Insolvency Act 1986, Section 416 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The Secretary of State may by order in a statutory instrument increase or reduce any of the money sums for the time being specified in the following provisions in the first Group of Parts—
section 117(2) (amount of company’s share capital determining whether county court has jurisdiction to wind it up);
section 120(3) (the equivalent as respects sheriff court jurisdiction in Scotland);
section 123(1)(a) (minimum debt for service of demand on company by unpaid creditor);
section 184(3) (minimum value of judgment, affecting sheriff’s duties on levying execution);
section 206(1)(a) and (b) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company’s officer).
(2)An order under this section may contain such transitional provisions as may appear to the Secretary of State necessary or expedient.
(3)No order under this section increasing or reducing any of the money sums for the time being specified in section 117(2), 120(3) or 123(1)(a) shall be made unless a draft of the order has been laid before and approved by a resolution of each House of Parliament.
(4)A statutory instrument containing an order under this section, other than an order to which subsection (3) applies, is subject to annulment in pursuance of a resolution of either House of Parliament.
Modifications etc. (not altering text)
C1S. 416 applied in part (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1 para. 3 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 20)
C2S. 416(1)(4) applied (with modifications) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2
C3S. 416(1) modified (6.4.2001) by S.S.I. 2001/128, reg. 4(2), Sch. 3
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