Insolvency Act 1986
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| Citation | 1986 c 45 |
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| Territorial extent | England and Wales; Scotland; Northern Ireland |
| Dates | |
| Royal assent | 1986 |
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Status: Current legislation
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| Text of statute as originally enacted | |
The Insolvency Act 1986 (c 45) is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK.
The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures.
Elements of the Act have been updated by the Enterprise Act 2002 which came into enforcement on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route.
Those considering the main Act should also refer to the Insolvency Rules 1986 and numerous Regulations and other amending legislation since 1986, and also to the best practice which applies to the administration of formal insolvency matters set out in the Statements of Insolvency Practice (SIPs) approved by the insolvency practitioner authorising bodies.
The Insolvency Act 1986 essentially governs issues relating to personal bankruptcy and Individual Voluntary Arrangements and all administrative orders relating to company insolvency.
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