It came into force on 25 April 2018 and replaced all previous Practice Directions, Practice Statements and Practice Notes relating to insolvency proceedings.
The new Practice Direction was required following the coming into force, on 6 April 2017, of the Insolvency (England and Wales) Rules 2016, which repealed and replaced the former Insolvency Rules 1986. On 6 April 2017, a practice note was issued explaining that, with the coming into force of the new rules, significant amendments were required to the Insolvency Proceedings Practice Direction. It stated that in the near future an interim practice direction would be made pending the making of a substantially revised practice direction. In the meantime, the existing practice direction was to be treated as not in effect where it contradicted the new rules.
No interim practice direction was ever in fact issued and the rather unsatisfactory position of having a practice direction that was inconsistent with the rules has persisted for over a year. The making of the new Insolvency Practice Direction is therefore welcome for all those who act in insolvency proceedings.
At the time of writing, the new Practice Direction is not yet on the Justice website. However, it will no doubt be uploaded shortly.