The Insolvency (Amendment) Regulations 2008

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Insolvency Regulations 1994 (S.I. 1994/2507). Regulation 3(2) of these Regulations inserts new regulations 3B and 3C into the Insolvency Regulations 1994 to make provision allowing payments of unclaimed funds and dividends to be made, on the dissolution of a company, by an administrator or an administrative receiver into the Insolvency Services Account. Regulation 3(3) also makes similar provision for liquidators in a voluntary winding up, whilst retaining the mandatory requirement to make payment into the Insolvency Services Account in respect of a winding up by the court. Further provision is made for the information which must be provided by the office-holders when making a payment into the Insolvency Services Account of unclaimed dividends or other sums in an administration, an administrative receivership or a voluntary winding up. All references to unclaimed or undistributed assets and undistributed dividends in regulation 18 are removed since upon the dissolution of a company all property and rights whatsoever vested in or held on trust for the company (but not including property held by the company on trust for any other person) are deemed to be bona vacantia and accordingly belong, and are payable to the Crown, or to the Duchy of Lancaster or to the Duke of Cornwall for the time being (as the case may be).

No regulatory impact assessment has been prepared for these regulations.