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Commercial Credit News
|Bankruptcy threshold rise to hit councils’ ability to bring in tax debts|
|Wednesday, 10 June 2015|
Local councils and housing associations are likely to be among the hardest hit by the forthcoming hike to the minimum threshold for a creditor’s bankruptcy petition, says Moore Stephens, the Top Ten accountancy firm.
It was announced in January that from October 2015, creditors must be owed a minimum of £5,000 before they can start bankruptcy proceedings to pursue that debt. The current minimum is just £750.
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