1. These Rules may be cited as the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and come into force on 6th April 2019.
2. The enactments listed in the first column of the table in Schedule 1 are revoked to the extent specified in the third column of that table.
3.—(1) These Rules extend to Scotland only.
(2) These Rules, as they relate to company voluntary arrangements under Part 1 of the Act and administration under Part 2 of the Act, apply in relation to companies which the courts in Scotland have jurisdiction to wind up.
4. The transitional and savings provisions set out in Schedule 2 have effect.
5. Schedule 3 sets out the maximum penalties for offences under these Rules.
6.—(1) The Secretary of State must from time to time—
(a)carry out a review of the regulatory provision contained in these Rules; and
(b)publish a report setting out the conclusions of the review.
(2) The first report must be published before the end of the period of five years beginning with the day on which these Rules come into force.
(3) Subsequent reports must be published at intervals not exceeding five years.
(4) Section 30(4) of the Small Business, Enterprise and Employment Act 2015(1) requires that a report published under this rule must, in particular—
(a)set out the objectives intended to be achieved by the regulatory provision referred to in paragraph (1)(a);
(b)assess the extent to which those objectives are achieved;
(c)assess whether those objectives remain appropriate; and
(d)if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.
(5) In this rule, “regulatory provision” has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act 2015 (see section 32 of that Act).
2015 c.26 (“the 2015 Act”).