30 November 2016
New Insolvency Legislation approved by the N.I. Assembly
Please be advised that, on 29 November 2016, the N.I. Assembly affirmed two proposed Statutory Rules, which came into operation immediately from midnight 29 November 2016.
Please see attached copy of the Statutory Rules.
Brief description of the S.R.s
- The Insolvency (Northern Ireland) Order 1989 (Amendment) Order (Northern Ireland) 2016, increases the level at which a creditor can petition for an individual to be made bankrupt from £750 to £5,000.
- The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2016, raises the limits on the level of debt (from £15,000 to £20,000), and the total assets which an individual can own (from £300 to £1,000), to be eligible for a Debt Relief Order.