INSOLVENCY TRADE BODY R3 has welcomed the government’s consultation on increasing the threshold for a bankruptcy petition that was put forward by a creditor.
The government has announced it will consult on increasing the petition level for creditors from £750 owed. R3 wants the threshold raised to £3,000.
Currently, a creditor can file a petition for bankruptcy if they are owed £750 or more.
“R3 has long campaigned for the rebalancing of the relationship between debtors and creditors because a number of creditors petition for bankruptcy on low levels of debts. The threshold of £750, which was set in 1986, is now outdated,” said Lee Manning (pictured) R3 vice-president and Deloitte partner.
Manning continued: “The Government today acknowledged ‘that to be able to threaten someone with bankruptcy for such a small amount is disproportionate’. We are pleased the Government is listening to R3’s concerns on this issue.”
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The UK gender pay gap will not close until 2069 unless action is taken to tackle it now, according to new research by Deloitte
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK