On 15 January 2015, it was announced that the bankruptcy creditor petition limit will be increased from £750 to £5,000 following a consultation into insolvency proceedings.
Business Minister, Jo Swinson said:
“Struggling with unresolvable debt can cause immense stress for families. These changes will ensure that our debt relief schemes are updated so that they still meet their original goal of providing access to those who need them. They also ensure that bankruptcy, which has the most significant consequences, is reserved for those with sizeable debts”.