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Article 362 Monetary limits

Northern Ireland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The Department may by order—

F1(za)

increase or reduce any of the money sums for the time being specified in the following provisions of Part 1A—

  • Article 13DG(1) (maximum amount of credit which company may obtain without disclosing moratorium);

  • Article 13DJ(2) (maximum amount for certain payments without obtaining monitor consent etc);

  • Article 13G(2) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer); or

(a F2)

increase or reduce any of the money sums for the time being specified in—

  • Article 103(1)(a) (minimum debt for service of demand on company by unpaid creditor);

  • Article 170(1)(a) and (b) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer);

  • Article 186(1) (minimum debt for service of demand on unregistered company by unpaid creditor);

  • F3...

  • ...

(b)

specify amounts for the purposes of the following provisions—

  • F4Article 208S(4) (maximum amount of credit which a person in respect of whom a debt relief order is made may obtain without disclosure of his status);

  • Article 247 (minimum value of debtor's estate determining whether immediate bankruptcy order should be made; small bankruptcies level);

  • F5Article 286A (value of property below which application for sale, possession or charge to be dismissed);

  • Article 325(1)(b) and (3) (minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the Article);

  • Article 329(1)(a) (minimum value of property taken by a bankrupt out of Northern Ireland, determining his criminal liability);

  • Article 331(1)(a) (maximum amount of credit which bankrupt may obtain without disclosure of his status);

  • Article 332(2)(a) (exemption of bankrupt from criminal liability for failure to keep proper accounts, if unsecured debts not more than the prescribed minimum);

  • Article 335(2)(d) (minimum value of goods removed by the bankrupt, determining his liability to arrest)

  • F6paragraphs 6 to 8 of Schedule 2ZA (maximum amount of a person's debts, monthly surplus income and property for purposes of obtaining a debt relief order); F7...

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.

(2)

An order under this Article may contain such transitional provisions as may appear to the Department necessary or expedient.

(3)

No order shall be made under this Article unless a draft of it has been laid before, and approved by a resolution of the Assembly.

Annotations

Textual amendments

F1

Art. 362(1)(za) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 23(2) (with ss. 2(2), 5(2))

F2

mod. by SR 2004/307

F3

Words in art. 362(1)(a) repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 28(2), Sch. 4; S.R. 2016/203, art. 2

F4

Words in art. 362(1)(b) inserted (30.6.2011) by Debt Relief Act (Northern Ireland) 2010 (c. 16), ss. 6, 7(1), Sch. para. 4(12)(a); S.R. 2011/13, art. 2

F5

Words in art. 362(1)(b) inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 17(5) (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)

F6

Words in art. 362(1)(b) inserted (30.6.2011) by Debt Relief Act (Northern Ireland) 2010 (c. 16), ss. 6, 7(1), Sch. para. 4(12)(b); S.R. 2011/13, art. 2

F7

Art. 362(1)(c) and word omitted (26.6.2020) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 23(3) (with ss. 2(2), 5(2))

Notes on Part XIII

Modifications

C1

Pts. 11-14 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))

C2

Pts. 11-14 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)