The fees charged to apply for bankruptcy and company insolvency are changing from 21 July 2016.
In 2014, the Insolvency Service agreed with officials at HM Treasury that they would carry out a review of its funding regime with a view to designing a new, more resilient, transparent fee structure that would accord with Managing Public Money principles and place the agency on a more sustainable financial platform.
This review has now concluded and a new fee structure is planned to come into force. The changes will be subject to Parliamentary scrutiny before coming into force on 21 July 2016.
As with the current structure, the deposit and administration fee will remain, and a new official receiver’s General Fee will be introduced. This will replace the current Secretary of State fee, which will no longer apply to cases where orders are made on or following the commencement date.
The fees are as follows will affect our clients:
|Deposit / Fee rate||Current amount||New amount||Difference notes|
|Company winding up deposit||£1,350.00||£1,600.00||£250.00|
|Dismissed petitions fee||-||£50.00||New fee|
If you have any questions or would like more information, please contact one of our Debt Recovery specialists below.This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.