The Insolvency (England and Wales) Rules 2016

The Insolvency (England and Wales) Rules 2016 provide a legal framework for handling financial distress, ensuring orderly management of insolvency cases. They set out procedures for individuals and businesses unable to pay their debts, including how to declare bankruptcy or enter into voluntary arrangements. The rules clarify the roles of insolvency practitioners, outline how creditors are treated, and establish timelines for processes. Overall, they aim to balance the rights of debtors and creditors while promoting fair resolution of insolvency matters.