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The Companies (Trading Disclosures) (Insolvency) Regulations 2008
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- 2008 No. 1897
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations further implement Article 1.5 of Directive 2003/58/EC of the European Parliament and the Council of 15th July 2003 amending Council Directive 68/151/EEC, as regards disclosure requirements in respect of insolvency (O.J. L221, 4.9.2003, p.13).
Regulations 2, 3 and 4 amend the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 so as to include websites and documents in electronic form in provisions requiring the fact that a company is in administrative receivership (or, in Scotland, receivership) or administration, or that a moratorium from creditors is in force, to appear on correspondence, publications and other documents (including order forms). Where the company is in administrative receivership (or, in Scotland, receivership) or a moratorium is in force, the limitation of the requirement to documents on which the name of the company appears is removed (there is already no such requirement where the company is in administration).
Regulation 5 amends section 188 of the 1986 Act and Article 159 of the 1989 Order (as already amended by regulation 7 of the Companies (Registrar, Languages and Trading Disclosures) Regulations 2006 (S.I. 2006/3429)) so as to include orders for services among the documents on which the fact that a company is being wound up must appear and remove the limitation of the requirement to documents on which the name of the company appears.
A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen beyond that of the Companies (Registrar, Languages and Trading Disclosures) Regulations 2006. Copies of the Impact Assessment produced for those Regulations can be obtained from Corporate Law and Governance, Department for Business, Enterprise and Regulatory Reform, 1 Victoria Street, London, SW1H 0ET or from its website. Copies were placed in the libraries of both Houses of Parliament.
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