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Posted 30 January 2015
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 email@example.com