The Insolvency Act is a statutory piece of legislation that was passed in 1986 which is a law that deals with all matters that relate to Insolvency. Parts of the act have been updated by the Enterprise Act 2002, which came into enforcement in 2004. The Insolvency Act essentially governs any issue relating to personal bankruptcy and Individual Voluntary Arrangements (IVAs) and all orders relating to company insolvency.
Below is an excerpt of The Insolvency Act.
"An Act to consolidate the enactments relating to company insolvency and winding up (including the winding up of companies that are not insolvent, and of unregistered companies); enactments relating to the insolvency and bankruptcy of individuals; and other enactments bearing on those two subject matters, including the functions and qualification of insolvency practitioners, the public administration of insolvency, the penalisation and redress of malpractice and wrongdoing, and the avoidance of certain transactions at an undervalue"
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