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Follow on Google News | Changes to Insolvency Rules aims to save industry £45 million each yearA package of measures aiming to modernise and streamline insolvency legislation come into force recently.
By: straightalkdebt For creditors there will be better returns from insolvency procedures as Insolvency Practitioners are able to save money by taking advantage of electronic communication. They will also benefit from greater transparency in respect of Insolvency Practitioner fees, information on which will be provided to them in regular reports. It will now easier for a bankrupt to obtain an “annulment” The Insolvency Service is committed to continuous improvement of the Insolvency Rules. In taking forward these modernisation changes we have worked closely with the insolvency profession and other stakeholders and have provided regular updates to Insolvency Practitioners and others who will be affected by the changes. The following statutory instruments have been laid in Parliament and came into force on 6 April 2010:- The Legislative Reform (Insolvency)( The Insolvency (Amendment) Rules 2010 (2010 No.686); The Insolvency (Amendment)(No 2) Rules 2010 (2010 No.734); The Insolvency (Scotland) Amendment Rules 2010 (2010 No 688). http://www.straightalkdebt.com # # # Straightalkdebt, based in Birmingham, West Midlands, offer free, professional, confidential debt advice and insolvency advice to anyone with debt worries and financial problems. As Licensed Insolvency Practitioners we specialise in Individual Voluntary Arrangements which can help relieve the burden of high repayments and the stress of being in debt. End
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