# The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2016

Draft 2016, ISBN 9780338006295

This Order makes amendments to the Insolvency (Monetary Limits) Order (Northern Ireland) 1991 (“the Principal Order”).

Made under: The Insolvency (Northern Ireland) Order 1989 (Article 362)

PDFs: Printed copy https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2016/pdf/nidsr_9780338006295_en.pdf; NI Draft Explanatory Memorandum https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2016/pdf/nidsrem_9780338006295_en.pdf

## Introductory text

Draft Order laid before the Assembly under Article 362(3) of the Insolvency (Northern Ireland) Order 1989 for approval
Insolvency
Made xx xxxx 2016
Coming into operation in accordance with Article 1
The Department for the Economy makes the following Order in exercise of the powers conferred by Article 362(1)(b) of the Insolvency (Northern Ireland) Order 1989

## 1 Citation and commencement

This Order may be cited as the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2016 and shall come into operation on the day after the day on which it is affirmed by resolution of the Assembly

## 2 Interpretation

In this Order—
“the principal Order” means the Insolvency (Monetary Limits) Order (Northern Ireland) 1991

## 3 Amendments to Part 1 of the Schedule to the principal Order

Column 3 (monetary amount) of Part 1 of the Schedule to the principal Order is amended as follows—
(a) for the maximum amount of a person’s debts, for “£15,000” substitute “£20,000”.
(b) for the maximum total value of property, for “£300” substitute “£1,000”.

## 4 Transitional Provision

The amendments made by this Order apply only to applications made under Article 208B of the Insolvency (Northern Ireland) Order 1989 on or after the day on which this Order comes into operation.

## Signature

Sealed with the Official Seal of the Department for the Economy on xx xxxxx 2016
L.S.
Wendy Johnston
A senior officer of the Department for the Economy

## Explanatory note

(This note is not part of the Order)
This Order makes amendments to the Insolvency (Monetary Limits) Order (Northern Ireland) 1991 (“the Principal Order”).
Article 3 increases the maximum amount of debt and maximum total value of property which a person may have in order to be eligible for a debt relief order. Property excludes a debtor’s domestic motor vehicle up to a value of £1,000 (see Rule 5A, paragraph 14 of the Insolvency Rules (Northern Ireland) 1991.
Article 4 provides that the increases apply only to applications made to the official receiver on or after the day on which this Order comes into operation.

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Source: https://www.legislation.gov.uk/nidsr/2016/9780338006295 (the official version)
Page: https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2016
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.