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This Order makes amendments to the Insolvency Proceedings (Fees) Order 2004 (S.I. 2004/593) (“the principal Order”). It increases existing bankruptcy and winding up fees and introduces two new fees. The first new fee becomes payable upon the sale of government securities. The second new fee follows on from the introduction of debt relief orders into the Insolvency Act 1986 (c.45) by the Tribunals, Courts and Enforcement Act 2007 (c.15).
Section 251B of the Insolvency Act 1986 (making of application for a debt relief order) provides for payment of a fee in connection with an application for a debt relief order. Section 415 of the Insolvency Act 1986 permits the charging of fees in respect of the costs of persons acting as approved intermediaries and the costs of the performance by the official receiver of functions in relation to such orders under Part 7A of the Insolvency Act 1986.
This Order makes an application for a debt relief order subject to the payment of a fee of £90. This is prescribed by Article 6(4), which inserts a new item into the Table of Fees in Schedule 2 to the principal Order.
Article 4(1)(a) and (b) provides for the fee to be charged in respect of an application for a debt relief order to be as set out in Schedule 2.
Article 4(1)(c) modifies the fee structure in respect of the purchase and sale of government securities made by trustees in bankruptcy appointed under the Bankruptcy Act 1914 and by liquidators appointed under the Companies Act 1985. These fees apply where the bankruptcy or winding up order was made before 29th December 1986.
Article 4(2) increases the fee payable to an insolvency practitioner appointed under section 273 of the Insolvency Act 1986 to prepare a report under section 274 of that Act.
Article 4(3) increases the amount of the various deposits payable pursuant to article 6 of the principal Order.
Article 4(4) increases the deposit payable under article 7(1) of the principal Order in connection with the registration of a voluntary arrangement and the performance by the official receiver of the functions of nominee in relation to such arrangement.
Article 5 inserts two new definitions into paragraph 1(1) of Schedule 2 to the principal Order, “excepted bankruptcy” and “excepted winding-up”. These are for the purpose of excusing payment of the Secretary of State’s administration fees B2 and W2 in respect of receipts on or after 6th April 2009 where the bankruptcy or winding up order was made on or before 31st March 2005.
Article 6 makes various amendments to the Table of Fees in Schedule 2 to the principal Order. It increases the fee payable to Secretary of State to register an individual voluntary arrangement, fee IVA1, from £10 to £15. It provides for the fee payable in respect of applications for debt relief orders. It modifies fee INV1 payable on the purchase and sale of government securities made by trustees in bankruptcy and liquidators appointed under the Insolvency Act 1986.
Article 7 makes transitional arrangements, preventing a new fee from being charged when the event which causes the fee to be payable happens before 6th April 2009.
No regulatory impact assessment has been prepared for this Order.
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