The Creditors’ Guides to Fees provide information for creditors in relation to the fees charged by Office Holders for each type of insolvency procedure.
- Guide to Administrators Fees
- Guide to Liquidators Fees
- Guide to Trustee in Bankruptcy Fees
- Guide to Voluntary Arrangement Fees
These can be accessed from the R3 (The Association of Business Recovery Professionals) website.
Information Relating to Liquidator’s Remuneration
Creditors’ and Members’ right to request further information
In accordance with Rule 4.49E of the Insolvency Rules 1986, creditors and members have a right to request further information in respect of the Liquidator’s remuneration and expenses.
Details can be found here (page 48) on the legislation.gov.uk website
Creditors’ claim that remuneration / other expenses are excessive
In accordance with Rule 4.131 of the Insolvency Rules 1986, creditors can challenge the remuneration charged by the liquidator, or the basis of the liquidator’s remuneration, or the expenses incurred by the liquidator.
Details can be found here on the legislation.gov.uk website
R3 has launched a website to guide unsecured creditors through the insolvency process.
The website, for cases in England and Wales, is a step-by-step guide to the insolvency process for unsecured creditors, particularly small businesses who are often unfamiliar with the insolvency process.
If you would like any further information on this matter, please do contact us.