Statutory Instruments
2015 No. 26
Insolvency, England And Wales
The Insolvency Proceedings (Monetary Limits) (Amendment) Order 2015
Made
14th January 2015
Laid before Parliament
15th January 2015
Coming into force
1st October 2015
The Secretary of State makes the following Order in exercise of the power conferred by section 418 of the Insolvency Act 1986( 1 ).
Citation and commencement
1. —(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2015 and comes into force on 1st October 2015.
(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. Column 3 (monetary amounts) of Part II of the Schedule to the principal Order is amended as follows—
(a) for the maximum amount of a person’s debts, for “£15,000” substitute“ £20,000”;
(b) for the maximum total value of property, for “£300” substitute“ £1,000”.
Transitional Provision
3. The amendments made by this Order apply only to applications made under section 251B(1) on or after 1st October 2015.
Jo Swinson
Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs
Department for Business, Innovation and Skills
14th January 2015
1986 c. 45 . Section 418 was amended by the Enterprise Act 2002 (c. 40) , section 261(6) and the Tribunals, Courts and Enforcement Act 2007 (c. 15) , section 108(3), Schedule 20, Part 1, paragraphs 1 and 11.
S.I. 1986/1996 . The Order was amended by the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2004 ( S.I. 2004/547 ), article 2 and schedule and the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2009 ( S.I. 2009/465 ), article 3.