The past 12-18 months have seen some of the biggest changes to established insolvency law and practice in England and Wales since the Insolvency Act 1986 and Insolvency Rules 1986 (the old Rules) came into force. These have culminated with the new Insolvency Rules 2016 (the new Rules), which become effective on 6 April 2017 and are intended to consolidate the old Rules (including all 28 subsequent sets of amendments to them).
In Re Mark Irwin Forstater [2015] BPIR, the petitioning creditor presented a bankruptcy petition against the debtor, Mr Forstater, on 13 June 2014. It first came before the court on 30 July 2014, when it was adjourned to allow the debtor to take legal advice. At the adjourned hearing on 12 August 2014, the debtor indicated that he intended to pursue an IVA. The hearing was adjourned again to await the outcome of a meeting of creditors. The meeting of creditors was itself adjourned for 14 days from 1 September 2014 to 15 September 2014.
Legislation soon to take force creates a new special administration regime for private providers of social housing, introducing changes that will transform restructuring in the sector.
The Housing and Planning Act changes what happens to insolvent housing associations, says Séamas Gray in an article for Inside Housing.
Traditionally, when a company becomes insolvent, it enters one of several types of insolvency processes and its assets are typically sold to the highest bidder to raise as much money as possible to distribute to the company’s creditors.
In relation to a housing association, this might well mean a sale outside the regulated sector with the knock-on effect of an immediate reduction in available social housing.
In an article for the LexisNexis ‘On the edge’ series of briefings, which highlight areas of legislation that may not fall with the everyday work of insolvency practitioners, Pat Saini and Séamas Gray offer guidance on immigration law.
Why is immigration law relevant to insolvency practitioners and their staff?
Legislation applicable generally