The Insolvency (Northern Ireland) Order 1989

Monetary limits N.I.

362.—(1) The Department may by order—

(a )F1 increase or reduce any of the money sums for the time being specified in—

• Article 103(1)(a) (minimum debt for service of demand on company by unpaid creditor);

• Article 170(1)(a) and (b) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer);

• Article 186(1) (minimum debt for service of demand on unregistered company by unpaid creditor);

• Article 215(5) (maximum debt for calculating majority of creditors for assent to deed of arrangement);

• Article 221(4) (maximum debt for calculating majority of creditors for assent to dispense with security by trustee under deed of arrangement); or

(b )F1 specify amounts for the purposes of the following provisions—

• [F2 Article 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);]

• Article 247 (minimum value of debtor's estate determining whether immediate bankruptcy order should be made; small bankruptcies level);

• [F3 Article 286A (value of property below which application for sale, possession or charge to be dismissed);]

• Article 325(1)(b) and (3) (minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the Article);

• Article 329(1)(a) (minimum value of property taken by a bankrupt out of Northern Ireland, determining his criminal liability);

• Article 331(1)(a) (maximum amount of credit which bankrupt may obtain without disclosure of his status);

• Article 332(2)(a) (exemption of bankrupt from criminal liability for failure to keep proper accounts, if unsecured debts not more than the prescribed minimum);

• Article 335(2)(d) (minimum value of goods removed by the bankrupt, determining his liability to arrest)

• [F4 paragraphs 6 to 8 of Schedule 2ZA (maximum amount of a person's debts, monthly surplus income and property for purposes of obtaining a debt relief order);][F5 or]

[F5 (c) increase or reduce any of the money sums for the time being specified in the following provisions of Schedule A1—

• paragraph 28(1) (maximum amount of credit which company may obtain without disclosure of moratorium);

• paragraph 51(4) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer).]

.

(2) An order under this Article may contain such transitional provisions as may appear to the Department necessary or expedient.

(3) No order shall be made under this Article unless a draft of it has been laid before, and approved by a resolution of the Assembly.

F1 mod. by SR 2004/307

F2 Words in art. 362(1)(b) inserted (30.6.2011) by Debt Relief Act (Northern Ireland) 2010 (c. 16), ss. 6, 7(1), Sch. para. 4(12)(a); S.R. 2011/13, art. 2

F3 Words in art. 362(1)(b) inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 17(5) (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)

F4 Words in art. 362(1)(b) inserted (30.6.2011) by Debt Relief Act (Northern Ireland) 2010 (c. 16), ss. 6, 7(1), Sch. para. 4(12)(b); S.R. 2011/13, art. 2

F5 2002 NI 6