Latest insights from our experts

Posted 30 January 2015
by

New thresholds for bankruptcy proceedings

Currently a park owner is able to petition for bankruptcy proceedings against a debtor who owes a debt of £750 or more.

From 1 October 2015 the Government proposes to raise this limit to £5000. The aim of increasing the minimum amount of debt required for bankruptcy proceedings is to prevent this method of enforcement being used for low level debts. Before the proposal can be implemented the Government will require Parliamentary approval.

If the Government’s proposal is implemented this will reduce the number of enforcement options available to park owners when they are attempting to recover debts of less than £5000.

If you have any questions regarding the recovery of debt on holiday and mobile home parks or if you are interested in subscribing to our Parklaw service contact the parks team by telephone on 01392 204519 or email parks@tozers.co.uk

 

Want to know more?

Request a call back or ask us a question using our quick-contact form.
Alternatively you can call us on 01392 207020.

About the author