- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Statutory Rules of Northern Ireland
Insolvency
Made
19th December 2023
Coming into operation
01st February 2024
The Department of Justice makes the following Rules in exercise of the power conferred by Article 359 of the Insolvency (Northern Ireland) Order 1989(1), with the concurrence of the Department for the Economy(2).
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.
1. These Rules may be cited as the Insolvency (Amendment No. 2) Rules (Northern Ireland) 2023 and come into operation on 01st February 2024.
2. 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.
3.—(1) The Insolvency Rules (Northern Ireland) 1991(4) are amended as follows.
(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
(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.
S.I. 1989/2405 (N.I. 19), Article 359 of which was amended by the Insolvency (Northern Ireland) Order 1989 (Amendment) Regulations (Northern Ireland) 2002 (S.R. 2002 No. 223), section 15 of and paragraph 81 of Schedule 5 to the Constitutional Reform Act 2005 (c.4), and by Article 15(5) of and paragraph 142 of Schedule 18 to the Northern Ireland Act 1998 (Devolution of Policing and Justice Functions) Order 2010 (S.I. 2010/976).
Formerly the Department of Enterprise, Trade, and Investment, see the Departments Act (Northern Ireland) 2016 (2016 c.5 (N.I.) section 1(3) and Schedule 1).
Article 208B was inserted by s. 1(b) of the Debt Relief Act (Northern Ireland) 2010 (c. 16).
The Insolvency Rules (Northern Ireland) 1991 (S.R 1991 No. 364) to which relevant amendments are made by the Insolvency (Amendment) Rules (Northern Ireland) 2011 (S.R. 2011 No. 151), and the Insolvency (Amendment) Rules (Northern Ireland) 2013 (S.R. 2013 No. 278).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: