EXPLANATORY NOTE
(This Note does not form part of the Rules.)
These Rules set out the detailed procedure for the conduct of insolvency proceedings under the Insolvency Act 1986 (“the Act”) relating to companies registered in Scotland and other companies which the Scottish courts have jurisdiction to wind up and otherwise give effect to that Act in relation to Scotland.
Part 1 of the Rules sets out the procedure relating to company voluntary arrangements under Part I of the Act.
Part 2 of the Rules sets out the procedure relating to the administration procedure in Part II of the Act (Administration Orders).
Part 3 of the Rules sets out the procedure relating to receivers in Chapter II of Part III of the Act (Receivers (Scotland)). In addition, the Receivers (Scotland) Regulations 1986 (S.I. 1986/1917) prescribe matters which expressly fall to be prescribed in terms of that Chapter.
Parts 4-6 of the Rules set out the procedure relating to winding up of companies in Part IV of the Act. Part 4 of the Rules deals with winding up by the court. Parts 5 and 6 of, and Schedules 1 and 2 to, the Rules apply the provisions of Part 4, with modifications, to creditors' voluntary winding up and members' voluntary winding up respectively.
Part 7 of the Rules contains provisions of general application to insolvency proceedings. They include provisions relating to meetings (Chapter 1), proxies and company representation (Chapter 2) and miscellaneous matters (Chapter 3). In particular, Schedule 5 contains the forms which are to be used for the purposes of the provisions of the Act or the Rules which are referred to in those forms.
The Rules come into force on 29th December 1986 when the Act comes into force and will apply to insolvency proceedings which are commenced on or after that day.