Explanatory note

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.