What is the minimum amount of demanded debt in a statutory demand?

For corporate debtors the minimum amount is £750.

For individual debtors the minimum amount is £5,000 – Under the Insolvency Act 1986 (Amendment Order 2015) which was revised on 1^st October 2015.

Although the sum of £750 still applies to bankruptcy petition prior to 1^st October 2015.

The most recent Insolvency Rules (IR) came in to place on 6^th April 2017, with the intention of modernising and streamlining the initial process. This involved cutting costs on insolvency, as well as consolidating previous amendments, and ensuring that the language used is both modern and gender-neutral for the people of England and Wales.

Under the Insolvency Rules 1986 (Amended on 6^th April 2017) came the abolition of statutory forms, which were replaced by specific forms, where prescribed information could be contained.

The changes to the new IR include: