New Bankruptcy Threshold from 1st October 2015
Since 1st October 2015, the government has increased the minimum bankruptcy threshold for a creditor to be able to start bankruptcy proceedings against a debtor from £750 to £5,000.
This means that debt below the new £5000 threshold can only be enforced after a judgment has been obtained against the debtor, and only by those prescribed methods of enforcement in the High and County Court.
The threshold for issuing winding up proceedings against a limited company remains at £750.
For more information and advice about collection or enforcement of debts, please contact us on 01159 647740.
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