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

Draft 2024, ISBN 9780338023216

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.

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

PDFs: Printed copy https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2024/pdf/nidsr_9780338023216_en.pdf; NI Draft Explanatory Memorandum https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2024/pdf/nidsrem_9780338023216_en_001.pdf

## Introductory text

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

## 1 Citation 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.

## 2 Interpretation

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

## 4 Transitional 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 1989 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

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Source: https://www.legislation.gov.uk/nidsr/2024/9780338023216 (the official version)
Page: https://openlegislation.uk/draft-insolvency-monetary-limits-amendment-order-northern-ireland-2024
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.