The Insolvency Practitioners (Amendment) (No. 2) Regulations 2002

Explanatory Note

(This note is not part of the Regulations)

Regulation 2 of these Regulations removes an unnecessary transitional provision from the Insolvency Practitioners (Amendment) Regulations 2002 (S.I.2002/2710). The Insolvency Act 2000 (Commencement No.3 and Transitional Provisions) Order 2002 (S.I.2002/2711 (C.83)) already makes adequate transitional provision with regard to insolvency practitioners acting as nominees in relation to voluntary arrangements under Parts I or VIII of the Insolvency Act 1986 prior to the date on which the amendments to section 388 of the Insolvency Act 1986 come into force. In the cases referred to in Article 5 of that Order, section 388 in its unamended form will continue to apply (i.e. a person does not act as an insolvency practitioner where he acts as a nominee) with the result that the requirements as to security or caution (as contained in the Insolvency Practitioners Regulations 1990 (S.I.1990/439 as amended by S.I.1993/221 and S.I.2002/2710) will not apply in such cases.