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The Insolvency (Amendment) Rules (Northern Ireland) 2024

S.R. 2024/224 · Made 19 December 2024 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 10 January 2025.

Insolvency

Made 19th December 2024

Coming into operation 10th January 2025

The Department of Justice makes the following Rules in exercise of the power conferred by Article 359 of the Insolvency (Northern Ireland) Order 1989f1, with the concurrence of the Department for the Economyf2.

In accordance with Article 360 of the Insolvency (Northern Ireland) Order 1989, the Department of Justice has consulted the Committee appointed for the purposes of Article 360 of that Article.

Annotations to the whole text

Footnotes

f1

S.I. 1989/2405 (N.I. 19), Article 359 of which was amended by the Insolvency (Northern Ireland) Order 1989 (Amendment) Regulations (Northern Ireland) 2002 (S.R. 2002 No. 223), section 15 of and paragraph 81 of Schedule 5 to the Constitutional Reform Act 2005 (c.4), and by Article 15(5) of and paragraph 142 of Schedule 18 to the Northern Ireland Act 1998 (Devolution of Policing and Justice Functions) Order 2010 (S.I. 2010/976).

f2

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

Contents

  1. 1Citation and commencement
  2. 2Transitional provision
  3. 3Amendments to the Insolvency Rules (Northern Ireland) 1991
  4. Signature
  5. Explanatory note

1Citation and commencementI1

These Rules may be cited as the Insolvency (Amendment) Rules (Northern Ireland) 2024 and come into operation on 10th January 2025.

2Transitional provisionI1

The amendment made by rule 3 applies only in relation to applications for a debt relief order made under Article 208B(1)f1 of the Insolvency (Northern Ireland) Order 1989 on or after the 10th January 2025.

3Amendments to the Insolvency Rules (Northern Ireland) 1991I1

(1)

The Insolvency Rules (Northern Ireland) 1991f1 are amended as follows.

(2)

In Rule 5A.14(4)(a), for “£2,000” substitute “£4,000”.

Signature

Sealed with the Official Seal of the Department of Justice on 19th December 2024

L.S.

Naomi Long

Minister of Justice

The Department for the Economy concurs the foregoing Rules

Sealed with the Official Seal of the Department for the Economy on 19th December 2024

L.S.

Conor Murphy

Minister for the Economy

Explanatory note

(This note is not part of the Order)

These Rules amend the Insolvency Rules (Northern Ireland) 1991. Rule 5A.14 of those Rules lists property the official receiver must disregard for the purposes of determining the value of a debtor’s property in connection with a debt relief order under Part 7A of the Insolvency (Northern Ireland) Order 1989. This includes a single domestic motor vehicle whose maximum potential realisable value is less than £2,000. These Rules change that amount to £4,000.

The effect which this instrument will have on business and voluntary bodies was considered as part of a regulatory impact assessment prepared for changes to all four financial eligibility limits for the debt relief scheme, which is available from the Insolvency Service, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ, and is also published on the Department for the Economy website

Regulatory Impact Assessment - Proposed increases to the monetary eligibility limits for Debt Relief Orders in Northern Ireland (economy-ni.gov.uk)

An Explanatory Memorandum has been prepared and is available alongside these Rules at www.legislation.gov.uk.