The final form of the Insolvency (England and Wales) Rules 2016 (SI 2016/ 1024) (IR 2016) is here. The IR 2016 will come into force on 6 April 2017 for all existing and future insolvency appointments in England and Wales, subject to short term transitional provisions. The Insolvency Service has published a table of derivations, and we understand that a table of destinations will follow.
This concludes a long period of waiting and starts a period of significant adjustment by the insolvency industry. The IR 2016 replace the Insolvency Rules 1986 (SI 1986/1925) (IR 1986) which, for the last 30 years, have been a daily resource for those involved in insolvency appointments and insolvency law. The IR 2016 are intended to modernise and simplify the IR 1986 and consolidate many of the instruments that currently supplement them.