The government announced before the dissolution of parliament for the general election, that it would increase the threshold for bringing a bankruptcy petition from £750 to £5,000. This means that if a person’s liabilities are less than £5,000, it would not be possible to recover the sums owned by that individual by the way of bankruptcy or by issuing a statutory demand. This is the first reform of the minimum level of debt that could force a person into bankruptcy since 1986. Additionally, it has been announced that the debt relief order’s (DRO) limit would increase from the current level of £15,000 to £20,000. The individual would be able to apply for DRO if their assets are less than 1,000 (currently £300).
The planned changes are expected to come into force from 1st October 2015.
Adrian, a highly experienced lawyer, founded Lawspeed in 1997. He is responsible for developing our extensive portfolio of products and services, including the widely used Lawspeed contract templates. Adrian is an expert on “recruitment law” and specialises in contracts, regulatory compliance, employment status and dispute handling. He is chair of the trade body the Association of Recruitment Consultancies, the only lawyer lead recruitment trade body in the UK. Adrian and his co-director Ravi devised Standards in Recruitment as a vehicle for helping drive up standards and compliance in the industry.
Adrian is our lead in discussions with the government over regulatory evolution. Apart from assisting with client support, Adrian’s primary role is research and development into methods of business delivery, our latest service Proterms being his most recent project. Adrian heads our IR35 lawyers team.