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The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2011
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Statutory Rules of Northern Ireland
2011 No. 110
Insolvency
The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2011
Laid before the Assembly in draft
Made
16th March 2011
Coming into operation
30th June 2011
Citation and commencement
1. This Order may be cited as the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2011 and shall come into operation on 30th June 2011.
Interpretation
2. In this Order—
“the principal Order” means the Insolvency (Monetary Limits) Order (Northern Ireland)1991(3).
Amendments to the principal Order
3. After Article 2 insert—
“Monetary limits relating to debt relief orders
2A. The amounts specified for the purposes of the provisions in Part VIIA of the Order (debt relief orders) set out in column 1 of Part 1 of the Schedule (shortly described in column 2) are the amounts specified in column 3 in relation to those provisions.”.
4. In Article 3 for “set out in column 1 of the Schedule” substitute “set out in column 1 of Part 2 of the Schedule”.
5. For the Schedule substitute—
“SCHEDULE
Article 2A
PART 1
Monetary Limits for Purposes of Part VIIA of the Insolvency (Northern Ireland) Order 1989
Column 1 Article of Order | Column 2 Short Description | Column 3 Monetary Amount |
|---|---|---|
| 208S(4) | Maximum amount of credit which a person in respect of whom a debt relief order is made may obtain without disclosure of his status. | £500 |
| Schedule 2ZA | Monetary conditions which must be satisfied for a debt relief order to be made— | |
| (a) paragraph 6(1) | (a) maximum amount of a person’s debts: | £15,000 |
| (b) paragraph 7(1) | (b) maximum amount of monthly surplus income: | £50 |
| (c) paragraph 8(1) | (c) maximum total value of property: | £300 |
Article 3
PART 2
Monetary Limits for Purposes of Part IX of the Insolvency (Northern Ireland) 0rder 1989
Column 1 Article of Order | Column 2 Short Description | Column 3 Monetary |
|---|---|---|
| 247(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 |
| 247(1)(b) | Minimum potential value of bankrupt’s estate for case to be referred as described above. | £4,000 |
| 286A(2) | Minimum value of interests in a dwelling-house for application by trustee for order for sale, possession or an order under Article 286. | £1,000 |
| 325(1) and (3) | Minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the Article. | £1,000 |
| 329(1) | Minimum value of property taken by a bankrupt out of Northern Ireland, determining his criminal liability. | £1,000 |
| 331(1) | Maximum amount of credit which bankrupt may obtain without disclosure of his status. | £500 |
| 335(2)(d) | Minimum value of goods removed by the bankrupt, determining his liability to arrest. | £1,000” |
Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 16th March 2011.
Michael J Bohill
A senior officer of the
Department of Enterprise, Trade and Investment
EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the Insolvency (Monetary Limits) Order (Northern Ireland) 1991 (S.R. 1991 No. 386). It introduces new provisions to follow on from the introduction of debt relief orders into the Insolvency (Northern Ireland) Order 1989 (“the 1989 Order”) by the Debt Relief Act (Northern Ireland) 2010.
This Order specifies monetary limits for the purposes of Article 208S(4) of the 1989 Order and paragraphs 6(1), 7(1) and 8(1) of Schedule 2ZA to that Order.
Article 208S provides for the maximum amount of credit which a debtor subject to a debt relief order may obtain without disclosure of his status. Paragraphs 6(1), 7(1) and 8(1) of Schedule 2ZA limit, respectively, provide for the maximum amount of debt, the maximum amount of monthly surplus income and the maximum total value of property which a person may have in order to be eligible for a debt relief order.
As this Order will not impose any significant costs on business, there is no requirement to prepare a Regulatory Impact Assessment. The setting of the monetary limit for Article 208S(4) and paragraphs 6(1), 7(1) and 8(1) of Schedule 2ZA are derived from the Debt Relief Act (Northern Ireland) 2010. Copies of the Regulatory Impact Assessment for that Act are available from the Legislation Unit, Insolvency Service, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ.
(1)
Formerly the Department of Economic Development; see Article 3(5) of the Departments (Northern Ireland) Order 1999 S.I. 1999/283 (N.I. 1)
(2)
S.I. 1989/2405 (N.I. 19); Article 362(1)(b) was amended by section 6 of, and paragraph (12) of the Schedule to the Debt Relief Act (Northern Ireland) 2010 (c. 16)
(3)
S.R. 1991 No.386, amended by S.R. 2006 No. 26
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