The majority of the Red Tape Challenge measures are set to impact on the revised rules. The following measures have been included in the consultation to modernise insolvency rules: Removing creditors' meeting as the default for decision making - new rules have been drafted covering company voluntary arrangements, individual voluntary arrangements, administration and administrative receivership, etc (where the new rules have not yet been drafted, there is a note of the intended procedure, rather than draft rules). Abolition of final meetings of creditors in bankruptcy and liquidation where an insolvency practitioner is the office holder. Removing the requirement for the liquidator to chair voluntary liquidation meetings of creditors and allow a suitably experienced person within their firm to be chair in their place.
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