |
Qualifying decision procedure (personal insolvency) |
||
|
Electronic voting |
2528 |
Qualifying decision procedure (personal insolvency) |
||
|
Any other method |
2528 |
Qualifying decision procedure (personal insolvency) |
||
|
Virtual meeting |
2412 |
Meetings of creditors (administration) |
||
|
Physical meeting |
2412 |
Meetings of creditors (administration) |
||
|
Virtual meeting |
2455 |
Meetings of creditors (winding up by court) |
||
|
Physical meeting |
2455 |
Meetings of creditors (winding up by court) |
||
|
Virtual meeting |
2442 |
Meetings of creditors (CVL) |
||
|
Physical meeting |
2442 |
Meetings of creditors (CVL) |
||
|
Virtual meeting |
2526 |
Meetings of creditors (bankruptcy) |
||
|
Physical meeting |
2526 |
Meetings of creditors (bankruptcy) |
||
|
Deemed consent |
2424 |
Deemed consent (administrative receivership) |
||
|
Deemed consent |
2447 |
Deemed consent (CVL) |
||
|
Deemed consent |
2465 |
Deemed consent (winding up by court) |
||
|
Deemed consent |
2414 |
Deemed consent (administration) |
||
|
Deemed consent |
2520 |
Deemed consent (bankruptcy) |
See also: