Citation and commencement
1. This Order may be cited as the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2016 and shall come into operation on the day after the day on which it is affirmed by resolution of the Assembly
Interpretation
2. In this Order—
“the principal Order” means the Insolvency (Monetary Limits) Order (Northern Ireland) 1991(1)
Amendments to Part 1 of the Schedule to the principal Order
3. Column 3 (monetary amount) of Part 1 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”.
Transitional Provision
4. The amendments made by this Order apply only to applications made under Article 208B of the Insolvency (Northern Ireland) Order 1989 on or after the day on which this Order comes into operation.
Sealed with the Official Seal of the Department for the Economy on 29th November 2016
June Ingram
A senior officer of the Department for the Economy