OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(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.