Statutory Instruments
Insolvency
Individuals
Made
8th May 2024
Laid before Parliament
10th May 2024
Coming into force
28th June 2024
The Lord Chancellor has consulted the committee existing for the purposes of section 413 of the Insolvency Act 1986(1).
The Lord Chancellor, with the concurrence of the Secretary of State, in exercise of the powers conferred by section 412(2) of that Act, makes the following Rules.
1.—(1) These Regulations may be cited as the Insolvency (England and Wales) (Amendment) Rules 2024 and shall come into force on 28th June 2024.
(2) These Rules extend to England and Wales only.
(3) The amendments made by the Rules apply in relation to an application for a debt relief order made under section 251B(1)(3) of the Insolvency Act 1986 on or after the date on which these Rules come into force.
2.—(1) The Insolvency (England and Wales) Rules 2016(4) are amended as follows.
(2) In rule 9.9(1)(a)(ii), for “£2,000” substitute “£4,000”.
Signed by the authority of the Lord Chancellor
Bellamy
Parliamentary Under Secretary of State
Ministry of Justice
8th May 2024
I concur, on behalf of the Secretary of State
Kevin Hollinrake
Minister of State
Department for Business and Trade
8th May 2024
(This note is not part of the Rules)
These Rules amend the Insolvency (England and Wales) Rules 2016 (S.I. 2016/1024). Rule 9.9 of those Rules lists property the official receiver must disregard for the purposes of determining the value of a person’s property in connection with a debt relief order. This includes a single domestic motor vehicle whose maximum potential realisable value is less than £2,000. These Rules change that amount to £4,000.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
An Explanatory Memorandum has been prepared and is available alongside these Rules at www.legislation.gov.uk.
Section 412 confers on the Lord Chancellor the power to make rules in relation to individual insolvency with the concurrence of the Secretary of State and the Lord Chief Justice (in the case of rules that affect court procedure). Relevant amendments were made by the Tribunals, Courts and Enforcement Act 2007 (c. 15), Schedule 20, paragraph 8.
Section 251B was inserted by the Tribunals, Courts and Enforcement Act 2007 (c. 15), section 108(1) and Schedule 17.
S.I. 2016/1024. Relevant amendments were made by S.I. 2021/672.