keep The Insolvency (England and Wales) (Amendment) Rules 2024
Amends the Insolvency (England and Wales) Rules 2016 by increasing the debt threshold in rule 9.9(1)(a)(ii) from £2,000 to £4,000 for debt relief order eligibility, effective 28th June 2024 and applicable to new applications only.
This amendment expands access to debt relief orders, allowing financially distressed individuals a pathway to restructure and re-enter economic activity. Britons would be worse off without this update as reverting to the £2,000 threshold (set when the original rules were drafted) would exclude many legitimate cases due to inflation and rising living costs, preventing efficient debt resolution and prolonging economic inactivity. The change aligns with the flexibility needed post-Brexit to calibrate insolvency thresholds to current economic conditions rather than retaining outdated EU-derived figures.