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In an attempt to modernise insolvency rules in the UK, on 6 April 2017 The Insolvency Service [237] rolled out extensive changes to the insolvency industry in England and Wales. The updated rules (called the Insolvency Rules (England and Wales) 2016) replaced the Insolvency Rules 1986 and all their 28 subsequent amendments.
In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition.
An individual may voluntarily petition the local Court with bankruptcy jurisdiction for a Bankruptcy Order (BO)to be made, usually by a District Judge. The petition will require a supporting statement of affairs. On the making of the BO, the Court notifies the Official Receiver (OR) and may in certain cases also appoint an Insolvency Practitioner.
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
The Insolvent Debtors (England) Act 1813 [1] [2] (53 Geo. 3.c. 102) was an act of Parliament passed by the United Kingdom Parliament in 1813, during the reign of King George III.
The Bankruptcy Act 1914 (4 & 5 Geo. 5. c. 59) was an Act of the Parliament of the United Kingdom which formed the primary source of UK insolvency law for approximately 70 years. [1] It came into force on 1 January 1915 repealing a number of earlier statutes. It was substantially repealed by the short-lived Insolvency Act 1985. [2]
The Statute of Bankrupts or Bankruptcy Act 1542 (34 & 35 Hen. 8. c. 4), was an act passed by the Parliament of England in 1542. It was the first statute under English law dealing with bankruptcy or insolvency. It was repealed by section 1 of the Bankruptcy Act 1825 (6 Geo. 4. c. 16).
a current bankruptcy restrictions order or undertaking; a current debt relief restrictions order or undertaking; an interim order; a current pending debtor's bankruptcy petition in relation to the debtor but the debtor has not been referred to the DRO procedure by the court as a more suitable method of debt relief;