Technical Bulletins



 

Proposed Government legislation will mean that with effect from 1 October 2015, anyone wishing to present a bankruptcy petition against another must be owed a debt of at least £5,000.

This minimum level of debt is known as the bankruptcy limit. A creditor (or creditors acting together) can only present a bankruptcy petition to the court in respect of one or more debts if, at the time the petition is presented, the amount of the debt (or aggregate amount of the debts) is equal to or exceeds the bankruptcy limit.



Insolvency legislation and Insolvency Practitioners have generally been associated with individuals and business entities facing financial difficulties.

However, an amendment to the Insolvency Act has helped to simplify matters and provide an effective tool for stakeholders to wind down or reorganise the affairs of a company thus maximise tax planning opportunities.


 

Proposed Government legislation will mean that with effect from 1 October 2015, anyone wishing to present a bankruptcy petition against another must be owed a debt of at least £5,000.

This minimum level of debt is known as the bankruptcy limit. A creditor (or creditors acting together) can only present a bankruptcy petition to the court in respect of one or more debts if, at the time the petition is presented, the amount of the debt (or aggregate amount of the debts) is equal to or exceeds the bankruptcy limit.



Insolvency legislation and Insolvency Practitioners have generally been associated with individuals and business entities facing financial difficulties.

However, an amendment to the Insolvency Act has helped to simplify matters and provide an effective tool for stakeholders to wind down or reorganise the affairs of a company thus maximise tax planning opportunities.

 

 

 


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