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Small Business, Enterprise and Employment Act 2015

Small Business, Enterprise and Employment Act 2015

2015 CHAPTER 26

Commentary on Sections

Part 10: INSOLVENCY

Position of creditors

Section 126: Sections 122 to 125: further amendments

731.This section introduces Schedule 9, which contains amendments of the Insolvency Act 1986, needed in order that the policy underpinning sections 122 to 125 can work effectively for the various insolvency processes described. Schedule 9 removes requirements to hold physical meetings of creditors and contributories, and makes provision for notices to no longer be sent to opted-out creditors.

732.Schedule 9 also removes the requirement for final company meetings in liquidation proceedings.

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Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.

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