Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 - New provisions in force from 1 October 2015
In our news item of 20 May 2015 (bulletin 612) the Technical Committee highlighted the key insolvency-related provisions of the Deregulation Act and the Small Business, Enterprise and Employment Act. At that time, the date on which some of the provisions would be brought into effect was not known.
Further commencement orders have very recently been made, which brought into effect additional provisions of the two Acts from 1 October 2015.
The Deregulation Act 2015 (Commencement No.3 and Transitional and Saving Provisions) Order 2015 (SI 2015 No 1732), made on 29 September 2015, brought into force on 1 October 2015 further insolvency-related provisions of the Deregulation Act 2015, including:
Release of the administrator where there is no distribution to unsecured creditors and of the liquidator where a winding up order is rescinded
Changes to IP authorisation to allow for full and partial authorisation
Obtaining information from third parties in the context of director disqualification.
The Small Business, Enterprise and Employment Act 2015 (Commencement No. 2 and Transitional Provisions) Regulations 2015 (SI 2015 No 1689), made on 15 September 2015, brought into force on 1 October 2015 further insolvency-related provisions of the SBEE Act 2015, including:
Extension of the power to bring wrongful and fraudulent trading actions to administrators in insolvent administrations
Provisions enabling office holders to assign such actions, as well as actions under antecedent transaction provisions and extortionate credit bargins
Changes to the director disqualification regime, including: disqualification for company-related offences abroad and of persons instructing unfit directors of insolvent companies; amendments to Sch 1 CDDA 1986 concerning matters to be taken into account in determining unfitness; an extension of the time period for bringing proceedings from 2 years to 3 years (for post-commencement insolvencies); and the introduction of compensation orders against disqualified directors.
The Restructuring Research Scholarship was introduced in 2014 to support PhD research in the field of insolvency or restructuring law at a UK institution.
For more information on how you could apply for this years award click here.
A key service provided by the ILA is the provision of bulletins keeping its membership up-to-date with the latest developments in insolvency law.
Below are a selection of recent topics covered: