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The Insolvency (Northern Ireland) Order 1989 (Amendment) Order (Northern Ireland) 2016

S.R. 2016/369 · Made 29 September 2016

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

Made 29th September 2016

Affirmed by resolution of the Assembly on 29th November 2016

Coming into operation in accordance with Article 1

The Department for the Economyf1 makes the following Order in exercise of the powers conferred by Article 241(3) of the Insolvency (Northern Ireland) Order 1989f2

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 (N.I.)

f2

S.I. 1989 /2405(N.I. 19)

Contents

  1. 1Citation and commencement
  2. 2Amendment to the Insolvency (Northern Ireland) Order 1989
  3. 3Transitional Provision
  4. Signature
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Insolvency (Northern Ireland) Order 1989 (Amendment) Order (Northern Ireland) 2016 and shall come into operation on the day after the day on which it is affirmed by resolution of the Assembly.

2Amendment to the Insolvency (Northern Ireland) Order 1989

In Article 241(3) of the Insolvency (Northern Ireland) Order 1989 (grounds of creditor’s petition) for “£750” substitute “£5,000”.

3Transitional Provision

The amendments made by this Order apply only to petitions presented on or after the day on which this Order comes into operation.

Signature

Sealed with the Official Seal of the Department for the Economy on 29th September 2016

L.S.

Wendy Johnston

A senior officer of the Department for the Economy

Explanatory note

(This note is not part of the Order)

This Order amends the Insolvency (Northern Ireland) Order 1989. It increases the bankruptcy level. This is the minimum debt or minimum total debts due to a creditor before that creditor can petition for bankruptcy of the debtor. The increase applies only to petitions presented on or after the day on which this Order comes into operation.