How do the upcoming changes to insolvency rules affect creditors after April 2017? - 20th February 2017
A new set of rules is set to land on the 6th of April 2017 that will alter the direction and process of insolvency practice. This comes as an extremely welcomed change as the rules have remained relatively untouched since 1986 and the creation of the insolvency act. These changes have been carefully crafted by the government in collaboration with members of the insolvency profession, and have the mark of approval from the IRC (Insolvency Rules Committee). What can we expect from the revised set of rules? How will they affect procedures? What affect will they have on creditors and practitioners alike? Although the rules are listed in-depth in a 446-page document, the below summarises the key points:
In the world of business, there are many different legal injunctions and petitions that can be raised against an organisation that is experiencing financial problems. It is important that you fully understand the implications of any such petition, how to deal with it, and what it could potentially mean for the future of your business. Once such legal injunction is the winding up petition – Read on to understand the principal behind this legal term and how it can affect your business.