According to Accountancy Age, the final draft of the Insolvency (Amendment) Rules 2010 includes more than 500 changes to the legislation, and is the “most extensive” rewriting of the 1986 Act the Insolvency Service has proposed.

The changes take effect on 6 April and the Service estimates it will result in annual savings to the cost of administering insolvencies of £42m.

One of the key aspects of the new legislation is the drive towards cost savings, and being more environmentally friendly by conducting  administrations over the internet and using emails instead of paper for example.