Insolvency Regulations 1994

The Insolvency Regulations 1994 establish the rules and procedures for handling cases where individuals or companies cannot pay their debts. These regulations provide guidelines for insolvency practitioners, who manage the processes of bankruptcy and liquidation. They aim to ensure fair treatment of all creditors while maximizing the recovery of debts. Additionally, the regulations detail how assets are valued and distributed, how claims are submitted, and the roles of various stakeholders involved, including debtors and creditors. Overall, they aim to create an orderly and transparent framework for resolving insolvency situations.