Dear All,
My thanks to Tom Phillips of The Insolvency Service for bringing us up to speed with the recent passing of the Enterprise & Regulatory Reform Act 2013 and its particular relevance to Insolvency matters.
Please remember that the regulations to bring these parts of the Act into force have yet to be prepared and passed.
With kind regards
Anthony
Anthony Sharp
MALG
"Bamburgh"
13 Summers Way
Market Harborough
Leicestershire,LE16 9QE
email: anthony.sharp@malg.org.uk
email: asa.associates@virgin.net
Web. www.malg.org.uk
Tel/Fax 01858 464892
From: Tom.Phillips [mailto:Tom.Phillips@insolvency.gsi.gov.uk]
Sent: 29 April 2013 11:20
To: anthony.sharp@malg.org.uk
Cc: Anne.Willcocks; Sam.Roberts; Muhunthan.Vaithianathar
Subject: ERR Bill has Royal Assent
Anthony,
You will be aware from regular meetings with colleagues that three insolvency measures were included in a Bill that has been passing through the parliamentary process, the Enterprise and Regulatory Reform Bill. You may like to be aware that towards the end of last week that Bill got royal assent. There are 3 insolvency measures in the new Act:-
1. Debtor Petition Reform: when implemented(not before 2015) this will streamline entry into bankruptcy in debtor-initiated cases through the introduction of an electronic application process. Instead of petitioning the court, the debtor will submit an electronic application to a new adjudicator based within the Insolvency Service. The adjudicator will consider the application and decide on an objective basis whether or not the criteria for making a bankruptcy order are met. The court’s role will be confined to hearing appeals and any post-order applications that may be made to it currently.
2. Repeal of Early Discharge: when implemented section 279(2) IA86 will be repealed meaning that all bankrupts will be automatically discharged 12 months after being made bankrupt, unless they are subject to bankruptcy restrictions or have had their discharge from bankruptcy suspended.
3. Termination Clauses: enabling powers to help insolvency practitioners rescue insolvent businesses. Subject to the outcome of a consultation to be published later this year, IT supplies will be added to utility supplies(in sections 233 and 372 IA86) as those which are essential and need protection on insolvency. Suppliers in these sectors will also be unable to exercise contractual rights, either to withdraw services or to unreasonably increase charges as a condition of further supply, where the insolvent business is in a rescue procedure.
The new Act has not yet been published but I expect it to be later this week. Please contact me know should you require any further information.
Kind regards
Tom Phillips
Tom Phillips | Assistant Director - Policy | The Insolvency Service | Tel: 020 7637 6421| 4th Floor, 4 Abbey Orchard Street, London, SW1P 2HT | www.bis.gov.uk/insolvency
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