Bankruptcy limit to increase from £750 to £5,000 – only 4 weeks to go!!!!
Businesses and creditors need to consider debtor’s lists well in advance of 1 October 2015 when the limit for bankruptcy increases from £750 to £5,000. After 1st October 2015 much more debt will fall outside the scope of bankruptcy proceedings and businesses and creditors should therefore begin any legal action to recover overdue debts now to take advantage of the current rules.
Remember from 1 October 2015:
- The minimum level of debt to trigger “bankruptcy” will rise from £750 to £5,000
- The amount of debt to trigger a debtor’s application for a Debt Relief Order will increase from £15,000 to £20,000
Act now before it’s too late.