New insolvency rules for Scotland in April 2019

The Insolvency Service and the Accountant in Bankruptcy have been working on a project to modernise and consolidate the corporate insolvency rules in Scotland, following a similar project in England and Wales which produced the Insolvency (England and Wales) Rules 2016.

Given the devolution position the new rules will be made up of two instruments:

  • The Insolvency (Scotland) (CVA and Administration) Rules 2018/1082  which makes provision in relation to the reserved insolvency processes of CVAs and administration; and
  • The Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (a Scottish Statutory instrument) which makes provision in relation to the devolved process of receivership and the mixed-competence process of winding up. 

 Both sets of rules will commence on 6 April 2019.

The CVA and Administration Rules were laid on 22 October and a link to the instrument can be accessed here. The aim is that the Receivership and Winding up Rules will be laid in the Scottish parliament in November.