Changes to Bankruptcy Level – Nov 2016
Published 7 Dec 2016
Following on from our 4 November blog on “Changes to Insolvency Order Nov 2016“, the law has now been amended accordingly.
The changes which came into affect from midnight on 29 November, will bring the Insolvency law in Northern Ireland in line with English and Welsh legislation – with the bankruptcy level having been amended by Westminster in October 2015.
The new law affirms that minimum debt or total debts due to a creditor before they can petition for bankruptcy of the debtor, is now set at a level of £5,000.
It is important to note however that this refers to bankruptcy only.
The change does not affect the level set for winding up petitions against companies which will remain at £750.
If you have require any further clarification on the recent changes to the Insolvency NI Order, please contact David McAlinden and the Insolvency team at MKB Law on 028 9024 2450 or email: email@example.com