Changes to the Insolvency Act 1986 that are being introduced on 1 October 2015 will mean that a person will no longer be able to be made bankrupt if they fail to pay a judgment debt of as little as £750 (a sum which has remained the same for 19 years).

Under the revised regulations, a petition for bankruptcy will only be able to be presented if the debt due is £5,000 or more.

If you are owed money by an individual which is under £5000 and are considering a bankruptcy petition this must be presented to the court before the 1 October 2015; should you require assistance with this contact Leanne Schneider-Rose on 0121 698 2200 or email l.schneider-rose@sydneymitchell.co.uk.

 

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