Judges Demand

Changes to Bankruptcy Proceedings from October 2015

Published On: 29th January 2015

In 1986 the bankruptcy creditor petition level was set at £750.00, where it stayed until now.

The change has been long expected, as the industry consensus was that the limit was too low. It was expected to be raised to £2,000.00 however, the threshold will rise to £5,000 in October 2015.

Creditors will no longer be able to issue a statutory demand to the debtor for an undisputed debt less than £5,000.00 after October 2015.