Back
We continue to provide our legal services through the COVID-19 pandemic. Please visit our COVID-19 Hub for legal insights, or contact us directly.
Get in Touch Menu
Text size: A A A
Get in Touch
Home Insights & thinking Insolvency update

Insolvency update

15 July 2016

 In October 2015 the bankruptcy threshold for individuals was raised from £750 to £5,000, the first increase in 30 years.

This means that those aiming to bankrupt an individual debtor can only do so if the debt is £5,000 or more, and the individual cannot pay. Debts under £5,000 should be pursued in the county court if an alternative agreement for payment cannot be reached.

However, the threshold for issuing a winding-up petition against a company has not increased from £750, and remains a useful tool for creditors.

We're here to help

 

Contact
Paul Gordon LLB
Partner
View profile
Message
Paul Gordon
Related services
Share this article
Resources to help

Related articles

Visit Hub

The classic car market & the law - Q&A
Classic car disputes

The classic car market is a multi-billion pound industry, not surprisingly with many legal complications, but that shouldn’t impair the joy these four-wheeled icons can bring… What kind of businesses…

Read more
Paul Gordon LLB
Partner

Turning a blind eye: the concept of 'dishonest assistance'
Litigation & dispute resolution

The court has shed light on the legal concept of ‘dishonest assistance’, in the recent case of Group Seven Limited & Others v Notable Services LLP & Others [2019]. By…

Read more
Paul Gordon LLB
Partner

Legal brain Q&A: A guide to intellectual property rights
Intellectual property disputes

They say that imitation is the highest form of flattery. But when it comes to intellectual property, a competitor copying your ideas can put your business’s whole operation and finances at…

Read more
Paul Gordon LLB
Partner
Contact us