The Insolvency Act 1986 (Amendment) Order 2015 (SI 2015/922 has amended Section 267(4) of the Insolvency Act 1986 such as to increase the
bankruptcy level for a creditor's bankruptcy petition from £750 to £5,000.
Accordingly, for undisputed debts less than £5,000 a Statutory Demand will no longer be available to enforce an undisputed debt. Similarly, litigated County Court proceedings will need to be used to enforce a debt, but can only leading to either Charging Order proceedings (against fixed assets, mainly property) or Warrants issued by the Court Bailiff against moveable items of value.
bankruptcy level for a creditor's bankruptcy petition from £750 to £5,000.
Accordingly, for undisputed debts less than £5,000 a Statutory Demand will no longer be available to enforce an undisputed debt. Similarly, litigated County Court proceedings will need to be used to enforce a debt, but can only leading to either Charging Order proceedings (against fixed assets, mainly property) or Warrants issued by the Court Bailiff against moveable items of value.
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