Citation and commencement

1. —(1) These Rules may be cited as the Bankruptcy (Financial Services and Markets Act 2000) Rules 2001 and the Insurers (Winding Up) Rules 2001 (Amendment) Rules 2019.

(2) These Rules come into force on the 23rd April 2019.

Amendment of the Bankruptcy (Financial Services and Markets Act 2000) Rules 2001

2. —(1)The Bankruptcy (Financial Services and Markets Act 2000) Rules 2001( 3 ) are amended as follows.

(2) In rule 2 (interpretation) omit the definition of “the 1986 Rules”.

(3) In rule 3 (modification of the 1986 Rules), and in the heading to that rule, for “1986 Rules” substitute “Insolvency (England and Wales) Rules 2016( 4 )”.

(4) In rule 4 (Rule 6.1)—

(a) in paragraph (1) for “6.1( 5 ) (form and content of statutory demand)” substitute “10.1 (the statutory demand (section 268))”;

(b) after paragraph (5) insert—

“ (6) A demand must include an explanation to the individual of the following matters—

(a) the purpose of the demand and the fact that, if the individual does not comply with the demand, bankruptcy proceedings may be commenced against the individual;

(b) the time within which the demand must be complied with, if that consequence is to be avoided;

(c) the methods of compliance which are open to the individual; and

(d) the individual’s right to apply to the court for the demand to be set aside.

(7) A demand must specify the name and address (and telephone number, if any) of one or more persons with whom the individual may, if the individual wishes, enter into communication with a view to establishing to the Authority’s satisfaction that there is a reasonable prospect that the debt will be paid when it falls due or (as the case may be) that the debt will be secured or compounded. ” ; and

(c) in the heading for “6.1” substitute “10.1”.

(5) Omit rule 5 (Rule 6.2).

(6) In rule 6 (Rules 6.3, 6.5, 6.11 and 6.25)—

(a) for paragraph (1) substitute—

“ (1) Rules 10.2 (service of statutory demand), 10.3 (proof of service of statutory demand), 10.5 (hearing of application to set aside), and 10.24 (decision on the hearing) apply as if—

(a) references to the debtor were references to an individual;

(b) references (other than in Rule 10.5(3) and (5)(c)) to the creditor were references to the Authority; and

(c) references to the creditor in Rule 10.5(3) and (5)(c) were references to the person to whom the debt is owed. ” .

(b) in paragraph (2) for “6.5(2)( 6 )” substitute “10.5(3)”;

(c) in paragraph (3) for “6.5(5)” substitute “10.5(7)”; and

(d) in the heading for “6.3, 6.5, 6.11 and 6.25” substitute “10.2, 10.3, 10.5 and 10.24”.

(7) For rule 7 (Rule 6.4)( 7 ) substitute—

“ Rule 10.4

7. Rule 10.4 (application to set aside statutory demand) applies as if—

(a) references to the debtor were references to an individual; and

(b) in paragraph (4)(b)—

(i) in paragraph (i) for “a Minister of the Crown or a Government Department” there were substituted “the Authority”; and

(ii) in paragraph (iii)(bb) for “creditor’s” substitute “Authority’s”. ” .

(8) For rule 8 (Rule 6.9) substitute—

“ Rule 12.5

8. Rule 12.5 (allocation of proceedings to the London Insolvency District) applies as if in paragraph (b) for “a Minister of the Crown or a Government Department” there were substituted “the Authority”. ” .

Amendment of the Insurers (Winding Up) Rules 2001

3. In rule 23 (dividends to creditors) of the Insurers (Winding Up) Rules 2001( 8 ) for paragraph (2) substitute—

“ (2) Chapter 3 of Part 14 of the principal rules (distribution to creditors in winding up) applies as though—

(a) the assets of the company which are available for meeting the liabilities of the company attributable to its long-term business and those liabilities, and

(b) the assets of the company which are available for meeting the liabilities of the company attributable to its other business and those liabilities,

were the assets and liabilities of separate companies. ” .