I owe an apology to readers who might have expected more immediate comment on the new amendment rules as issued on 15th (The Insolvency (England & Wales) (Amendment) Rules 2017). To be honest, they almost tipped me over the edge into a terminal decline in interest. But I struggle on.
Mostly, the amendments are concerned with corrections to spelling and internal references that were confusing, while some have dealt with expressions that had unforeseen consequences. But one two are very helpful.
First up is the decision not to impose the 366 day year that I went on about in my last blog. Month and year ends will return to being on the day before the same day in the starting month, so that a year beginning on 23 March will, once again, end on 22 March. Yay!
Second up, but really very important, Rule 18.18(3) has been corrected so that one can get fees approved in an ADM under 52(1)(b) without having to go to the unsecured creditors for approval, a potentially serious cock-up, had it been allowed to subsist.
But I am afraid that there remains a long list of issues which my friends in the compliance community have raised that have not been corrected, clarified or otherwise explained. It therefore seems very likely that we will face a further round of amendments sometime in the next two years.