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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Insolvency (Amendment) Regulations 2011 URL: http://www.bailii.org/uk/legis/num_reg/2011/uksi_20112203_en_1.html |
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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
Insolvency
Companies
Made
5th September 2011
Laid before Parliament
8th September 2011
Coming into force
1st October 2011
1. These Regulations may be cited as the Insolvency (Amendment) Regulations 2011 and shall come into force on 1st October 2011.
2. In these Regulations "the principal Regulations" means the Insolvency Regulations 1994(3) and a reference in these Regulations to a numbered regulation is to the regulation so numbered in the principal Regulations.
3. The principal Regulations are amended in accordance with the Schedule to these Regulations.
4. The amendments made by this Order do not apply in relation to any voluntary winding up where a payment has been made into the Insolvency Services Account in relation to that winding up before 1st October 2011.
5. Paragraph 1 of the Schedule to the Insolvency (Amendment) Regulations 2004(4) is revoked.
Edward Davey
Minister of State for Employment Relations, Consumer and Postal Affairs
Department for Business, Innovation and Skills
5th September 2011
Regulation 3
1. Omit Regulation 5(2).
2. In Regulation 7(A1), for "to (3)" substitute "and (2)".
3. Omit Regulation 7(3).
4. In Regulation 7(3A), for "paragraphs (1) to (3)" substitute "paragraph (1) or (2)".
5. In Regulation 8(A1), for "to (3)" substitute "and (2)".
6. Omit Regulation 8(3).
7. In Regulation 8(3A), for "paragraphs (1) to (3)" substitute "paragraph (1) or (2)".
8. Omit Regulation 9(8).
9. In Regulation 10(2), omit "(including, in the case of a voluntary winding up, those relating to the Insolvency Services Account)".
10. In Regulation 17(1), omit from "and such other particulars" to the end.
11. Omit Regulation 17(2).
(This note is not part of these Regulations)
These Regulations amend the Insolvency Regulations 1994. The effect of these Regulations is to prevent the payment of monies into the Insolvency Services Account in relation to a voluntary winding up. This is achieved through the omission of Regulation 5(2) of the 1994 Regulations (See paragraph 1 of the Schedule to these Regulations). However, where payments have already been made into the Insolvency Services Account in relation to a voluntary winding up before 1st October 2011, payments may continue to be made into and out of the Insolvency Services Account in relation to that winding up (See Regulation 4 of these Regulations).
Regulations 7 to 10 and 17 of the 1994 Regulations are amended (see paragraphs 2 to 11 of these Regulations) in consequence of the omission of Regulation 5(2).
A full impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available from the Policy Unit, The Insolvency Service, 21 Bloomsbury Street, London WC1B 3QW and is published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.
S.I. 1986/1925, amended by S.I. 1987/1919; there are other amending instruments but none is relevant.
S.I. 1994/2507, as amended by S.I. 2000/485, 2001/762, 2001/3649, 2003/1633, 2004/472, 2005/512, 2008/670 and 2009/482.
