We have seen dramatic changes for the UK since our last newsletter with the Brexit vote, a new Prime Minister and several interesting changes in the cabinet. How this pans out for the economy remains to be seen and it is apparent from the various reports from different sectors that reactions and effects are very mixed.
|Brexit and the Insolvency Profession
Whilst domestic insolvency cases are unlikely to be affected in any major way by the exit from the European Union the main change from a technical point of view for Insolvency Practitioners will be in relation to cross border insolvencies.
|Corporate Insolvency Reforms
Consultation on the Government’s potential reforms to the UK corporate insolvency regime closed in early July 2016 and if these reforms come into law they will see some significant changes to the options available to companies.
|Official Receiver’s Office Fees Increase
In July 2016 the Insolvency Service (an executive agency sponsored by the Department for Business, Energy and Industrial Strategy) announced a new fee regime on bankruptcy and compulsory liquidation cases.
In this edition of technical bite we explore the main formal insolvency options available to insolvent individuals. We stress the importance of an individual seeking professional advice on all of the options available (including less formal procedures if applicable) to ensure that they find the most appropriate procedure for their circumstances.