1.—(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2015 and comes into force on 1st October 2015.
(2) In this Order reference to the “principal Order” is to the Insolvency Proceedings (Monetary Limits) Order 1986(1).
2. Column 3 (monetary amounts) of Part II of the Schedule to the principal Order is amended as follows—
(a)for the maximum amount of a person’s debts, for “£15,000” substitute“ £20,000”;
(b)for the maximum total value of property, for “£300” substitute“ £1,000”.
3. The amendments made by this Order apply only to applications made under section 251B(1) on or after 1st October 2015.
Jo Swinson
Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs
Department for Business, Innovation and Skills
14th January 2015