Statutory Instruments
2004 No. 547
INSOLVENCY
INDIVIDUALS, ENGLAND AND WALES
The Insolvency Proceedings (Monetary Limits) (Amendment) Order 2004
Made
27th February 2004
Laid before Parliament
2nd March 2004
Coming into force
1st April 2004
The Secretary of State, in exercise of the power conferred on her by section 418 of the Insolvency Act 1986( 1 ), hereby makes the following Order:—
Citation, commencement and interpretation
1. —(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2004 and shall come into force on 1st April 2004.
(2) In this Order reference to the “principal Order” is to the Insolvency Proceedings (Monetary Limits) Order 1986( 2 ).
Amendments to Part II of the Schedule to the principal Order
2. For the entries in columns 1, 2 and 3 set out in Part II of the Schedule to the principal Order there are substituted the entries set out in the Schedule to this Order.
Matters to be disregarded in determining the value of an interest for the purposes of section 313A(2)
3. After Article 4 of the principal Order there shall be inserted—
“ 5. The court shall, in determining the value of the bankrupt’s interest for the purposes of section 313A(2), disregard that part of the value of the property in which the bankrupt’s interest subsists which is equal to the value of:
(a) any loans secured by mortgage or other charge against the property;
(b) any other third party interest; and
(c) the reasonable costs of sale. ” .
Gerry Sutcliffe
Parlimentary Under Secretary of State For Employment Relations, Competition and Consumers,
Department of Trade and Industry
27th February 2004
Article 2
SCHEDULE MONETARY AMOUNTS FOR PURPOSES OF SECOND GROUP OF PARTS OF INSOLVENCY ACT 1986
| Section of the Act (1) | Short Description (2) | Monetary Amount (3) |
|---|---|---|
| 273(1)(a) | Maximum level of unsecured bankruptcy debts on debtor’s petition for case to be referred to insolvency practitioner to assess possibility of voluntary arrangement with creditors. | £40,000 |
| 273(1)(b) | Minimum potentital value of bankrupt’s estate for case to be referred as described above. | £4,000 |
| 313A(2) | Minimum value of interests in a dwelling-house for application by trustee for order for sale, possession or an order under section 313. | £1,000 |
| 346(3) | Minimum amount of judgment, determining whether amount recovered on sale of debtor’s goods is to be treated as part of his estate in bankruptcy. | £1,000 |
| 354(1) and (2) | Minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the section. | £1,000 |
| 358 | Minimum value of property taken by a bankrupt out of England and Wales, determining his criminal liability. | £1,000 |
| 360(1) | Maximum amount of credit which bankrupt may obtain without disclosure of his status. | £500 |
| 364(2)(d) | Minimum value of goods removed by the bankrupt, determining his liability to arrest. | £1,000 |
1986 c. 45 . The Insolvency Act was amended by the Insolvency Act 2000 (c. 39) , the Insolvency Act 1986 (Amendment) Regulations 2002 (S.I. 2002/1307 ), the Insolvency Act 1986 (Amendment No. 2) Regulations 2002 (S.I. 2002/1240 ), the Insolvency Act 1986 (Amendment No. 3) Regulations 2002 (S.I. 2002/1990 ) and the Enterprise Act 2002 (c. 40) .
S.I. 1986/1996 .