The Insolvency (Amendment) Rules 2001

Statutory Instruments

2001 No. 763

INSOLVENCY, ENGLAND AND WALES

INDIVIDUALS

The Insolvency (Amendment) Rules 2001

Made

1st March 2001

Laid before Parliament

7th March 2001

Coming into force

2nd April 2001

The Lord Chancellor, in the exercise of his powers under section 412 of, and paragraphs 21 and 30 of Schedule 9 to, the Insolvency Act 1986(1), with the concurrence of the Secretary of State, and after consulting the committee existing for that purpose under section 413 of that Act, hereby makes the following Rules:—

1.  These Rules may be cited as the Insolvency (Amendment) Rules 2001 and shall come into force on 2nd April 2001.

2.  In rule 12.1(1)(f) of the Insolvency Rules 1986(2) (Power of Secretary of State to regulate certain matters) the words “, in the case of a liquidator,” shall be omitted.

Irvine of Lairg, C.

22nd February 2001

I concur, on behalf of the Secretary of State.

Kim Howells,

Parliamentary Under-Secretary of State for Consumers and Corporate Affairs,

Department of Trade and Industry

1st March 2001

Explanatory Note

(This note is not part of the Rules)

These Rules further amend the Insolvency Rules 1986 (S.I. 1986/1925) (“the Rules”) which set out detailed procedures for the conduct of all company and individual insolvency proceedings in England and Wales under the Insolvency Act 1986 (c. 45), with effect from 2nd April 2001.

These Rules amend the power to make regulations which is contained in rule 12.1 of the Rules by ensuring that regulations may be made with respect to the investment of moneys coming into the hands of a trustee of a bankrupt’s estate and for the payment of interest on sums which, in pursuance of regulations made under rule 12.1, are paid by such a trustee into the Insolvency Services Account. This is done by removing a limitation to liquidators which is in rule 12.1(1)(f) of the Rules.

A Regulatory Impact Assessment is available, copies of which have been placed in the libraries of both Houses of Parliament. Copies are also available from The Insolvency Service of the Department of Trade and Industry, PO Box 203, Room 5.1, 21 Bloomsbury Street, London WC1B 3QW.

(1)

1986 c. 45. Paragraph 21 of Schedule 9 has been amended by section 13(1) of the Insolvency Act 2000 (c. 39).

(2)

S.I. 1986/1925, amended by S.I. 1987/1919, 1989/397, 1991/495, 1993/602, 1995/586, 1999/359 and 1999/1022. The only relevant amending instrument is S.I. 1987/1919.