Increase to bankruptcy level

Increase to bankruptcy level

1 octoberFrom 1 October 2015, the amount required to be owed in order for a bankruptcy petition to be presented by a creditor against an individual is to be increased from £750 to £5,000.

We have addressed the question of what this increase means for both creditors and debtors and we asked Mark Sands, partner at Baker Tilly Creditor Services LLP and current President of the Insolvency Practitioners Association, how he thought the increase in the bankruptcy level might affect the insolvency profession.

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About the author:

Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.

Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.