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

S.R. 2024/152 · Made 2 July 2024 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 8 July 2024.

Insolvency

Laid before the Assembly in draft

Made 2nd July 2024

Coming into operation 8th July 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 commencementI1

This Order may be cited as the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2024 and comes into operation on 8th July 2024.

2InterpretationI1

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 OrderI1

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 provisionI1

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 2nd July 2024

L.S.

Conor Murphy

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