Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Insolvency Regulations 1986 (S.I. 1986/1994) as amended by the Insolvency (Amendment) Regulations 1987 (S.I. 1987/1959), 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:—
alter the address to which communications to the Secretary of State or the Department must be sent;
extend the obligations of insolvency practitioners as regards the financial records they must prepare and keep;
clarify the obligations of the official receiver as regards the length of time he must keep records of insolvency cases, and extend the obligations of all insolvency practitioners in this regard to records kept under regulation 10 or 28 of the Insolvency Regulations 1986;
provide that accounts sent by insolvency practitioners to the Secretary of State shall include the particulars described in a specified Form and, where the Secretary of State so requires, shall be in that specified Form;
extend the provisions relating to the production and inspection of records kept by insolvency practitioners; and
provide, in the case of a bankruptcy, for the payment of unclaimed or undistributed assets or dividends into the Insolvency Services Account.
These Regulations apply to all insolvency proceedings to which the Insolvency Regulations 1986 as amended apply on and after 7th November 1988, whether or not those proceedings were commenced before, on or after that date.