The Insolvency Practitioners (Amendment) Regulations 2002

• Citation: S.I. 2002/2710
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Insolvency Practitioners (Amendment) Regulations 2002 and shall come into force on 1st January 2003.

Section 2 Amendments to the 1990 Regulations

(1) Subject to paragraph (2), the Insolvency Practitioners Regulations 1990 (“the 1990 Regulations”) are amended as set out below.

(2) In relation to a case where—

(a) a proposal is made by the directors of a company and before the appointed day the intended nominee has endorsed a copy of the written notice of the proposal under Rule 1.4(3) of the Insolvency Rules 1986 , or, in Scotland, under Rule 1.4(3) of the Insolvency (Scotland) Rules 1986 ;

(b) a proposal is made by the liquidator or the administrator (acting as nominee) and before the appointed day the liquidator or administrator (as the case may be) has sent out a notice summoning the meetings under section 3 of the Act as required by Rule 1.11 of the Insolvency Rules 1986, or, in Scotland, by Rule 1.11 of the Insolvency (Scotland) Rules 1986; or

(c) a proposal is made by the liquidator or the administrator of a company (not acting as the nominee) and before the appointed day the intended nominee has endorsed a copy of the written notice of the proposal under Rule 1.12(2) of the Insolvency Rules 1986, or, in Scotland, Rule 1.12(2) of the Insolvency (Scotland) Rules 1986,

the amendments made by these Regulations shall not apply and the 1990 Regulations as they stand immediately before the coming into force of these Regulations shall continue to apply.

Section 3 Amendments to the 1990 Regulations

In regulation 13 of the 1990 Regulations, after paragraph (d) there is inserted—

or

(e) a nominee in relation to a voluntary arrangement under Part I or Part VIII of the Act who subsequently becomes supervisor of the arrangement;

Section 4 Amendments to the 1990 Regulations

In regulation 15A of the 1990 Regulations, after paragraph (2) there is inserted—

(3) In this regulation a reference to an insolvency practitioner obtaining his release or discharge includes any case where the insolvency practitioner—

(a) has acted as nominee in relation to a voluntary arrangement under Part I or Part VIII of the Act; and

(b) is replaced by another insolvency practitioner (whether acting as nominee or supervisor in relation to the voluntary arrangement in question).

Section 5 Amendments to the 1990 Regulations

In Part II of Schedule 2 to the 1990 Regulations—

(a) after paragraph 1(a)(x) there is inserted—

(xi) a nominee in relation to a voluntary arrangement proposed under Parts I or VIII of the Act;

(b) for the words “and (x)” in paragraph 2(a) there is substituted “, (x) and (xi)”.