These Regulations amend the Insolvency Regulations 1994 (S.I. 1994/2507) which make provision for the regulation of administrative matters arising in connection with the winding up of companies and the bankruptcy of individuals in England and Wales.

The Regulations make provision for payments into the Insolvency Services Account to be transmitted by electronic means in addition to the existing paper-based methods of payment. They also provide that the Secretary of State may at his discretion, and provided that the liquidator or trustee requests this, authorise payments out of the Insolvency Services Account by electronic means.

The Regulations also change the address of the Bank of England to which postal payments are to be sent to Threadneedle Street, London EC2R 8AH.

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, P O Box 203, Room 5.1, 21 Bloomsbury Street, London WC1B 3QW.