I am sure many of you may be aware already that as of the 1st October 2015 the Bankruptcy Limit has increased to £5,000 whilst a Winding up Order remains the same at £750.00.
The limit debtor's can apply for a Debt Relief Order has also been increased from £15,000 to £20,000.
It is worth considering looking at Insolvency Proceedings on larger debts due to the recent increase in court issue fees. For example a debt of £50,000 attracts a court fee of approx. £2,250 to issue, plus solicitors costs of £130.00 up to Judgment and then further enforcement costs may be applied. Total cost of insolvency proceedings would be up to the region of £2,300 for a Winding Up Order and Bankruptcy in the region of £1,700 which could result in a large saving in costs.