As from 1 October 2015, Regulations have introduced the key provisions of the Small Business, Enterprise and Employment Act 2015 (“the Act”) as regards its affect on Directors and Insolvency Practitioners. This introduces very important changes which will have a considerable impact on Directors and the position of Insolvency Practitioners
As from 1 October 2015 the Insolvency Act 1986 (Amendment) Order 2015 (SI 2015/922 has amended Section 267(4) of the Insolvency Act 1986 such as to increase the bankruptcy level for a creditor’s bankruptcy petition from £750 to £5,000. Accordingly, for undisputed debts less than £5,000 a Statutory Demand will no longer be available
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