• Voluntary Liquidation
• Creditors Voluntary Liquidation
• Company Liquidation
• Business Debt
• Personal Debt
• Business Bankruptcy
• Business Insolvency
• Sole Trader Insolvency
• Avoid Bankruptcy
• Company Voluntary Arrangements
• Tax Arrears
• Partnerships
• Administration
• Prepack Administration
• Prepack Finance

News

A Creditor's Guide to Administrators Fees

1. Introduction

1.1 When a company goes into administration the costs of the proceedings are paid out of its assets. The creditors, who hope eventually to recover some of their debts out of the assets, therefore have a direct interest in the level of costs, and in particular the remuneration of the insolvency practitioner appointed to act as administrator. The insolvency legislation recognises this interest by providing mechanisms for creditors to determine the basis of the administrator’s fees. This guide is intended to help creditors be aware of their rights under the legislation to approve and monitor fees, explains the basis on which fees are fixed and how creditors can seek information about expenses incurred by the administrator and challenge those they consider to be excessive..

1. Introduction
2. The Nature of Administration
3. The Creditors’ Committee
4. Fixing the Administrator’s Remuneration
5. Review of Remuneration
6. Approval of Pre-Administration Costs
7. What Information should be provided by the Administrator?
8. Progress Reports and Requests for Further Information
9. Provision of Information - Additional Requirements
10. What if a Creditor is Dissatisfied?
11. What if the Administrator is Dissatisfied?
12. Other Matters Relating to Remuneration
13. Effective Date

Remuneration of insolvency office holders in England and Wales.

Need Debt Advice?

Just-Debts is the one stop web site for people with debt problems. Whether you have debt problems, are currently in debt management and looking for an alternative, considering debt consolidation, or an Individual Voluntary Arrangement. Take advantage of our free consultation service.