Insolvency Proceedings (Monetary Limits) Order 1986

Publication Date:January 01, 1986
 
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1986No. 1996

INSOLVENCY COMPANIES INDIVIDUALS, ENGLAND AND WALES

The Insolvency Proceedings (Monetary Limits) Order 1986

20thNovember1986

5thDecember1986

29thDecember1986

The Secretary of State, in exercise of the powers conferred by sections 416 and 418 of, and paragraphs 9 and 12 of Schedule 6 to, the Insolvency Act 1986( a), hereby makes the following Order:--

1.--(1) This Order may be cited as the Insolvency Proceedings (Monetary Limits) Order 1986 and shall come into force on 29th December 1986.

(2) In this Order "the Act" means the Insolvency Act 1986.

2.--(1) The provisions in the first Group of Parts of the Act (companies winding up) set out in column 1 of Part 1 of the Schedule to this Order (shortly described in column 2) are hereby amended by substituting for the amounts specified in column 3 in relation to those provisions the amounts specified in column 4.

(2) The sum specified in column 4 of Part I of the Schedule in relation to section 184(3) of the Act is not to affect any case where the goods are sold or payment to avoid sale is made, before the coming into force of the increase.

3. The amounts prescribed for the purposes of the provisions in the second Group of Parts of the Act (bankruptcy) set out in column 1 of Part II of the Schedule to this Order (shortly described in column 2) are the amounts specified in column 3 in relation to those provisions.

4. The amount prescribed for the purposes of paragraphs 9 and 12 of Schedule 6 to the Act (maximum amount for preferential status of employees' claims for remuneration and under the Reserve Forces (Safeguard of Employment) Act 1985( b)) is £800.

Michael Howard,

Parliamentary Under-Secretary of State Department of Trade and Industry.

20th November 1986.

(a) 1986 c. 45.

(b) 1985 c. 17.

SCHEDULE

Article 2

Part I

Increases of monetary amounts in first group of parts of Insolvency Act 1986

Section of the Act (1)

Short Description (2)

Present Amount (3)

New Amount (4)

184(3)

Minimum value of judgment, affecting sheriff's duties on levying execution

£250

£500

206(1)(a) and (b)

Minimum value of company property concealed or fraudulently removed affecting criminal liability of officer of company in liquidation

£120

£500

Article 3Part II

Monetary amounts for purposes of second group of parts of Insolvency Act 1986

Section of the Act (1)

Short Description (2)

Monetary Amount (3)

273(1)(a)

Maximum level of unsecured bankruptcy debts on debtor's petition for case to be referred to insolvency practitioner to assess possibility of voluntary arrangement with creditors.

£20,000

273(1)(b)

Minimum potential value of bankrupt's estate for case to be referred as described above.

£2,000

346(3)

Minimum amount of judgment, determining whether amount recovered on sale of debtor's goods is to be treated as part of his estate in bankruptcy.

£500

354(1) and (2)

Minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the section.

£500

358

Minimum value of property taken by a bankrupt out of England and Wales, determining his criminal liability.

£500

360(1)

Maximum amount of credit which bankrupt may obtain without disclosure of his status.

£250

361(2)

Exemption of bankrupt from criminal liability for failure to keep proper accountancy records if unsecured liabilities not more than the prescribed minimum.

£20,000

364(2)(d)

Minimum value of goods removed by the bankrupt determining his liability to arrest.

£500

EXPLANATORY NOTE

(This Note does not form part...

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