2023 No. 220

Insolvency

The Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023

Made

Coming into operation

The Department of Justice makes the following Rules in exercise of the power conferred by Article 359 of the Insolvency (Northern Ireland) Order 19891, with the concurrence of the Department for the Economy2.

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 commencementI11

These Rules may be cited as the Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023 and come into operation on 01st February 2024.

Annotations:
Commencement Information
I1

Rule 1 in operation at 1.2.2024, see rule 1

Transitional provisionI22

The amendment made by rule 3, applies only in relation to applications made under Article 208B(1)3 of the Insolvency (Northern Ireland) Order 1989 on or after the 01st February 2023.

Annotations:
Commencement Information
I2

Rule 2 in operation at 1.2.2024, see rule 1

Amendments of the Insolvency Rules (Northern Ireland) 1991I33

1

The Insolvency Rules (Northern Ireland) 19914 are amended as follows.

2

In Rule 5A.14(4)(a), for “£1,000” substitute “£2,000”.

Annotations:
Commencement Information
I3

Rule 3 in operation at 1.2.2024, see rule 1

Sealed with the Official Seal of the Department of Justice on 19th December 2023

seal_r00001Richard PengellyA senior officer of the Department of Justice

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

seal_r00001Sharon HetheringtonA senior officer of the Department for the Economy
EXPLANATORY NOTE

(This note is not part of the Order)

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.