The Insolvency Proceedings (Monetary Limits) (Amendment) Order 2021

• Citation: S.I. 2021/673
• Sections: 2

Section 1 Citation, commencement, transitional provision and extent

(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) (Amendment) Order 2021 and comes into force on 29th June 2021.

(2) The amendments made by this Order apply in relation to applications for a debt relief order made under section 251B(1) of the Insolvency Act 1986 on or after the date on which this Order comes into force.

(3) This Order extends to England and Wales.

Section 2 Amendments to the Insolvency Proceedings (Monetary Limits) Order 1986

(1) The Insolvency Proceedings (Monetary Limits) Order 1986 is amended as follows.

(2) In column 3 (monetary amounts) of Part 2 of the Schedule—

(a) in the entry for the maximum amount of a person’s debts, for “£20,000” substitute “£30,000”;

(b) in the entry for the maximum amount of monthly surplus income, for “£50” substitute “£75”;

(c) in the entry for the maximum total value of property, for “£1,000” substitute “£2,000”.