HC Deb 20 November 1986 vol 105 cc279-80W
Mr. Norris

asked the Secretary of State for Trade and Industry when he intends to bring into force the new insolvency legislation.

Mr. Howard

One of the major provisions of the Insolvency Act 1985, that extending the powers of the Courts to attach personal liability to directors of insolvent companies and to disqualify those found unfitted, was brought into force on 28 April 1986. Subsequently, the contents of that Act, together with those parts of the Companies Act 1985 relating to receivership and winding-up were consolidated into two new statutes — the Insolvency Act 1986 and the Company Directors Disqualification Act 1986. By a commencement order published today (20 November) the remaining provisions of the Act passed in 1985 will be brought into force on 29 December 1986. These provisions comprise the introduction of the administrator procedure for companies and other new and revised insolvency procedures relating to receivership, voluntary arrangements, winding-up and bankruptcy.

The licensing of insolvency practitioners, including a ban on unlicensed practice, will also take effect on 29 December.

In addition to the primary legislation there will shortly be published secondary legislation in the form of statutory instruments under the titles given in the list which follows. These statutory instruments, containing a variety of rules and regulations for the operation of the insolvency procedures, and related matters, have been drawn up with the benefit of consultation with insolvency practitioners, members of the legal professions and other interested persons since the passage of the Insolvency Act 1985.

The titles will be:

  • The Insolvency Rules 1986
  • The Insolvency Regulations 1986
  • The Insolvency Fees Order 1986
  • The Insolvency Proceedings (Monetary Limits) Order 1986
  • The Insolvent Partnerships Order 1986
  • The Administration of Insolvent Estates of Deceased Persons Order 1986
  • The Companies (Disqualification Orders) Regulations 1986
  • The Companies (Unfair Prejudice Applications) Rules 1986
  • The Insolvent Companies (Reports on Conduct of Directors) No. 2 Rules 1986
  • The Insolvency Practitioners Regulations 1986
  • The Insolvency (Amendment of Subordinate Legislation) Order 1986
  • The Insolvency (Designation of Relevant Countries and Territories) Order 1986
  • The Insurance Companies (Winding-Up) (Amendment) Rules 186
  • The Insolvency (Scotland) Rules 1986
  • The Receivers (Scotland) Regulations 1986
  • The Insolvent Companies (Reports on Conduct of Directors) (No. 2) (Scotland) Rules 1986
  • The Insurance Companies (Winding-Up) (Scotland) Rules 1986
  • The Bankruptcy (Scotland) Amendment Regulations 1986