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(This note is not part of the Regulations)
These Regulations make amendments in connection with section 71 of the Enterprise and Regulatory Reform Act 2013 as a result of the new procedure introduced by that section in England and Wales for a debtor to apply for their own bankruptcy. A debtor must make an application to an adjudicator instead of petitioning the court.
These Regulations also make amendments in connection with section 107 of the Small Business, Enterprise and Employment Act 2015 as a result of the changes introduced by that section in England, Wales and Scotland to the requirements for office-holders reporting on the conduct of officers of insolvent companies.
Regulation 2 makes consequential amendments to Acts of Parliament and subordinate legislation to amend references to bankruptcy petitions, and references to a person being adjudged bankrupt, as a result of the new debtor application procedure. It also makes other necessary amendments to legislation in connection with the introduction of the new debtor application procedure.
Regulation 3 makes a consequential amendment to the Insolvency Act 1986 to amend the reference to the previous requirements on office-holders to report on the conduct of officers.
Regulation 4 makes amendments to the Limited Liability Partnerships Regulations 2001 to extend the reporting requirements contained in the Insolvent Companies (Reports on Conduct of Directors) (England and Wales) Rules 2016 and the Insolvent Companies (Reports on Conduct of Directors) (Scotland) Rules 2016 to insolvent limited liability partnerships.
No impact assessment has been prepared for these Regulations as no impact on the private or voluntary sectors is foreseen.
An Explanatory Memorandum has been prepared and is available alongside these Regulations at www.legislation.gov.uk.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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