The Insolvency Act 1986 (Amendment) Regulations 2002
These Regulations amend the Insolvency Act 1986 (c. 45) to extend existing rule-making powers under the Act to allow for making rules which are required as a result of the adoption by the Council of the European Union of Council Regulation (EC) No. 1346/2000 of 29th May 2000 on insolvency proceedings, Official Journal No. L160, 30.06.00. p.1 (the “Regulation”) which comes into force on 31st May 2002. As a result of making these amendments, rules made under the amended sections 411 and 412 of the Insolvency Act 1986 in relation to the Regulation, will, like rules presently made under the Act, need to be reviewed by the Insolvency Rules Committee. The Insolvency Rules Committee is consulted by the Lord Chancellor prior to making insolvency rules and consists of judges and practising insolvency professionals (specified in section 413).