The UK government's latest amendments to insolvency legislation have introduced significant changes that affect how asset recovery and valuation processes are conducted. These changes, which came into effect earlier this year, are designed to improve outcomes for creditors while ensuring fair treatment for all parties involved.
Key Changes
The most significant change relates to the timing and methodology of asset valuations during insolvency proceedings. New requirements mandate that valuations be conducted within stricter timeframes and using standardized methodologies.
Impact on Practice
Insolvency practitioners are now required to engage qualified valuers earlier in the process, ensuring that asset recovery strategies are based on accurate, up-to-date assessments of value.