• 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 Creditors’ Guide To Fees Charged By Trustees In Bankruptcy
England And Wales

1 Introduction

1.1 When an individual becomes bankrupt the costs of the bankruptcy proceedings are paid out of his or her assets. The creditors, who hope 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 trustee. The insolvency legislation recognises this interest by providing mechanisms for creditors to determine the basis of the trustee’s fees. This guide is intended to help creditors be aware of their rights to approve and monitor fees, explains the basis on which fees are fixed and how creditors can seek information about expenses incurred by the trustee and challenge those they consider to be excessive. .

1. Introduction
2. Bankruptcy procedure
3. The creditors’ committee
4. Fixing the trustee’s remuneration
5. Review of remuneration
6. What information should be provided by the trustee?
7. Progress reports and requests for further information
8. Provision of information – additional requirements
9. What if a creditor or the bankrupt is dissatisfied?
10. What if the trustee is dissatisfied?
11. Other matters relating to remuneration
12. 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.