Explanatory note
(This note is not part of the Order)
This Order is made under section 1 of the Legislative and Regulatory Reform Act 2006 (c. 51) (the “2006 Act”). It amends the Insolvency Act 1986 (c.45) (the “1986 Act”).
Article 3 amends sections 95 and 98 of the 1986 Act as they apply to England and Wales by-
removing the requirement on a liquidator of a company in members’ voluntary liquidation and on a company in creditors’ voluntary liquidation to advertise notice of the creditors’ meeting, which is required to be summoned under those sections, in a newspaper in addition to the Gazette;
replacing it with a discretion to undertake additional advertising; and
in cases where that discretion is exercised, enabling the advertisement to be effected by means other than an advertisement in a local newspaper.
Article 4 contains transitional provisions in relation to the changes made by article 3.
A full Regulatory Impact Assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available from the Insolvency Service website ( www.insolvency.gov.uk) and is annexed to the Explanatory Document which is available alongside the instrument on the OPSI website.