Explanatory note
(This note is not part of the Order)
This Order amends the Insolvency (Monetary Limits) Order (Northern Ireland) 1991 (S.R. 1991 No. 386). It increases broadly in line with inflation the sums specified in the Schedule to that Order. The table below shows the current amounts and the increase.
This Order also prescribes a monetary limit for the purposes of Article 286A(2) of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) and prescribes the matters for the High Court to disregard in the calculation of that interest. The entry for Article 332(2) of the Insolvency (Northern Ireland) Order 1989 is removed as that Article has been repealed by Article 20 of the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)).
| Article | Current Monetary Amount | New Monetary Amount |
|---|---|---|
| 247(1)(a) | £20,000 | £40,000 |
| 247(1)(b) | £2,000 | £4,000 |
| 325(1) and (3) | £500 | £1,000 |
| 329(1) | £500 | £1,000 |
| 331(1) | £250 | £500 |
| 335(2)(d) | £500 | £1,000 |
As this Order will not impose any significant costs on business, there is no requirement to prepare a Regulatory Impact Assessment. The setting of the monetary limit for Article 286A(2) and removal of the entry for Article 332(2) of the Insolvency (Northern Ireland) Order 1989 is derived from the Insolvency (Northern Ireland) Order 2005. Copies of the Regulatory Impact Assessment for that Order are available from the Legislation Unit, Insolvency Service, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ.