The Insolvency Service is to implement fee rises for creditors for both personal and corporate insolvencies – as well as a new general fee that applies will apply to all cases.
The official receiver’s administration fee will rise to £2,775, an increase of £785 for cases where a creditor petitions for an individual’s bankruptcy.
The equivalent fee will also increase to £5,000 (up £2,480) when companies are wound up.
The fee when the government seeks to close down a company on public interest grounds will also increase by £2,500.
Deposits paid by creditor’s when filing petitions has also been adjusted, increasing by £165 in the case of a personal bankruptcy petition and £250 for a company petition.
However the most significant change to the current fee regime will be a new general fee which replaces the old secretary of state (SoS) fees. The new general fee will be a flat £6,000 across all types of cases.
This new fee replaces the percentage SoS fee that was charged on asset realisations in insolvent estates. It was charged throughout the life of a case up to a maximum of £80,000.
The new fee structure takes effect on July 21.
Source Insolvency News