The Insolvency (Northern Ireland) Order 1989

Monetary limits N.I.

362.—(1) The Department may by order—

[F1 (za) increase or reduce any of the money sums for the time being specified in the following provisions of Part 1A—

• Article 13DG(1) (maximum amount of credit which company may obtain without disclosing moratorium);

• Article 13DJ(2) (maximum amount for certain payments without obtaining monitor consent etc);

• Article 13G(2) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer); or]

(a )F2 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);

• F3 ...

• F3 ...

(b )F2 specify amounts for the purposes of the following provisions—

• [F4 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);

• [F5 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)

• [F6 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);] F7 ...

F7 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.

(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 Art. 362(1)(za) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 23(2) (with ss. 2(2), 5(2))

F2 mod. by SR 2004/307

F3 Words in art. 362(1)(a) repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 28(2), Sch. 4; S.R. 2016/203, art. 2

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)(a); S.R. 2011/13, art. 2

F5 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)

F6 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

F7 Art. 362(1)(c) and word omitted (26.6.2020) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 23(3) (with ss. 2(2), 5(2))