Explanatory note

Article 2 of this Order brings into force on 1st January 2003 all the remaining provisions of the Insolvency Act 2000 (c. 39), which are section 1 (as far as it is not yet in force) sections 2, 3, 4, section 15(1) (as far as it is not yet in force), (2) and (3) and Schedule 1 (as far as it is not yet in force), Schedule 2, Schedule 3 and the remaining entries contained in Schedule 5 (S.I. 2001/1751 and the explanatory note thereto set out details of provisions of the 2000 Act that have previously been commenced).

Articles 3, 4 and 5 of this Order make transitional provisions for specific cases relating to amendments made by sections 2, 3, 4 and 15 of, and Schedules 2, 3 and 5 to, the Insolvency Act 2000.

The costs to business of the commencement of the provisions of the Insolvency Act 2000 are detailed in the Regulatory Impact Assessment prepared in relation to that Act. Copies of the Assessment are available from the Policy Unit, The Insolvency Service, 21 Bloomsbury Street, London WC1B 3QW.