To ask the Minister for the Economy (i) whether the Insolvency Service will be implementing changes similar to those in England and Wales in regards to monetary eligibility criteria for Debt Relief Orders; and (ii) to provide a timeline for the introduction of these changes.

It is my Department’s policy to keep Northern Ireland’s insolvency legislation in parity with that applying in England and Wales. As legislation has been made at Westminster to increase the monetary eligibility limits for Debt Relief Orders applying in England & Wales, my Department is proposing to make similar changes to the Northern Ireland scheme.

Whilst there is insufficient time during the current Assembly mandate to allow the process to be completed in full, it is hoped that a formal public consultation on the proposals can be carried out later this year. This will pave the way for the legislation being made once the new administration is in place, which should take six to nine months thereafter.