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The Insolvency (England and Wales) (Amendment) Rules 2024

S.I. 2024/622 · Made 8 May 2024

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.

Insolvency

Individuals

Made 8th May 2024

Laid before Parliament 10th May 2024

Coming into force 28th June 2024

The Lord Chancellor has consulted the committee existing for the purposes of section 413 of the Insolvency Act 1986f1.

The Lord Chancellor, with the concurrence of the Secretary of State, in exercise of the powers conferred by section 412f2 of that Act, makes the following Rules.

Annotations to the whole text

Footnotes

f1

1986 c. 45.

f2

Section 412 confers on the Lord Chancellor the power to make rules in relation to individual insolvency with the concurrence of the Secretary of State and the Lord Chief Justice (in the case of rules that affect court procedure). Relevant amendments were made by the Tribunals, Courts and Enforcement Act 2007 (c. 15), Schedule 20, paragraph 8.

Contents

  1. 1Citation, commencement, extent and transitional provision
  2. 2Amendments to the Insolvency (England and Wales) Rules 2016
  3. Signature
  4. Explanatory note

1Citation, commencement, extent and transitional provision

(1)

These Regulations may be cited as the Insolvency (England and Wales) (Amendment) Rules 2024 and shall come into force on 28th June 2024.

(2)

These Rules extend to England and Wales only.

(3)

The amendments made by the Rules apply in relation to an application for a debt relief order made under section 251B(1)f1 of the Insolvency Act 1986 on or after the date on which these Rules come into force.

2Amendments to the Insolvency (England and Wales) Rules 2016

(1)

The Insolvency (England and Wales) Rules 2016f1 are amended as follows.

(2)

In rule 9.9(1)(a)(ii), for “£2,000” substitute “£4,000”.

Signature

Signed by the authority of the Lord Chancellor

Bellamy

Parliamentary Under Secretary of State

Ministry of Justice

8th May 2024

I concur, on behalf of the Secretary of State

Kevin Hollinrake

Minister of State

Department for Business and Trade

8th May 2024

Explanatory note

(This note is not part of the Rules)

These Rules amend the Insolvency (England and Wales) Rules 2016 (S.I. 2016/1024). Rule 9.9 of those Rules lists property the official receiver must disregard for the purposes of determining the value of a person’s property in connection with a debt relief order. 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.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

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