The Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023
In accordance with Article 360 of the Insolvency (Northern Ireland) Order 1989, the Department of Justice has consulted the Committee appointed for the purposes of Article 360 of that Order.
Citation and commencement1.
These Rules may be cited as the Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023 and come into operation on 01st February 2024.
Transitional provision2.
Amendments of the Insolvency Rules (Northern Ireland) 19913.
(1)
(2)
In Rule 5A.14(4)(a), for “£1,000” substitute “£2,000”
.
Sealed with the Official Seal of the Department of Justice on 19th December 2023
The Department for the Economy concurs with the foregoing Rules
Sealed with the Official Seal of the Department for the Economy on 19th December 2023
These Rules amend the Insolvency Rules (Northern Ireland) 1991. Rule 5A.14 of those Rules lists property the official receiver must disregard for the purposes of determining the value of a debtor’s property in connection with a debt relief order under Part 7A of the Insolvency (Northern Ireland) Order 1989. This includes a single domestic motor vehicle whose maximum potential realisable value is less than £1,000. These Rules change that amount to £2,000.
The effect which this instrument will have on business and voluntary bodies was considered as part of a regulatory impact assessment prepared for changes to all four financial eligibility limits for the debt relief scheme, which is available from the Insolvency Service, Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ, and is also published on the Department for the Economy website
Regulatory Impact Assessment - Proposed increases to the monetary eligibility limits for Debt Relief Orders in Northern Ireland (economy-ni.gov.uk)
An Explanatory Memorandum has been prepared and is available alongside these Rules at www.legislation.gov.uk.