Last Wednesday (20 April) the Insolvency Service announced that after the recent consultation with stakeholders they were going ahead after all with drafting a complete new set of Insolvency Rules to replace the 1986 Rules and the myriad of subsequent amendments. The rules will not, however, come into force until October 2013 at the earliest.
The 12 month delay in the planned introduction of the new rules means that you have even longer to future proof your standard documents by removing all unnecessary legislative and rule references to help minimise the number of changes that you will need to make when these rules are introduced.
We have been taking this approach for some time in our standard documents, apart from checklists where the references have to be included, and those with access to our Bronze, Silver or Gold Services can see how the reference-free wording works in practice by looking at the standard documents on our Creditor Gateway portal.
