The Insolvency (Fees) (Amendment) Order (Northern Ireland) 1992

Explanatory Note

(This note is not part of the Order.)

This Order amends the Insolvency (Fees) Order (Northern Ireland) 1991 by altering the scales (so far as they relate to amounts over £5 million) for two of the ad valorem fees charged in insolvency proceedings. The changes will result in reduced ad valorem fees for amounts over £20 million.

It also introduces three new fees to be charged in company and individual insolvency proceedings to which the Insolvency (Northern Ireland) Order 1989 applies. A fee is introduced for:

(a) applications by a liquidator to the Department or the official receiver to exercise the powers of a liquidation committee;

(b) the peformance by the Department of its functions in relation to the administration of the affairs of companies which are being wound up voluntarily; and

(c) applications by a trustee to the Department or the official receiver to exercise the powers of a creditors' committee.