The Bankruptcy bar has just risen…
Where does this leave you?
For the past 30 years if someone owed you £750 or more you could bring bankruptcy proceedings against them. However, with effect from today this £750 has been increased to £5,000.
So where does this leave those owed money in-between these new levels? There are other debt collection avenues to explore and businesses will have to review their debt collection and internal credit control procedures to ensure they are not adversely exposed.
If you need any advice in respect of this, get in touch today.
Posted on November 30, 2016