OpenLegislation

The Insolvency Practitioners (Amendment) (No. 2) Regulations 2002

S.I. 2002/2748 · Made 5 November 2002

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

This Statutory Instrument has been made to correct an error in S.I.2002/2710 and is being issued free of charge to all known recipients of that Statutory Instrument

INSOLVENCY

INSOLVENCY PRACTITIONERS

Made 5th November 2002

Laid 6th November 2002

Coming into force 1st January 2003

The Secretary of State, in exercise of the powers conferred on her by sections 390 and 419 of the Insolvency Act 1986f1, hereby makes the following Regulations:—

Annotations to the whole text

Footnotes

f1

1986 c. 45, Section 390 of the Insolvency Act 1986 was amended by section 8 of, and paragraph 16 of Schedule 4 to, the Insolvency Act 2000 (c. 39) and by section 88(2) of, and paragraph 18 of Schedule 5 to, the Adults with Incapacity (Scotland) Act 2000.

Contents

  1. 1Citation and Commencement
  2. 2Amendment to the Insolvency Practitioners (Amendment) Regulations 2002
  3. Signature
  4. Explanatory note

1Citation and Commencement

These Regulations may be cited as the Insolvency Practitioners (Amendment) (No.2) Regulations 2002 and shall come into force on 1st January 2003.

2Amendment to the Insolvency Practitioners (Amendment) Regulations 2002

Regulation 2 of the Insolvency Practitioners (Amendment) Regulations 2002f1 is amended by—

(a)

omitting in paragraph (1) the words “Subject to paragraph (2),”; and

(b)

omitting paragraph (2).

Signature

Melanie Johnson,

Parliamentary Under Secretary of State for Competition, Consumers and Markets,

Department of Trade and Industry

5th November 2002

Explanatory note

(This note is not part of the Regulations)

Regulation 2 of these Regulations removes an unnecessary transitional provision from the Insolvency Practitioners (Amendment) Regulations 2002 (S.I.2002/2710). The Insolvency Act 2000 (Commencement No.3 and Transitional Provisions) Order 2002 (S.I.2002/2711 (C.83)) already makes adequate transitional provision with regard to insolvency practitioners acting as nominees in relation to voluntary arrangements under Parts I or VIII of the Insolvency Act 1986 prior to the date on which the amendments to section 388 of the Insolvency Act 1986 come into force. In the cases referred to in Article 5 of that Order, section 388 in its unamended form will continue to apply (i.e. a person does not act as an insolvency practitioner where he acts as a nominee) with the result that the requirements as to security or caution (as contained in the Insolvency Practitioners Regulations 1990 (S.I.1990/439 as amended by S.I.1993/221 and S.I.2002/2710) will not apply in such cases.