Explanatory note

These Regulations amend the Insolvency Regulations 1994. The effect of these Regulations is to prevent the payment of monies into the Insolvency Services Account in relation to a voluntary winding up. This is achieved through the omission of Regulation 5(2) of the 1994 Regulations (See paragraph 1 of the Schedule to these Regulations). However, where payments have already been made into the Insolvency Services Account in relation to a voluntary winding up before 1st October 2011, payments may continue to be made into and out of the Insolvency Services Account in relation to that winding up (See Regulation 4 of these Regulations).

Regulations 7 to 10 and 17 of the 1994 Regulations are amended (see paragraphs 2 to 11 of these Regulations) in consequence of the omission of Regulation 5(2).

A full impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available from the Policy Unit, The Insolvency Service, 21 Bloomsbury Street, London WC1B 3QW and is published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.