The Compendium

where they can be found in the Act. The second part is the Act itself, setting out the detail of the law in the area.

The third part is the Schedules to the Act, which set out more detail in certain areas, such as powers, remedies and penalties.

It can be really useful for a student of insolvency and restructuring to get hold of a statute such as the Insolvency Act 1986 and read a couple of sections, to see how they are worded and get a 'feel' for the way sections are constructed. A good example of this would be section 214 IA 1986, about wrongful trading.

The three main sources of statute for the insolvency profession are:

1. Butterworths Insolvency Law Handbook (the Insolvency Act 1986 is the first statute you happen upon when opening the book).
2. Sealy and Milman.
3. Searching online by putting a section number into your search engine (such as 'section 214 Insolvency Act 1986'). The first entry that comes up following your search will usually be the Government publication of the legislation and you can scroll down on your screen to see the wording and detail of the section, rule or regulation.

[See 'Insolvency Rules 2016', 'Butterworths' and Sealy and Milman'.]

Insolvency Administration Order

The first important thing to note is that debts do not end and are not extinguished on the death of the debtor.

Where a debtor has died but, at the time of their death, they had not been made formally Bankrupt, a creditor can apply for an Insolvency Administration Order (which is very similar to a Bankruptcy Order).

The personal representatives of the late debtor can present a petition for an Insolvency Administration Order (IAO) petition.

More likely in reality, however, is that the personal representatives of the deceased debtor will put a proposal to the deceased's creditors and, if this will result in a speedier return, the creditors may go for this rather than getting embroiled in formal proceedings.