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The Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2024

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  • Consultation
  • Final
  • Enactment
  • Post Implementation

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This is the Final version of the Impact Assessment.

Please note:

This impact assessment is only available to download and view as PDF.

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Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.

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Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
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Impact Assessments are published at different stages of the legislation making process. These different versions can be viewed on legislation.gov.uk where available:

Consultation:
This version/stage refers to when a formal public consultation is published and focuses on the cost and benefits of each option under consideration.
Final:
When a preferred option has been decided upon following the consultation stage, a ‘Final’ version is published. This is the version that accompanied the proposed legislation when it was introduced to Parliament. It is the version that accompanies any Draft Statutory Instrument which requires and Impact Assessment.
Enactment:
Published when the legislation is enacted, (sometimes this may be the same as the Final version depending whether changes have been introduced to the final proposal during the Parliamentary process);
Post Implementaion Review:
This stage captures the impact of the implemented policy, and assesses any modifications to the policy objectives or its implementation recommended as a result of the review.

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