11 April 2017: As our very own Tom Guthrie from the Milton Keynes office becomes a dad for the second time following the birth of his son, Freddie, the whole insolvency profession is adopting new insolvency rules, which came into effect on 6 April 2017. The Insolvency Rules (2016) have been designed to streamline and modernise the insolvency legislation with the inclusion of virtual meetings, electronic voting and other tools that will bring the administration of insolvency cases right up to date with technology.
These new rules are the biggest change that the insolvency industry has seen in over 30 years. There will no doubt be some teething problems and a few sleepless nights in interpreting the finite wording of the rules but, ultimately, our role remains the same - helping, supporting and providing the right guidance for our clients’ next step.
There will be much in the way of articles, blogs and social media commentary over the coming months, which will explore the implication of these changes but, thanks to the internal compliance team at BRI, we are ready to put the new rules into practice.
For both Tom and the insolvency market, life won't be quite the same but, as always, you embrace the change and move forward.
If you would like to discuss the implications of the new rules for you or your client, please contact one of our experienced management team.