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The Insolvency Proceedings (Monetary Limits) (Amendment) Order 2015

S.I. 2015/26 · Made 14 January 2015

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, England And Wales

Made 14th January 2015

Laid before Parliament 15th January 2015

Coming into force 1st October 2015

The Secretary of State makes the following Order in exercise of the power conferred by section 418 of the Insolvency Act 1986f1.

Annotations to the whole text

Footnotes

f1

1986 c. 45. Section 418 was amended by the Enterprise Act 2002 (c. 40), section 261(6) and the Tribunals, Courts and Enforcement Act 2007 (c. 15), section 108(3), Schedule 20, Part 1, paragraphs 1 and 11.

Contents

  1. 1Citation and commencement
  2. 2Amendments to Part II of the Schedule to the principal Order
  3. 3Transitional Provision
  4. Signature
  5. Explanatory note

1Citation and commencement

(1)

This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2015 and comes into force on 1st October 2015.

(2)

In this Order reference to the “principal Order” is to the Insolvency Proceedings (Monetary Limits) Order 1986f1.

2Amendments to Part II of the Schedule to the principal Order

Column 3 (monetary amounts) of Part II of the Schedule to the principal Order is amended as follows—

(a)

for the maximum amount of a person’s debts, for “£15,000” substitute“ £20,000”;

(b)

for the maximum total value of property, for “£300” substitute“ £1,000”.

3Transitional Provision

The amendments made by this Order apply only to applications made under section 251B(1) on or after 1st October 2015.

Signature

Jo Swinson

Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs

Department for Business, Innovation and Skills

14th January 2015

Explanatory note

(This note is not part of the Order)

This Order makes amendments to Insolvency Proceedings (Monetary Limits) Order 1986.

Article 2 increases the maximum amount of debt and the maximum total value of property which a person may have in order to be eligible for a debt relief order. Property excludes a debtor’s domestic motor vehicle up to a value of £1,000 (see Rule 5A, paragraph 10 of the Insolvency Rules 1986).

Article 3 provides that the increases apply only to applications made to the official receiver on or after 1st October 2015.

A full impact assessment of the effect that the instrument will have on the costs of business and the voluntary sector is available from the Insolvency Service, 4 Abbey Orchard Street, London SW1P 2HT and is published on the Insolvency Service website www.insolvency.gov.uk. It is also published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.