In March this year, the Government published the draft Enterprise Bill, setting out radical changes to UK insolvency law. The Bill, if enacted, will not be effective until the rules are produced. Predictions are that this could be early in 2003, although most timetables have slipped so far.

The background to the insolvency aspects of the Bill is set out in the Government’s White Paper: Insolvency – A Second Chance, which was issued in July 2001.