Large Changes Ahead for the Insolvency Profession.

05 Oct 15

2015 sees the largest changes for the Insolvency profession in more than a decade.

There have been significant changes to insolvency legislation in 2015. The latest come into effect on 1 October and are summarised below:

Insolvency Act 1986 (Amendment) Order 2015 - increases the level of debt needed for creditors to start bankruptcy proceedings from £750 to £5000 for petitions presented on or after 1st October this year. 

Insolvency (Protection of Essential Suppliers) Order 2015 – the list of essential suppliers who cannot make supply conditional upon the payment of pre-insolvency invoices is expanded to include most IT businesses.

Deregulation Act 2015 – a number of changes including:

• The SoS may require information directly from any person in relation to the conduct of a potentially unfit director.

• Authorisation of IPs by recognised professional bodies.

• A new regime for partial authorisation of Insolvency Practitioners

• Repeal of the Deeds of Arrangement Act 1914.

Small Business, Enterprise and Employment Act 2015 – a number of changesincluding:

• Power for administrators to bring a claim for fraudulent or wrongful trading.

• Power for liquidator or administrator to assign causes of action.

• Application of proceeds of office-holder claims.

Insolvency Practitioners (Amendment) Regulations 2015 – Insolvency Practitioners' record keeping simplified.

Insolvency (Amendment) Rules 2015 – Approved fee estimates required where seeking to charge on a time cost basis.

Statement of Insolvency Practice 1 – new SIP1 “Introduction to Statements of Insolvency Practice”

View All News Stories

Services List

  • Restructuring
  • Refinancing
  • Administrations
  • Company voluntary arrangements
  • Creditors voluntary liquidation
  • Members voluntary liquidation
  • Receivership
  • Fraud and forensic investigations
  • Litigation support
  • Financial restructuring
  • Individual voluntary arrangements
  • Bankruptcy advice
  • Informal arrangements