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BANKRUPTCY AND INSOLVENCY – STATUTORY THRESHOLD INCREASE
From the 1st October 2015, a creditor wishing to petition for an individual’s bankruptcy will need to be owed at least £5,000, rather than the £750 threshold that it has been for many years. No doubt this increase will have a significant impact on being able to recover smaller debts that will no longer contain the threat of bankruptcy proceedings.
This does not yet apply to petitions for a company insolvency where the threshold currently remains at £750.
