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The bankruptcy threshold


Many of you will be aware that the minimum amount on which bankruptcy proceedings can be commenced has risen to £5000 from £750. Quite a change

Naturally many vested interests will have their own opinions on this and much comment should be treated with a little scepticism and it is often forgotten that this is not the only method of debt collection

My experience is that when, many years ago, I found that the minimum for issuing winding up proceedings was £750 I was more than surprised. If I had been asked to guess a figure, between £3 and 5k would have been my estimate

Do I think the change is right? I do for the simple practical reason that I believe the statutory demand process is abused and also because I simply find it hard to believe that many of these cases of seen through to a conclusion over such a small amount.

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