The Insolvency (Amendment) Regulations 1987
S.I. 1987/1959 · Made 12 November 1987
INSOLVENCY
COMPANIES
INDIVIDUALS, ENGLAND & WALES
Made 12th November 1987
Laid before Parliament 25th November 1987
Coming into force 11th January 1988
The Secretary of State, in exercise of the powers conferred on him by Rule 12.1 of the Insolvency Rules 1986f1, hereby makes the following Regulations:—
Annotations to the whole text
Footnotes
- f1
Contents
- 1Citation and Commencement
- 2Interpretation
- 3Application
- Signature
- Schedule
- 1Amendment of Regulation 2
- 2Amendment of Regulation 5
- 3Insertion of Regulation 10A
- 4Amendment of Regulation 15
- 5Amendment of Regulation 20
- 6Insertion of Regulation 28A
- 7Amendment of the Schedule
- Explanatory note
1Citation and Commencement
These Regulations may be cited as the Insolvency (Amendment) Regulations 1987 and shall come into force on 11th January 1988, and that date shall be referred to in these Regulations as “the commencement date”.
2Interpretation
In these Regulations references to “the principal Regulations” are to the Insolvency Regulations 1986f1 and a Regulation or Schedule or Form referred to by number means the Rule or Schedule or Form so numbered in the principal Regulations.
These Regulations shall be read and construed as one with the principal Regulations.
3Application
Subject to paragraph (2), the principal Regulations have effect in relation to insolvency proceedings to which the principal Regulations apply by virtue of Regulation 2(5) with the amendments set out in the Schedule to these Regulations.
The principal Regulations as so amended apply to all such proceedings on and after the commencement date, whether or not those proceedings were commenced before or after the commencement date.
Signature
Francis Maude
Parliamentary Under-Secretary of State,
Department of Trade and Industry
12th November 1987
1Amendment of Regulation 2
In paragraph (1) of Regulation 2 —
before the words ““creditors' committee”” there shall be inserted the words ““bank” means any authorised institution in England and Wales within the meaning of the Banking Act 1987;”;
for the words ““local bank” means any recognised bank in England and Wales within the meaning of the Banking Act 1979f1” there shall be substituted the words ““local bank” means any bank”; and
before the words ““responsible insolvency practitioner”” there shall be inserted the words ““payment instrument” means cheque or payable order;”.
2Amendment of Regulation 5
In paragraph (4) of Regulation 5 for the words “cheques, money orders or payable orders” there shall be substituted the words “payment instruments”.
3Insertion of Regulation 10A
After Regulation 10 there shall be inserted the following regulation:—
“Retention and delivery of records
10A(1)All records kept by a responsible insolvency practitioner under Regulations 8 and 9 and any such records received by him from a predecessor in that office shall be retained by him for a period of 6 years following his vacation of that office, unless he delivers them to another responsible insolvency practitioner who succeeds him in office.
(2)Where a responsible insolvency practitioner is succeeded in office by another responsible insolvency practitioner, the records referred to in paragraph (1) above shall be delivered to that successor forthwith following his appointment, unless the winding up or bankruptcy, as the case may be, is for practical purposes complete and the successor is the official receiver, in which case the records are only to be delivered to the official receiver if the latter so requests.”.
4Amendment of Regulation 15
In paragraph (1) of Regulation 15 for the words “payable order on H.M Paymaster General” there shall be substituted the words “payment instruments”.
In paragraph (2) of Regulation 15:—
for the words “payable order” there shall be substituted the words “payment instrument”; and
for the word “debts” there shall be substituted the word “debt”.
In paragraph (3) of Regulation 15 for the words “payable order” there shall be substituted the words “payment instruments”.
In paragraph (5) of Regulation 15 after the word “invalid” there shall be inserted the words “and any cheques which have not been delivered”.
In paragraph (7) of Regulation 15 there shall be inserted at the end the words “and any cheques which have not been delivered after endorsing them with the word “cancelled”.”
5Amendment of Regulation 20
For Tables 1 and 2 in paragraph (3) of Regulation 20 there shall be substituted the following:—
“
Table 1
Grade or Status of Officials Total hourly rate £ Official Receiver 35 Deputy Official Receiver 29 Senior Examiner 24 Senior Executive Officer 22 Examiner (D) 22 Higher Executive Officer 19 Examiner (E) 17 Executive Officer 16 Administrative Officer 13 Administrative Assistant 11 Table 2
Grade or Status of Official Total hourly rate £ Official Receiver 24 Deputy Official Receiver 20 Senior Examiner 20 Examiner (D) 18 Senior Executive Officer 17 Higher Executive Officer 15 Examiner (E) 14 Executive Officer 13 Administrative Officer 10 Administrative Assistant 8 ”.
6Insertion of Regulation 28A
After Regulation 28 there shall be inserted the following regulation:—
“Retention and delivery of records
28A(1)All records kept by a liquidator under Regulations 26 and 27 and any such records received by him from a predecessor in such office shall be retained by him for a period of 6 years following his vacation of that office, unless he delivers them to another liquidator who succeeds him in office.
(2)Where a liquidator is succeeded in office by another liquidator the records referred to in paragraph (1) above shall be delivered to that successor forthwith following his appointment.”.
7Amendment of the Schedule
In the Schedule to the principal Regulations in Form 2 for the words “payable orders” in both places where they occur there shall be substituted the words “payment instruments”.
Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Insolvency Regulations 1986 (S.I. 1986/1994), which regulate matters which are of an administrative and not of a judicial character in the conduct of company and individual insolvency proceedings. In particular they:—
permit the issuing of cheques in addition to payable orders from the Insolvency Services Account in relation to windings up by the court and bankruptcies;
alter the rates for remuneration payable to the official receiver in certain cases;
impose obligations as regards the length of time insolvency practitioners must keep records of insolvency cases;
effect amendments consequential upon the enactment of the Banking Act 1987.
These Regulations apply to all insolvency proceedings to which the Insolvency Regulations 1986 apply on and after 11th January 1988, whether or not those proceedings were commenced before, on or after that date.