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The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2024

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2024, ISBN 9780338023216

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the Assembly under Article 362(3) of the Insolvency (Northern Ireland) Order 1989, for approval by a resolution of the Assembly.

Insolvency

Made 00th xx 2024

Coming into operation 00th xx 2024

The Department for the Economyf1, in exercise of the powers conferred by Article 362(1)(b) and (2) of the Insolvency (Northern Ireland) Order 1989f2, makes the following Order.

Annotations to the whole text

Footnotes

f1

Formerly the Department of Enterprise, Trade and Investment; see section 1(3) of the Departments Act (Northern Ireland) 2016 (c. 5 (NI)).

f2

S.I. 1989 /2405(N.I. 19); Article 362(1)(b) was amended by section 6 of, and paragraph 4(12) of the Schedule to the Debt Relief Act (Northern Ireland) 2010 (c. 16 (NI)).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to Part 1 of the Schedule to the principal Order
  4. 4Transitional provision
  5. Signature
  6. Explanatory note

1Citation and commencement

This Order may be cited as the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2024 and comes into operation on 00th xx 2024.

2Interpretation

In this Order—

  • “the principal Order” means the Insolvency (Monetary Limits) (Northern Ireland) Order 1991f1.

3Amendments 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)

in the entry for the maximum amount of a person’s debts, for “£20,000” substitute “£50,000”.

(b)

in the entry for the maximum amount of monthly surplus income, for “£50” substitute “£75”.

(c)

in the entry for the maximum total value of property, for “£1,000” substitute “£2,000”.

4Transitional provision

The amendments made by this Order apply only to applications for a debt relief order made under Article 208B(1) of the Insolvency (Northern Ireland) Order 1989f1 on or after the date on which this Order comes into operation.

Signature

Sealed with the Official Seal of the Department for the Economy on 00th xx 2024

xxxxx

Minister for the Economy

Explanatory note

(This note is not part of the Order)

This Order amends the prescribed amounts for the debtor’s overall indebtedness, monthly surplus income and total value of property for the purposes of paragraphs 6 to 8 of Schedule 2ZA to the Insolvency (Northern Ireland) Order 1989 (“the 1989 Order”). That Schedule sets out the conditions for making a debt relief order under Part 7A of the 1989 Order.

A Regulatory Impact Assessment is available from the Insolvency Service, Department for the Economy, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ and is published with the Explanatory Memorandum alongside this Order at www.legislation.gov.uk