Statutory Instruments
2024 No. 626
Insolvency, England And Wales
Insolvency Proceedings (Monetary Limits) (Amendment) Order 2024
Made
9th May 2024
Laid before Parliament
10th May 2024
Coming into force
28th June 2024
The Secretary of State, in exercise of the powers conferred by section 418 of the Insolvency Act 1986( 1 ), makes the following Order.
Citation, commencement, transitional provision and extent
1. —(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2024 and comes into force on 28th June 2024.
(2) The amendments made by this Order apply in relation to applications for a debt relief order made under section 251B(1)( 2 ) 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.
Amendments to the Insolvency Proceedings (Monetary Limits) Order 1986
2. —(1) The Insolvency Proceedings (Monetary Limits) Order 1986( 3 ) is amended as follows.
(2) In column 3 (monetary amounts) of Part 2 of the Schedule, in the entry for the maximum amount of a person’s debts, for “£30,000” substitute “£50,000” .
Kevin Hollinrake
Minister of State
Department for Business and Trade
9th May 2024
1986 c. 45 . Relevant amendments were made by the Tribunals, Courts and Enforcement Act 2007 (c. 15) , Schedule 20, paragraph 11.
Section 251B was inserted by the Tribunals, Courts and Enforcement Act 2007 (c. 15) , section 108(1) and Schedule 17.
S.I. 1986/1996 . Relevant amendments were made by S.I. 2004/547 , S.I. 2009/465 , S.I. 2015/26 and S.I. 2021/673 .