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|Insolvency practice: changes to look out for|
|Friday, 29 July 2016|
The Insolvency Proceedings (Fees) Order 2016 introduced a new insolvency fees regime from 21st July 2016. The Order devises a new insolvency fee framework for bankruptcies and compulsory liquidations, although the court issuing fee will still remain the same of £280.
This legislative change means that the petition deposits, which are security for the payment of the Official Receiver's case administration fees and are payable in addition to the relevant court fee when filing a bankruptcy or compulsory winding up petition, are increased to the following amounts:
1) a creditor's bankruptcy petition deposit has increased from £825 to £990; and
2) a creditor's winding up petition deposit has increased from £1,250 to £1,600.
Additionally, the Order creates a general administration fee that is payable to the Official Receiver on the making of a bankruptcy order or a compulsory winding up order, specifically for the fees an Official Receiver will charge when acting as a trustee in bankruptcy or liquidator. This gives the Official Receiver the opportunity to deduct a fee of £50 when deposits are returned following a withdrawal or dismissal.
This is unlike the current position where the costs of the Official Receiver carrying out their statutory duties are recovered through a fixed, case administration fee, which is charged to the insolvent estate or company when an application for an Order is made.
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