The Debt Relief Order (DRO) was introduced to help individuals in financial strife, with low levels of debt and no assets, to avoid bankruptcy. People with under £15,000 of debt and little or no assets could apply for a DRO. From 1 October 2015, the Government will increase the level of debt to £20,000 giving more pople the opportunity to use this process. The level of assets an individual can have has also increased from £300 to £1,000.
In addition, the minimum level of debt for which a person can be declared bankrupt will increase from £750 to £5,000.
These changes are designed to help those people struggling with problem debt.
It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.
For more information on bankruptcy, liquidation, administration and all other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices. Our initial consultations are completely free and without obligation.
Redman Nichols Butler has had a York office for over six years. John Butler specialises in advising SME business in York and North Yorkshire. The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB
Redman Nichols Butler has had a Driffield office for 19 years. Andrew Nichols speialises in advising SME businesses in East Yorkshire. The Redman Nichols Butler Driffield office address is, Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN.
Redman Nichols Butler has had a Scunthorpe office for nearly 4 years. Mark Neumegen specialises in advising SME businesses in Scunthorpe, Grimsby and all over North East Lincolnshire. The Redman Nichols Butler Scunthorpe office address is Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.