The Government has called upon stakeholders to provide their views on company and individual insolvency rules in England and Wales.
Last updated and implemented in 2017, the insolvency rules set out the procedure for the conduct of a company or individual undertaking insolvency proceedings.
The Insolvency Service said that it would “welcome” both evidence from stakeholders on whether the rules provide an appropriate framework for the insolvency regime and “suggestions” on how they can be improved.
Dean Beale, chief executive at the body, said: “The insolvency rules are an integral part of the UK’s insolvency framework, ensuring our insolvency processes operate efficiently and effectively.
“We welcome responses from all interested stakeholders on how effective the insolvency rules have functioned since their modernisation in 2017, and with suggestions as to how they can be further improved or strengthened.”
Valid until 30 June 2021, the Insolvency Service has urged all stakeholder groups to share their views, including insolvency practitioners, the legal profession, company directors, creditors, business and consumer groups, and any other interested parties.
While those in England and Wales have been called upon for evidence, insolvency law is fully devolved in Northern Ireland and partly devolved in Scotland, leading to different elements of the law.