The Insolvency Service is increasing the deposit needed by a creditor, to petition for both bankruptcy and liquidation. This anticipated increase in the deposit required is expected to affect petitions filed on or after 1st November 2022.
What will the increases be?
The current creditors’ petition deposit for bankruptcy is £990. This is expected to increase to £1,500. Which is an increase of £510.
Whereas the current petition deposit for a company liquidation is £1,600. This will increase to £2,600. Which is an increase of £1,000.
Need advice on petitions for bankruptcy or liquidation before the increase in deposit amounts required?
Get in touch with Iain Bould, our Head of Litigaton here at Beeston Shenton. Iain recommends acting promptly and swiftly in respect of any undisputed accounts that are above the insolvency limited.
About the author
Iain Bould
Iain heads Beeston Shenton’s commercial litigation department.
Iain has 30 years of experience in Commercial Debt Recovery and Insolvency fields having worked in both Private Practice and Industry and has extensive experience working across all industry sectors and has particular expertise in working with Insolvency Practitioners in advising and recovering outstanding insolvent company ledgers. Iain brings a pragmatic and commercial approach.
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If you have found this article interesting and would like to learn more about how Beeston Shenton can help you please feel free to contact the writer, Iain Bould, at iain.bould@beestonshenton.co.uk or via the contact page on the website.
