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.

EXPLANATORY NOTE

(This note is not part of the Order)

This Order makes amendments to Insolvency Proceedings (Monetary Limits) Order 1986.

Article 2 increases the maximum amount of debt and the maximum total value of property which a person may have in order to be eligible for a debt relief order. Property excludes a debtor's domestic motor vehicle up to a value of £1,000 (see Rule 5A, paragraph 10 of the Insolvency Rules 1986).

Article 3 provides that the increases apply only to applications made to the official receiver on or after 1st October 2015.

A full impact assessment of the effect that the instrument will have on the costs of business and the voluntary sector is available from the Insolvency Service, 4 Abbey Orchard Street, London SW1P 2HT and is published on the Insolvency Service website www.insolvency.gov.uk. It is also published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.