Bankruptcy limit to increase from £750 to £5,000

The Government has announced changes to the bankruptcy rules, which will come into effect in October 2015. The minimum debt threshold to petition for someone’s bankruptcy will increase from £750 to £5,000, having been at the lower limit for nearly 30 years.

The move has been made following campaigns to ensure that bankruptcy, which has the most significant consequences, is reserved for those with sizeable debts. It is expected that there will be a significant decline in the number of petitions being presented for bankruptcy once the rules come into effect.

If you are an individual facing financial difficulty or are owed money and looking to take action to recover a debt Dains are able to assist you in the options available.

For further information or to arrange an informal meeting to discuss your situation please contact Nicki Hawksley on 0800 298 3899