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Debt Recovery - Changes to the Creditor's Bankruptcy Petition

In January this year it was announced that the minimum amount for a creditor’s bankruptcy petition would be increasing from £750 to £5,000 – a rather large leap for those chasing debts owed by individuals! With the Order to raise the limit now approved it is time for creditors to understand the impact of the changes and assess whether they need to start recovery proceedings before the amendment takes effect on 1 October 2015.

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