 The previous legislation was largely piecemeal and eventually resulted in a comprehensive review which led to the enactment of the 2003 statute.After the coming into force of the Insolvency Act 2003 (and the repeal of earlier legislation), the country had to wait nearly 18 months for the Insolvency Rules 2005 to come into force.In practice, this meant that no bankruptcies were possible, because the delegation of certain key provisions, including the particulars of preferred creditors, were deferred to the rules.