IMPORTANT changes to insolvency legislation have come into effect in Northern Ireland, in which the monetary threshold required to seek a bankruptcy order has soared from just £750 to a new level of £5,000.
That threshold hasn’t been raised since 1989, and the hefty increase is likely to have an impact on the strategy of creditors who are seeking their pound of flesh.
But the changes have caused a juxtaposition between the legislators and other government bodies such as HMRC and Land & Property Services, who regularly use bankruptcy as a method of ensuring that bills have to be paid regardless of who you are or what your personal circumstances are.
These process-driven machines are indiscriminate in term…
Read the full article at: http://www.irishnews.com/business/2016/12/05/news/insolvency-law-changes-push-bankruptcy-order-cost-to-5-000-815222/