(1) The Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules 1986 [S.I. 1986/612] ("the former Rules") are hereby revoked.

(2) Notwithstanding paragraph (1) the former Rules shall continue to apply and have effect in relation to any application described in paragraph 3(a) or (b) of Rule 1 of these Rules made before the date on which these Rules come into force.