Northern Ireland’s insolvency laws were amended by two statutory rules which took effect from midnight on Tuesday.

The Insolvency (Northern Ireland) Order 1989 (Amendment) Order (Northern Ireland) 2016 increases the level at which a creditor can petition for an individual to be made bankrupt from £750 to £5,000.

Moving the order in the Northern Ireland Assembly, Economy Minister Simon Hamilton explained: “Historically, insolvency law in Northern Ireland has always been maintained in parity with Westminster legislation.

“In keeping with this policy, the amendments made by the order will increase the ceilings on eligibility for the debt relief scheme in Northern Ireland in line with those in England and Wales.”

Meanwhile, the Insolvency (Monetary Limits) (Amendment) Order (Northern Ireland) 2016 raises the limits on the level of debt (from £15,000 to £20,000) and the total assets which an individual can own (from £300 to £1,000) to be eligible for a Debt Relief Order.

Mr Hamilton said the provisions in the order “will increase the bankruptcy level in line with that now applying in England and Wales”.