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The Insolvency Proceedings (Monetary Limits) (Amendment) Order 2021 in England

S.I. 2021/673 · Made 4 June 2021

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 4th June 2021

Laid before Parliament 8th June 2021

Coming into force 29th June 2021

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

Annotations to the whole text

Footnotes

f1

1986 c. 45. Relevant amendments were made by the Tribunals, Courts and Enforcement Act 2007 (c. 15), Schedule 20, paragraph 11.

Contents

  1. 1Citation, commencement, transitional provision and extent
  2. 2Amendments to the Insolvency Proceedings (Monetary Limits) Order 1986
  3. Signature
  4. Explanatory note

1Citation, commencement, transitional provision and extent

(1)

This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2021 and comes into force on 29th June 2021.

(2)

The amendments made by this Order apply in relation to applications for a debt relief order made under section 251B(1)f1 of the Insolvency Act 1986 on or after the date on which this Order comes into force.

(3)

This Order extends to England and Wales.

2Amendments to the Insolvency Proceedings (Monetary Limits) Order 1986

(1)

The Insolvency Proceedings (Monetary Limits) Order 1986f1 is amended as follows.

(2)

In column 3 (monetary amounts) of Part 2 of the Schedule—

(a)

in the entry for the maximum amount of a person’s debts, for “£20,000” substitute “£30,000”;

(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”.

Signature

Callanan

Minister for Climate Change and Corporate Responsibility

Department for Business, Energy and Industrial Strategy

4th June 2021

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 4ZA to the Insolvency Act 1986. That Schedule sets out the conditions for making a debt relief order under Part 7A of that Act.

A full impact assessment of the effect that this instrument will have on the costs of business, the voluntary sector and the public sector is available from the Insolvency Service, 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ and is also published on the Insolvency Service website www.gov.uk/government/organisations/insolvency-service.

An Explanatory Memorandum has been prepared and is available alongside this Order at www.legislation.gov.uk.