The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2012

Statutory Instruments

2012 No. 2264

Insolvency

The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2012

Made

2nd September 2012

Laid before Parliament

5th September 2012

Coming into force

1st October 2012

The Secretary of State makes the following Order in exercise of the powers conferred by section 415A of the Insolvency Act 1986(1).

Citation and Commencement

1.  This Order may be cited as the Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2012 and comes into force on 1st October 2012.

Amendment to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003

2.—(1) The Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003(2) is amended as follows.

(2) In the table of fees in paragraph 2 of the Schedule to that Order—

(a) in relation to fee No. 1 (banking fee; winding up by the court and bankruptcy), for “£18” in the third column substitute “£22”;

(b) in relation to fee No. 2 (banking fee; voluntary winding up), for “£23” in the third column substitute “£25”;

(c) in relation to each of fee Nos. 2A to 2C (payment of unclaimed dividends or other money – administration, administrative receivership and voluntary winding up, respectively), for “£25” in the third column substitute “£25.75”;

(d) in relation to fee No. 3 (cheque etc. issue fee), for “£1” in the third column payable in respect of item (ii) substitute “£1.10”; and

(e) in relation to fee No. 4 (electronic funds systems (CHAPS and BACs etc.) fees), for “£10” in the third column payable in respect of item (i) substitute “£10.30”.

Norman Lamb

Parliamentary Under Secretary of State for Employment Relations, Consumer and Postal Affairs

Department for Business, Innovation and Skills

2nd September 2012

EXPLANATORY NOTE

(This note is not part of the Order)

The Insolvency Services Account (“the ISA”) is an account at the Bank of England, into which money realised from the assets in insolvency proceedings is paid.

The Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 (“the Principal Order”) provides for the payment of fees in relation to the operation of the ISA.

This Order amends the Principal Order by increasing the amount of the fees payable in respect of: payments into and out of the ISA (article 2(2)(a) and (b)); the payment into the ISA of unclaimed dividends or other money (article 2(2)(c)); the issue or reissue of any cheque, money or payable order in respect of monies in the ISA (article 2(2)(d)); and the making or remaking of electronic transfers in respect of monies in the ISA by means of the Clearing House Automated Payments System (CHAPS) (article 2(2)(e)).

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from the Insolvency Service, 4 Abbey Orchard Street, London, SW1P 2HT and is published with the Explanatory Memorandum alongside this Order on www.legislation.gov.

(1)

1986 c. 45; section 415A was inserted by the Enterprise Act 2002 (c.40).

(2)

S.1. 2003/3363; relevant amending instruments are S.I. 2005/523, 2007/133, 2008/672, 2009/487.